Metals News
[SMM Analysis] Nonferrous Metals weakness hard to change Shanghai Nickel plummeted by more than 2 per cent
The content below was translated by Tencent automatically for reference.

SMM3, 2: non-ferrous metals weak difficult to change, collective floating green, Shanghai nickel fell more than 2%, Shanghai lead fell nearly 1%, the rest of the varieties fell slightly. Black commodities fell back across the board, rebar, iron ore, coking coal coke have softened; only hot coil rose slightly.

Under the dual influence of Fed Chairman Powell's speech and Trump's latest trade protection measures, financial markets fluctuated sharply overnight, with Trump's latest move raising fears of a trade war and the US stock market plummeting again. The dollar has also been hit hard. Today's market is focused on British Prime Minister Theresa May's Brexit speech.

Today's capital flow

On the flow of funds, black goods concussion downward, was abandoned by 1.16 billion funds, of which iron ore and thread are outflow of 360 million funds. Non-ferrous metal capital flows are relatively flat.

A brief Review of SMM analysts on March 2

Copper: today, the Shanghai copper main 1805 contract opened at 52470 yuan / tonne. at the beginning of the plate, the copper price hovered near the opening price. then the bulls were slightly better, and the copper price rose to 52680 yuan / ton, but the high level was short and more profitable. Copper prices fell back to concussion near the opening price. in the afternoon, the center of gravity of copper prices moved up again, touching as high as 52700 yuan / tonne. at the end of the day, it closed at 52540 yuan / ton, down 20 yuan / ton, and its position increased by 10670 hands to 256000 hands. Volume increased by 28018 hands to 147000 hands. Positions in the Shanghai copper index rose 4030 to 860000. Today, the Shanghai copper center of gravity is higher than last night, 52000 yuan / ton integer level shows a certain support, it is expected that the evening Shanghai copper concussion in the vicinity of 52500 yuan / ton. Evening focus on the U. S. University of Michigan consumer confidence index in February. (Xu Jinqiao, Shanghai Nonferrous Metals Network)

Aluminum: the main contract of Shanghai Aluminum opened at 14440 yuan / ton in the morning. after opening, aluminum prices fell step by step, mainly multi-head unwinding, hitting 14325 yuan / ton at a low level, closing at 14340 yuan / ton, losing the 20-day line, and reducing the position of the Shanghai Aluminum Index by 5164 hands to 788454 hands. Next week, after the Lantern Festival, the downstream is basically fully operational, but preparations such as drying stoves before resuming production are expected to take place in about a week. therefore, it is expected that the real full pace of procurement and production will be around March 8. The author's expectations for consumption in the spring peak season are more optimistic, so the price performance is strong, but at the same time, there is room for further downward movement in costs, bears have not yet stopped, and the volatility of aluminum prices has also increased under the capital game. Next week, the main contract of Shanghai Aluminum will be changed to Shanghai Aluminum 1805 contract. it is expected that the center of gravity of the main 1805 contract next week may continue to seek to move upward, standing on the 20-day moving average, entering a new operating range, and will mainly fluctuate at 14,300 ≤ 14,650 yuan / ton. In front of 40 and 60 days average adhesion to form the upper pressure level, 14800 yuan line or obvious resistance, the current technical indicators to more, aluminum prices continue to rebound more probability. (Wang Rui, Shanghai Nonferrous Metals Network)

Zinc: within the day, Shanghai Zinc completed the main month change, the main 1805 contract opened at 26260 yuan / ton, after the opening of the empty increase and decrease, Shanghai zinc center of gravity sank below the daily average, with the amplitude of 30 yuan / ton around 26170 yuan / ton concussion, afternoon, The outer plate of zinc digestion in Shanghai rebounded for the good, and long attempts to increase positions, pushing zinc prices to rise step by step to recover the daily average. after narrow consolidation, it rose again to a new high of 26305 yuan per ton in a day. however, the intention of continuing to increase positions in many ways weakened, and Shanghai zinc turned red powerless. It closed at 26095 yuan / ton, down 165 yuan / ton, or 0.62%, with trading volume up 60180 hands to 189000 hands and position up 11308 hands to 163000 hands. Within the day, Shanghai zinc touched low rebound, but the weak outer plate dragged down Shanghai zinc, the rebound range is limited, failed to recover the 40-day moving average, the shape of the false positive line. Recently, the macro has not been positive, the US dollar index has strengthened and bearish zinc prices rose, it is expected that Shanghai zinc has callback pressure, evening or maintain concussion fall back trend, test 60-day line support. (Li Ling, Shanghai Nonferrous Metals Network)

Tin: last night Shanghai tin 1805 contract opened low shock, the lowest 146520 yuan / ton, only the end of the small rise, back to 147250 yuan / ton concussion; Today, the opening of 147200 yuan / ton, the intraday trend of pressure Sinian, the overall volatility is not much, there are signs of reduction in long and short, the final close of 147380 yuan / ton, down 147200 yuan / ton from the previous day, down 0.27 per cent. The transaction was 9836 hands minus 2630 hands, and the position was increased by 14 hands by 22184 hands. Today, non-ferrous metals and weak difficult to change, Shanghai tin center of gravity downward, short-term is expected to maintain a weak shock, supporting 145000 yuan / ton. (Wu Xiaofeng, Shanghai Nonferrous Metals Network)

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