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[SMM Analysis] Nonferrous Metals Collective floating Green Shanghai Nickel led by more than 2 per cent
Jan 31,2018 17:18CST
The content below was translated by Tencent automatically for reference.

SMM1 31: non-ferrous metals collective floating green, Shanghai nickel led by non-ferrous metal, down more than 2%, Shanghai lead concussion fell more than 1%, Shanghai aluminum fell nearly 1%, Shanghai zinc, Shanghai tin fell slightly, Shanghai copper fell slightly. In the black system, coking coal turned red in the afternoon and rose slightly; iron ore concussion fell more than 1%, coke fell nearly 1%, thread, hot roll fell slightly.

Today's capital flow

Today, funds continue to flow out of the market, non-ferrous metal blood loss of 700 million yuan ranked first in the plate, of which Shanghai nickel led the decline in the day, behind 450 million of the capital flight ranked first in commodities. Iron ore led the way down the black line in early trading and bottomed out in the afternoon, attracting 420 million dollars to top the list of commodities.

Global stock markets fell again overnight. At the beginning of the day, big data revealed that China's official manufacturing PMI51.3, in January fell short of expectations of 51.6, but was above the boom and bust line for 18 months in a row. In his first State of the Union address since taking office at 10:00, US President Donald Trump called on Congress to produce an "at least $1.5 trillion" infrastructure investment bill. The Fed will announce its interest rate decision at 03:00 on Thursday, and markets are not expected to raise interest rates again at the meeting.

A brief Review of SMM analysts on January 31

Copper: today, the main Shanghai copper 1803 contract opened at 53100 yuan / tonne. after opening, copper prices briefly rose to 53140 yuan / tonne. after pressure on the daily moving average, copper prices fell back, hitting a low of 52890 yuan / ton. Subsequently, driven by the increase in long positions and the reduction of short positions, copper prices returned to a low level, standing at 53000 yuan / ton integer level, high to 53290 yuan / ton, short and more profit-taking at the end of the day, copper prices slightly callback, closing at 53220 yuan / ton, down 40 yuan / ton. Positions decreased by 12650 hands to 191000 hands, trading volume decreased by 19348 hands to 220000 hands, and positions in the Shanghai Copper Index decreased by 3776 hands to 761000 hands. Today, the Shanghai copper trend first suppressed and then rose, the overall operation in the vicinity of 53000 yuan / ton, Shanghai copper is expected to maintain a weak concussion trend in the short term. The evening focused on changes in ADP employment in the United States in January. (Xu Jinqiao, Shanghai Nonferrous Metals Network)

Aluminum: the main contract of Shanghai Aluminum opened at 14480 yuan / ton in the morning. after the opening of the market, electrolytic aluminum related concept stocks fell rapidly, Shenhuo shares fell by the limit, the market atmosphere was empty, and Shanghai Aluminum took the initiative to close its positions and wait and see. Aluminum prices hit 14410 yuan / ton passively, repaired a small decline in the early afternoon, closed their positions one after another in the afternoon, the trend of Shanghai Aluminum closed at 14440 yuan / ton, and the position of the Shanghai Aluminum Index decreased by 17024 hands to 783710 hands. Shanghai aluminum 1802 contract and 1803 contract significantly reduced positions, the current weakening fundamentals is an established fact, short-term aluminum price weakness is expected to remain unchanged.

Lead: within days, the Shanghai lead main 1803 contract opened at 19650 yuan / ton, the opening of the plate was much reduced, the Shanghai period lead fell rapidly, as low as 19350 yuan / ton, and then found support at the middle rail of the Brin Corridor, in addition to the strengthening of Lun lead, short positions were reduced at a profit. Along with the bulls into the market, Shanghai lead stopped falling back, in the Asian session "V" trend; Entering the European period, the long-short game intensified, Shanghai lead up to 19500 yuan failed, and continued to fluctuate between 19390 and 19465 yuan / ton, and finally closed at 19400 yuan / ton, down 200 yuan / ton, down 1.02%. Volume decreased by 15368 hands to 46324 hands, and position by 1702 hands to 40366 hands. The daily mean line of lead pressure in Shanghai period runs, but the upper 5 and 10 days average line adheres to form a pressure level. at night or under the guidance of lead, it maintains a high consolidation pattern and tries to stand at 19500 yuan / ton.

Zinc: today, the main 1803 contract of Shanghai Zinc opened at 26855 yuan / tonne. at the beginning of the session, it was empty and levelled. Shanghai Zinc fell slightly to 26575 yuan / ton for consolidation, and then the outer plate began to recover the lost ground, the bears fled with fear of loss, and the center of gravity was raised to 26740 yuan / ton for consolidation. Long air restart tug of war, disk tail long withdrawal intensified, Shanghai zinc fell back. At the end of the day, it fell by 0.58% to $26640 / tonne, with volume reduced by 8326 hands to 21386 hands and position by 8936 hands to 18754 hands. During the day, Shanghai zinc backfilled part of the night market decline, while the move back is still continuing, funds continue to withdraw after Monday, the current bullish atmosphere has weakened, long and short contradictions are once again apparent, it is expected that Shanghai zinc will be consolidated at a high level in the evening. (Li Ling, Shanghai Nonferrous Metals Network)

Tin: last night Shanghai tin 1805 contract concussion downward, close to the close of the lowest hit 148610 yuan / ton; today opened 149250 yuan / ton, morning volatility rose, up to 150200 yuan / ton; Afternoon volatility, mainly in the vicinity of 150000 yuan / ton consolidation, the final close of 150150 yuan / ton, compared with the previous day's settlement price fell 390yuan / ton, down 0.26 per cent. The transaction was 21794 hands minus 4704 hands, and the position was increased by 25922 hands by 102 hands. Today, domestic commodities continued to fall, non-ferrous metals continued to decline, China's official manufacturing PMI51.3, in January was lower than expected but 18 months in a row above the boom and bust line. Shanghai period tin pressure shock, short-term forecast in the vicinity of 150000 yuan / ton to maintain consolidation trend. (Wu Xiaofeng, Shanghai Nonferrous Metals Network)

Nickel: today, Shanghai Nickel 1805 opened at 101860 yuan / tonne. in the morning, the daily average of Shanghai nickel pressure fluctuated narrowly, hitting a low of 101740 yuan / ton in intraday trading. In the afternoon, Shanghai nickel continued to bear pressure, the end of the small upward through the daily average, hitting a high of 102950 yuan / ton, closing at 102620 yuan / ton. All day, Shanghai nickel main contract 1805 closed in the lower shadow line longer small shade line. The settlement price fell 2270 yuan, or 2.16 per cent, from the previous session. Volume increased by 170000 to 1.136 million, while position decreased by 50000 to 520000. The daily line technical index KDJ opens and gathers, the MACD red column narrows, the day fund flows out 465 million yuan, the Shanghai nickel continues to adjust mainly at night, pays attention to the 10 antenna support. Late at night, watch the change in ADP employment in the United States in January. (Zhao Manxiang, Shanghai Nonferrous Metals Network)

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