Copper:

Overnight copper fell 1.Casinoextreme1000freespins2021.25% to $10822 / ton; comex copper is still strongCasinoextreme1000freespins2021The price has risen by 0.Casinoextreme1000freespins2021.45 to 5.102; the price of copper in Shanghai fell 0.69% to 86550 yuan / ton. The import loss widened and the export window opened. On the macro front, Federal Reserve Governor Waller said that there is no need to raise interest rates further, if the data is weak, the Fed may cut interest rates at the end of the year; on the domestic side, steady growth is still the tone, whether it is ultra-long-term treasury bonds.Casinoextreme1000freespins2021The issuance of local real estate policies continue to boost market sentiment. In terms of fundamentals, demand continues to be weak under high copper prices, and domestic social inventory statistics are still increasing. Overall, internal and external macro maintain an optimistic market atmosphere and risk appetite, copper prices remain strong under abundant liquidity; fundamentals are generally weak, but the geographical complexity also makes the market lack of confidence in supply. COMEX copper incident at present, the position is still high, it is possible to continue fermentation. In the short term, the strength of the outer copper is attracting a large amount of money to intervene in the market, and the direction may still be upward before the critical inflection point is seen, but the deviation between expectations and reality is becoming more and more serious, long gains and risks are both there, pay attention to control positions.

Nickel & stainless steel:

Overnight LME nickel fell 0.72% and shanghai nickel fell 0.25%. On the inventory side, LME nickel stocks increased by 240t to 82074 tonnes yesterday, while domestic SHFE warehouse receipts increased by 138t to 20822 tonnes. From the point of view of the discount, the LME0-March discount remained negative, while the imported nickel discount fell by 100yuan / ton to-550yuan / ton. In terms of stainless steel, there is more disturbance at the end of overseas nickel mines, the domestic trade benchmark price of nickel ore in Indonesia has risen, and the price of nickel and iron has been on the strong side. As of last week, the social inventory of 78 samples was 1.0638 million tons, a rise of 0.3% compared with the previous week, and the willingness to enter the market downstream was not high. The recent strong nickel price also has an impact on the price of stainless steel. In terms of the new energy industry chain, the growth rate of intermediate imports accelerated, the three-way scheduling slowed down in May, and the demand for nickel sulfate may be weaker, but the cost side is still running strongly for the time being. Under the influence of the macro environment superimposed by the industrial chain's own disturbances and contradictions, the price of nickel will still be high.

Alumina & electrolytic aluminum:

Overnight alumina concussion strengthened, overnight AO2406 closed at 4212 yuan / ton, an increase of 3.77%, positions increased by 8827 to 140200 hands. Shanghai aluminum concussion strengthened, overnight AL2406 closed at 21370 yuan / ton, down 1.11%. The position increases by 13000 hands and 302600 hands. Spot aspect, SMM alumina comprehensive price continues to rise to 3731 yuan / ton. Spot aluminum ingots expanded to discount 120 yuan / ton, Foshan A00 quoted up to 20680 yuan / ton, Wuxi A00 quoted discount 80 yuan / ton, downstream aluminum bar processing fees in Linyi, Henan, Wuxi stable, Baotou, Guangdong, Nanchang, Xinjiang, up to 10-50 yuan / ton; aluminum rod 1A60 stable, 6swab 8 series processing fees reduced by 89 yuan / ton; aluminum alloy ADC12 and A380 stable, A356 and ZLD102/104 reduced by 100 yuan / ton. Rio Tinto announced force majeure over the delivery of two alumina plants in Australia, triggering a daily limit for multiple contracts. The impact of this incident on the news side as a whole is greater than the actual impact, and it is expected that the disk may fall back as the mood is released. At present, the discount range of alumina spot is still high, and it can still maintain the thinking of current price upward and futures price adjustment in the short term. Sustainable attention to this incident involves the recovery time of two alumina plants, focusing on the progress of domestic mine resumption. Electrolytic aluminum downstream gradually increase acceptance of high prices, macro expectations to help overall consumption is still resilient, superimposed social treasury continued a small decline to continue to boost aluminum prices, waiting for real estate-related policies to ferment, pay attention to the upstream recovery progress incremental impact.

