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SunSirs: Antimony Ingot was Stable (November 4-8)

November 12 2019 13:42:20     SunSirs (Linda)

1. Prices Trend

From November 4 to 8, the domestic antimony ingot 1# was stable, with the average price of 42,000RMB/t.

On November 9, the Antimony Commodity Index was 58.47, the same as that of the previous day. Compared with the peak of 102.32 (Oct 16, 2012) in the cycle, it dropped 42.86%. While it was 24.46% higher than the lowest level of 46.98 (Dec 24, 2015). (Cycle: Sep 08, 2012 to date)

2. Market Analysis

Upstream and downstream: The prices of antimony trioxide stayed stable with the trend of antimony ingot. On November 8, the average price of antimony trioxide 99.5% was 37,000RMB/t, 99.8% was 39,250RMB/t.

Domestic market: This week, the antimony ingot market trend was stable, the price was stable, the main manufacturers still maintained stable factory prices. The downstream has digested the inventory mainly. The transaction was limited, there was a wait-and-see mood mainly. The manufacturers have strong sentiment in prices, less speculative demand. On November 8, the average price of 2# low bismuth antimony ingots was 410,00RMB/t, 1# antimony ingots 41,500RMB/t, 0# antimony ingots 42,500RMB/t and 2# high bismuth antimony ingots 39,000RMB/t.

Nonferrous Industry: The easing monetary policy caused by the Fed's interest rate cut and the Sino US trade wnegotiation ushered in a better atmosphere. Gold prices fell. The central bank launched a one-year MLF operation of 400 billion RMB, with the bid winning rate of 3.25%, 5 basis points lower than the previous period, the RMB broke 7, and market confidence recovered.

3. Prospects for the Future Market

There are still a lot of data in Europe and the United States next week. The economic weakness makes loose monetary policy in various parts of the world one after another. After five consecutive positive days this week, the U.S. dollar may have a high continous rebound blocked. The domestic RMB was also collated near 7. The macro monetary policy has a positive effect on basic metals’ continous rebound and growth, but the more appealing thing is that next week is the delivery cycle of 1911 contract. More metal varieties will change according to the strength of their own fundamentals, in line with the structural change of the monthly price differences. Strong items are alert to high-level pressure. Weak metals or low-level key integers will test the support effectiveness, and the strength differences will increase.

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