SMM Evening Comments (Apr 26)-Shanghai Metals Market

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SMM Evening Comments (Apr 26)

Price Review & Forecast 05:56:25PM Apr 26, 2019 Source:SMM

SHANGHAI, Apr 26 (SMM) – SHFE nonferrous metals ended mixed on Friday April 26 as zinc advanced 1.38%, lead expanded 0.73%, nickel nudged up, while tin slid 0.54%, copper fell 0.47%, and aluminium lost 0.28%.

The ferrous complex closed lower as coke decreased 1.61%, iron ore dipped 0.32%, rebar fell 0.13%, and coking coal and hot-rolled coil edged down. 

Copper: The most-active SHFE copper contract climbed with support from its LME counterpart, but failed to exceed 48,940 yuan/mt. Limited upward momentum dragged it to the daily moving average before departing shorts pulled it to close at 48,970 yuan/mt. Open interests lost 4,980 lots to 184,000 lots. Bearish signs are likely to keep it testing support at 48,900 yuan/mt tonight. 

Aluminium: Longs bolstered the most-active SHFE June contract to a high of 14,250 yuan/mt after opening. As shorts entered at that level, the contract fell swiftly and hit a low of 14,155 yuan/mt around noon. It ended at 14,185 yuan/mt, with open interests down 26,346 lots to 311,000 lots. The K-indicator traded close to the Bollinger upper band, and the MACD green line shortened. The contract is likely to trade rangebound at 14,100-14,200 yuan/mt tonight as risk aversion may continue to drive investors to cut positions before the holiday. 

Zinc: Lower inventories across social warehouses and a robust LME zinc bolstered the SHFE 1906 contract to a high of 21,795 yuan/mt, after shorts weighed it to a low of 21,425 yuan/mt. It led the increases across base metals as it ended 1.38% higher on the day at 21,720 yuan/mt. Open interests shrank 10,548 lots to 277,000 lots as shorts exited. Even as macroeconomic sentiment improved, the contract may face continued pressure from the 40-day moving average and will test support below tonight.  

Nickel: The most-active SHFE June contract continued to trade within a broad range today. It slid to an intraday low of 97,470 yuan/mt after it ncreased to a high of 98,590 yuan/mt. After it again rose above the 98,000 yuan/mt level near closing, it ended at 97,770 yuan/mt. Open interests lost 31,000 lots to 236,000 lots. As the MACD green line shortened, the contract may test support at 97,000 yuan/mt tonight. 

Lead: As base metals weakened in the afternoon, the most-traded SHFE June contract fell from a high of 16,610 yuan/mt, but a rebound in SHFE zinc stemmed the decline at 16,510 yuan/mt. The contract ended 0.73% higher on the day at 16,590 yuan/mt, with open interests down 602 lots to 56,042 lots. The five- and 10-day moving averages expanded upwards. The contract is likely to stand above the 20-day moving average if zinc prices continue to climb tonight.

Tin: The most-traded SHFE September contract extended its rangebound trend at lows today. Accumulated shorts depressed it to an intraday low of 146,270 yuan/mt, before it settled at 146,480 yuan/mt. We see it testing support at 146,000 yuan/mt tonight. 

Price

more
1# Silver ingots(99.99%)
Jun.14
3576.0
22.0
(0.62%)
2# Silver ingots(99.95%)
Jun.14
3561.0
22.0
(0.62%)
3# Silver ingots(99.90%)
Jun.14
3546.0
22.0
(0.62%)
Gold(99.99%)
Jun.14
303.0
3.2
(1.05%)
Gold(99.95%)
Jun.14
302.9
3.1
(1.05%)

SMM Evening Comments (Apr 26)

Price Review & Forecast 05:56:25PM Apr 26, 2019 Source:SMM

SHANGHAI, Apr 26 (SMM) – SHFE nonferrous metals ended mixed on Friday April 26 as zinc advanced 1.38%, lead expanded 0.73%, nickel nudged up, while tin slid 0.54%, copper fell 0.47%, and aluminium lost 0.28%.

The ferrous complex closed lower as coke decreased 1.61%, iron ore dipped 0.32%, rebar fell 0.13%, and coking coal and hot-rolled coil edged down. 

Copper: The most-active SHFE copper contract climbed with support from its LME counterpart, but failed to exceed 48,940 yuan/mt. Limited upward momentum dragged it to the daily moving average before departing shorts pulled it to close at 48,970 yuan/mt. Open interests lost 4,980 lots to 184,000 lots. Bearish signs are likely to keep it testing support at 48,900 yuan/mt tonight. 

Aluminium: Longs bolstered the most-active SHFE June contract to a high of 14,250 yuan/mt after opening. As shorts entered at that level, the contract fell swiftly and hit a low of 14,155 yuan/mt around noon. It ended at 14,185 yuan/mt, with open interests down 26,346 lots to 311,000 lots. The K-indicator traded close to the Bollinger upper band, and the MACD green line shortened. The contract is likely to trade rangebound at 14,100-14,200 yuan/mt tonight as risk aversion may continue to drive investors to cut positions before the holiday. 

Zinc: Lower inventories across social warehouses and a robust LME zinc bolstered the SHFE 1906 contract to a high of 21,795 yuan/mt, after shorts weighed it to a low of 21,425 yuan/mt. It led the increases across base metals as it ended 1.38% higher on the day at 21,720 yuan/mt. Open interests shrank 10,548 lots to 277,000 lots as shorts exited. Even as macroeconomic sentiment improved, the contract may face continued pressure from the 40-day moving average and will test support below tonight.  

Nickel: The most-active SHFE June contract continued to trade within a broad range today. It slid to an intraday low of 97,470 yuan/mt after it ncreased to a high of 98,590 yuan/mt. After it again rose above the 98,000 yuan/mt level near closing, it ended at 97,770 yuan/mt. Open interests lost 31,000 lots to 236,000 lots. As the MACD green line shortened, the contract may test support at 97,000 yuan/mt tonight. 

Lead: As base metals weakened in the afternoon, the most-traded SHFE June contract fell from a high of 16,610 yuan/mt, but a rebound in SHFE zinc stemmed the decline at 16,510 yuan/mt. The contract ended 0.73% higher on the day at 16,590 yuan/mt, with open interests down 602 lots to 56,042 lots. The five- and 10-day moving averages expanded upwards. The contract is likely to stand above the 20-day moving average if zinc prices continue to climb tonight.

Tin: The most-traded SHFE September contract extended its rangebound trend at lows today. Accumulated shorts depressed it to an intraday low of 146,270 yuan/mt, before it settled at 146,480 yuan/mt. We see it testing support at 146,000 yuan/mt tonight.