Tin:

The main force of Shanghai tin rose 0.01% to 277760 yuan / ton, and the tin futures warehouse receipt was 17527 tons, an increase of 56 tons over the previous day. LME tin fell 1.03% to US $34105 / ton, while tin inventory decreased by 5 tons to 4995 tons. Spot market, for 2406, Yunxi Shengshui 0100 yuan / ton, Yunzi discount 200,300 yuan / ton, small brand discount 600,800 yuan / ton, import discount 800,900 yuan / ton. In terms of price difference, 06-07 spread-1040 yuan / ton, 07-08 spread-520 yuan / ton, Shanghai-Lun ratio 8.14. There are 75 tons of JFX turnover in Indonesia and 25 tons of ICDX in Indonesia. In May, the total turnover of the two major exchanges is 1525 tons. Global tin inventories began to accumulate at the same time, and the fundamentals became weaker. However, the current price valuation is still anchored in the supply disturbance, follow-up attention to the resumption of production in Indonesia, if not continue to recover less than expected. It is expected that the range of tin price correction is limited, the overall price will be in a volatile trend. The recent market sentiment fluctuates greatly, the volatility rises to the high level, pay attention to the position control.

Zinc:

The main force of zinc in Shanghai rose 0.39% to 24670 yuan / ton, and zinc futures warehouse receipts were 80412 tons, a decrease of 251tons from the previous day. LME zinc fell 0.38% to US $3123.0 / tonne, while zinc stocks decreased by 258525 tonnes. In the spot market, the contract discount of Shanghai Zinc to 2406 is around 100,120 yuan / ton, and the average price is 0.15 yuan / ton; the discount of Guangdong Zinc to Shanghai Zinc 2407 is 190,200 yuan / ton, which is 30 yuan / ton higher than that of Shanghai; the discount of Tianjin Zinc to 2406 contract is around 70,100 yuan / ton, and the price of Tianjin is 20 yuan / ton higher than that of Shanghai. In terms of price difference, 06-07 spread-105 yuan / ton, 07-08 spread-45 yuan / ton, Shanghai-Lun ratio 7.93. Domestic real estate end favorable policies are frequent, zinc terminal demand is expected to improve, coupled with the tight domestic mineral supply, smelting production is limited, the balance of zinc supply and demand is expected to improve. While overseas high prices stimulate the recovery of mine supply one after another, at the same time drive smelting enterprises to resume production, overseas supply surplus continues, can continue to pay attention to zinc internal and external anti-sleeve strategy. The recent market sentiment fluctuates greatly, the volatility rises to the high level, pay attention to the position control.

Industrial silicon:

On the 21st, the industrial silicon shock was strong, with the main force 2407 closing at 12270 yuan / ton, an increase of 2.12% on the day, and positions increased by 6450 to 115700 hands. Spot continued to stabilize, Baichuan reference price of 13335 yuan / ton, down 12 yuan / ton compared with the previous trading day. Among them, the price range of # 553 is stable at 12700-13500 yuan / ton, and the price range of # 421 is stable at 13450-13950 yuan / ton. The lowest delivery price is 11650 yuan / ton, and the spot discount is expanded to 485 yuan / ton. Double silicon terminal demand has not significantly improved, although the downstream willingness to receive goods has been partially improved, the overall procurement scale is not high, superimposed warehouse receipts flow into the spot pressure, silicon factories still have supply and sales pressure. As the government encourages companies to resume production and the slow release of southwest power costs, southwest silicon plants are willing to resume production again, and there is still downward pressure on fundamentals. As the silicon price is at a relatively low point within the month, there is little room for a short-term downward, or a rebound in the market at the stage, it is recommended to appropriately stop the surplus to leave the market and should not pursue short too much.

Lithium carbonate:

Yesterday, the lithium carbonate futures 2407 contract remained at 106,000 yuan/ton. In terms of spot prices, the average price of battery-grade lithium carbonate fell by 200 yuan/ton to 106,900 yuan/ton, industrial-grade lithium carbonate fell by 200 yuan/ton to 102,500 yuan/ton, and the average price of battery-grade lithium hydroxide fell by 550 yuan/ton to 97,700 yuan/ton, the basis difference is about 200/ton. In terms of warehouse receipts, warehouse receipts remained at 23858 tons yesterday. On the supply side, supply increased in many aspects in May, output + import volume is expected to grow rapidly, and weekly output continues to increase month-on-month. On the demand side, lithium iron phosphate increased in May and ternary materials decreased. The overall demand for lithium salts increased. However, with the increase in customer supply and corporate inventory management problems, the overall acceptance of high-priced goods was not high. On the inventory side, 5/16 lithium carbonate inventories increased by 2.9% month-on-month to approximately 87,000 tons, downstream inventories increased by 1.7% to approximately 22,800 tons, other links decreased by 8% to approximately 16,000 tons, and smelters increased by 7.8% to approximately 48,300 tons; At the same time, warehouse receipt inventories continued to increase. The fundamentals have weakened, and the price center has moved downward slightly in the early period. At present, the overall driving force is not strong, and the market outlook is dominated by shocks.