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U.S. new budget boosts market sentiment, non-ferrous metal prices mostly up

U.S. new budget boosts market sentiment, non-ferrous metal prices mostly up

President Biden proposes a $5.8 trillion annual budget for fiscal year 2023, with defense spending rising sharply. Russia-Ukraine talks continue to advance, with Ukraine stating it is close to a deal. the G7 collectively rejects the ruble as a settlement currency and Russia threatens to stop gas supply. U.S. economic data is less than expected, but the budget boosted market sentiment, the dollar rose overnight and most non-ferrous metals rose.

Overnight copper has bottomed out and turned up to close in the positive, opening lower at $10,333 today. Shanghai copper opened higher overnight to close in the positive, closing at 73630. Shanghai copper transactions fell positions rose, market sentiment is optimistic. Domestic spot-end demand is improving slightly, macro fundamentals are neutral, short term shocks, medium-term peak season support trend is optimistic. The international copper rose slightly to 1255 points over the Shanghai copper, and the foreign market was significantly stronger than the domestic market.

Overnight power coal rose slightly, LUNO high oscillation fell slightly, today opened low at $ 3599. Shanghai aluminum overnight trading opened slightly lower, narrowly oscillating, closed at 22980. Shanghai aluminum trading positions are down, market sentiment is on the wait-and-see side. Russia-Ukraine conflict situation is unknown, market sentiment is still strong, the medium-term fundamentals are slightly optimistic, Shanghai aluminum short term oscillation, the medium-term is expected to continue the oscillation upward trend. Above pressure 25000, below support 22000.

Overnight, zinc overnight was strong with a small positive close. Shanghai zinc continues to be strong overnight with a small positive close. Short-term geopolitical uncertainty has led to increased volatility in crude oil. Fundamentally, the medium-term overseas import ore processing fees rose rapidly, and the supply-demand contradiction at the overseas ore end eased. Domestic production in March is expected to increase compared to February, but domestic zinc concentrate continues to be low and the zinc supply side is not expected to increase too much. Under the domestic epidemic in many places, zinc downstream terminal demand continues to be sluggish, but cost support for zinc prices logical title still exists, and medium-term domestic stable economic growth is expected, zinc prices are strong in the medium term. Short-term crude oil volatility under the larger, wait and see is appropriate.

Overnight LON lead continued to rally to close positive after opening slightly higher. Shanghai lead continued to rebound after opening slightly higher to close a small positive line. Electrolytic lead start rate remains high. Short-term recycled lead raw material supply is tight, and recycled lead starts continue to decline. In the medium term, as the supply problem of waste batteries is solved, the supply of recycled lead is expected to be under pressure. Downstream storage batteries also gradually enter the off-season phase, the end consumption is weakened, the medium-term domestic supply and demand side surplus is expected to intensify, lead rebound space should not be optimistic, temporary wait and see.

 


Post time: Mar-29-2022