SMM, 8 June:
On the spot side, close to delivery, the monthly price difference fluctuates between 100 and 200 yuan /. At the beginning of the week, the holder still continued the price sentiment of the previous week, quoted a discount of 10 yuan-50 yuan / ton of water. However, due to the poor transaction, under pressure, some cargo holders took the initiative to lower their quotations in order to close the deal. With the rising price of copper, the increase is more than 1,000 yuan, the downstream fear of height is serious, the willingness of the holder to exchange cash is gradually enhanced, the quotation is gradually lowered, from the rise to the post, until the full discount, the weekend offer discount 60 million 20 yuan / ton. Downstream to maintain rigid demand, stop to increase, after the week for traders to reduce the price of low-cost supply, on the one hand, prefer good copper for long single delivery, on the other hand, traders to buy sell period. The market has changed from the weak period at the beginning of the week to the strong and weak characteristics of the period after the week.
Aluminum: base metals have risen during the week, aluminum prices finally get rid of interval shocks. The dollar index fell back to 93.196 from the start of the week at 94.156, partly boosting base metal prices. And the relatively prominent domestic market led, Lunalco week from around $2300 / ton slowly upward touch $2353 / ton, and then a big negative line fell back to around $2300 / ton, struggling at the 10 / 20 line.
The domestic performance is relatively strong. on the one hand, the environmental protection "looking back" work carried out by the Central Environmental Protection Inspection Group has had a certain impact on some metal supply ends, stimulating the rise in the prices of related metals. On the other hand, the people's Bank of China announced that it would launch a one-year MLF operation of 463 billion yuan, giving relatively loose liquidity to bulls to enter the market, in line with anecdotal rumors that the official draft of the self-owned power plant rectification plan will be released this month. Long funds showed renewed favor for aluminum, pushing up the main contract of Shanghai Aluminum from around 14650 yuan / ton, once breaking through the integer level of 15000 yuan / ton and touching 15020 yuan / ton, and the position of Shanghai Aluminum Index increased from 663000 hands at the beginning of the week to 728000 hands. But then trading day long high profit-taking, the main contract fell back to 14800 yuan / ton, Shanghai aluminum index position reduced to 700000 hands.
On the spot side, the overall transaction activity of the spot market is acceptable this week, most of which contribute liquidity to middlemen, downstream processing enterprises are afraid of high sentiment, maintain on-demand procurement, and maintain the discount between 60 and 30 yuan / ton during the week, showing signs of further narrowing.
Lead: this week the trend of lead concussion went up and down the pattern, long and short of the two sides on the $2500 mark serious differences. The fall in the high of the US dollar this week laid the foundation for the strength of non-ferrous commodities this week. at the beginning of the week, Lun Pb continued the trend of bulls last week, accelerated its upward trend, closed at three consecutive positive levels, and stood firm at the $2500 mark in one fell swoop, and the market's long sentiment was activated. After a cumulative increase of 2.68 percent, on Thursday, Lun lead inertia rushed high, brushing a new March high of 2555.5 US dollars / ton, followed by a retreat from the high level of Lun Copper, affecting the overall long mood of the market. the high level of Lun lead dived and closed at a negative line for two days in a row. Back to the previous part of the increase, as of 1500, Lun lead reported at $2485.5 / ton, a cumulative increase of 0.83 per cent. The upward trend of the weekly level of lead, coupled with the remaining support of the lower 10-day line, next week's market trend in copper and the dollar will affect the direction of lead next week, the range is expected to be 2430 ≤ $2,560 / ton.
