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[SMM Analysis] Nonferrous afternoon warming Shanghai Nickel leads up 1 per cent Market awaits Powell's speech in the evening
Feb 27,2018 16:42CST
The content below was translated by Tencent automatically for reference.

SMM2 27: non-ferrous metals continue to concussion differentiation, but the afternoon collective slightly warmer. Shanghai nickel led the way up 1%, Shanghai lead rose nearly 1%, Shanghai tin and zinc rose slightly, and Shanghai copper and aluminum fell slightly. The black line also recovered slightly in the afternoon, with iron ore falling 0.64 per cent, hot rolls continuing to rise strongly by more than 1 per cent and coking coal, coke and thread up nearly 1 per cent.

Today, Federal Reserve Chairman Powell delivered his semi-annual monetary policy report to the Financial Services Committee of the US House of Representatives, which will be his first show since taking office. Powell's speech will be released in advance at 21:30 Beijing time. In addition, orders for durable goods in the United States in January, house prices in December and the Conference Board's consumer confidence index in February will be released.

Today's capital flow

In terms of capital flow, the non-ferrous plate as a whole is strong, obtaining 510 million of the funds hot, in which Shanghai nickel broke out in the afternoon to a new high, won 270 million of the funds added. Black coke loss 210 million, thread 180 million escape

A brief comment by SMM analysts on Feb. 27

Copper: today, Shanghai Copper's main 1804 contract opened at 53340 yuan / tonne. after opening, short positions were reduced and left. copper prices fluctuated to 53400 yuan / tonne, followed by long profit-taking, and copper prices quickly fell back to 53100 yuan / ton. After a brief dip, it rose slightly to 53250 yuan / ton for narrow consolidation, and copper prices moved up again in the afternoon. after breaking through the daily average resistance, it hit a high of 53440 yuan / ton, and at the end of the day there was a slight correction, closing at 53370 yuan / ton, down 60 yuan / ton. The position was reduced by 2088 hands to 224000 hands, and the trading volume was reduced by 46128 hands to 175000 hands. Positions in the Shanghai copper index rose 7294 to 831000. Shanghai copper is expected to maintain the pattern of interval volatility in the short term. Evening attention to Powell's semi-annual monetary policy report. (Xu Jinqiao, Shanghai Nonferrous Metals Network)

Aluminum: the main contract of Shanghai Aluminum opened at 14200 yuan / ton in the morning. after opening, the long head took the initiative, and the aluminum price rose by 14315 yuan / tonne. however, due to the lack of substantial favorable driving, the action on Shanghai Aluminum was not strong, and then the aluminum price was vulnerable. Closing at 14285 yuan / ton, the Shanghai Aluminum 1803 contract significantly reduced its positions by 13482 to 115504 hands, and the Shanghai Aluminum 1805 contract significantly increased its position by 14820 hands to 272592 hands. the position continued to accelerate backward, and on the premise that the cost side did not collapse more than expected, the peak season driven de-inventory market. In the next month a high probability of giving aluminum prices on the action energy.

Lead: within the day, the Shanghai lead main 1804 contract opened 19485 yuan / ton, the black line continued to strengthen, in addition to the spot lead after the festival replenishment is expected to warm, more open after the opening of the empty reduction, Shanghai lead twice rushed to 19535 yuan / ton, but the RMB stopped falling and recovered. Bulls made profits and reduced their positions. during the period, lead in Shanghai reached 19460 yuan per tonne, while the momentum of bulls did not change. in the afternoon, lead in Shanghai gradually rebounded above 19500, and continued to consolidate at the 19500 level, and finally closed at 19500 yuan per ton, up 145 yuan per ton, or 0.75 percent. Volume decreased by 6478 to 33472, while position increased by 1234 to 39120. Shanghai lead recorded five Lianyang, at the same time 20 and 5 days of average adhesion, in the vicinity of 19400 yuan to form a strong support, evening or continue the high consolidation pattern, but still need to be wary of multi-head high profit reduction.

Tin: last night Shanghai tin 1805 contract rose to 148480 yuan / ton, but the end of the day fell slightly; Today, it opened at 147720 yuan / ton, quickly fell to around 147300 yuan / ton at the beginning of the session, and then began to rise in concussion, especially in the afternoon. in the afternoon, bulls showed signs of increasing their positions, rising again to around 148400 yuan / ton, and finally closing at 148250 yuan / ton. The settlement price rose 670 yuan, or 0.45 percent, from the previous day. Transactions increased by 2934 hands in 15940 hands, and positions increased by 22066 hands in 22066 hands. Today, the rise and fall of non-ferrous metals, Shanghai tin trend is still under pressure below the 20-day moving average, short-term is expected to maintain a volatile trend. (Wu Xiaofeng, Shanghai Nonferrous Metals Network)

Nickel: today, Shanghai Nickel 1805 opened at 105380 yuan / tonne, Shanghai nickel concussion fell by 104730 yuan / ton in the morning, and rose after the low was supported. In the afternoon, long funds into the market, Shanghai nickel pulled up, as high as 106210 yuan / ton, closed at 106000 yuan / ton. All day, Shanghai nickel main contract 1805 closed in the next shadow longer Xiao Yangxing, compared with the previous trading day settlement price rose 1050 yuan / ton, up 1.0%. Trading volume increased by 9336 hands to 537000 hands, and position increased by 24000 hands to 521000 hands. Within-day inflows of 224 million yuan, the daily line of technical indicators KDJ opening upward divergence, MACD red column longer, night-time high volatility, evening attention to the Federal Reserve Powell speech. (Zhao Manxiang, Shanghai Nonferrous Metals Network)

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