This week, Shanghai lead 1807 contract volume broke through 20, 000 yuan concussion platform, and set a new high in lead prices so far this year, once again attracting the attention of incremental funds in the market. At the beginning of the week, after a narrow range of shocks in Shanghai, on Tuesday, the volume broke through the concussion platform of nearly two weeks. speculative funds in the market entered the market, with the number of positions reaching nearly 100000. Shanghai lead was pushed up 3.9 percent at one point, completely standing at the 20000 yuan level, and two days later. The Shanghai lead high changed hands and consumed some speculative chips. on Thursday night, affected by the fall in the Shanghai copper high, the market's long sentiment was suppressed, and the Shanghai lead high plummeted to near the 5-day line, and finally closed at 20385 yuan per ton, up 2.75 percent. The position increased by 608 hands to 77416 hands, and attention should be paid to the reduction of lead positions in Shanghai by 19552 hands in the past three days. Shanghai lead upward trend has not changed, next week to see the 10th line market to undertake the strength, as well as market position changes, if you can stabilize the 10-day line, and at the same time to maintain a high number of positions, Shanghai lead in the future may still exist upward momentum. The range is expected to be 20050 ≤ 20,850 yuan / ton.
This week, spot lead mainstream transactions in 20100 ≤ 20,900 yuan / ton. This week, lead prices rose one after another, and environmental restrictions in Henan spread to the primary lead market. among them, large refineries in Jiyuan area limited production by 30% to 50%, and refineries mostly maintained the average price of SMM1# lead to 50 yuan / ton of rising water. The trade market, due to the strong upward trend, the enthusiasm of shippers improved, continued to lower the offer to raise the water, as of Friday on the Shanghai lead 1807 contract water 100 ≤ 350 yuan / ton; The environmental protection impact of regenerated lead market in Jiangxi, Hebei and other places continues, at the same time, the transaction price of regenerated refined lead is maintained at the average price of SMM1# lead 100 ≤ 200 yuan / ton out of the factory. Downstream, the battery market demand is weak, at the same time because of the high price of lead, storage enterprises carefully replenish the reservoir.
Zinc: this week Lun zinc stepped up, the center of gravity quickly up the station to 3200 US dollars / ton. At the beginning of this week, the operation of Lunzin was weak, continuing to weaken by US $3056 / tonne. Guided by Shanghai Zinc, Lunzin recorded a deep V rebound and backfilled most of the decline, standing at US $3100 / tonne, the first quarter up the ladder was established, and then the US index fell. In addition, the spot rise and discount water rose sharply, Lun Zn took advantage of two consecutive jumps to break through a long Yang column, so the technology was suppressed, and the center of gravity was raised to 3190 US dollars per ton for consolidation, and the upward pressure was more obvious. After several attempts, Lunzin failed to stand firm in the integer position of US $3200 per ton, hitting a high of US $3220 per tonne. in addition, LME zinc stocks increased by another 6600 tons, which made the market suspicious of subsequent positions, some of which were not firm enough to stop the flight of surplus, and short sellers entered the market at high prices. Lunzin three companies broke the 60-day line of support to 3165 US dollars / ton near finishing operation. As of Friday, trading volume had fallen by about 7251 hands to about 46078 hands, and positions had increased by about 12 hands to about 297000 hands.
This week Shanghai zinc completed the main change, Shanghai zinc main 1808 contract operation is strong, after standing on all EMA tightly along the Brin Road on the track operation. At the beginning of the week, due to the obstruction of the uplink on Brin Road, part of the short selling pressure caused Shanghai Zinc to close 23820 yuan lower per tonne, but in conjunction with the spot market soft position, bulls entered, Shanghai Zinc rebounded and backfilled most of the decline, and then boosted by a strong rally in the outer market. All the averages on the opening station of the Shanghai Zinc High Jump, the technical short-term indicators are still long-headed, Shanghai Zinc further on the ragged forest road rail touch high of 24500 yuan / ton, after breaking through all the technical pressing, Shanghai Zinc high finishing operation in the vicinity of 24350 yuan / ton, Due to the weak performance of the spot market, fundamental support, short selling on high, Shanghai zinc closed two consecutive negative probe 60-day moving average support strength. As of Friday, trading volume in the Shanghai Zinc Index had fallen 125000 to 2.668 million, while positions rose 19608 to 478000.
This week, the contract of 0 # zinc to Shanghai zinc 1806 in Shanghai market changed from 90 × 100 yuan / ton to 60-70 yuan / ton, and 0 # Shuangyan changed from 100 ≤ 110 yuan / ton to 30 yuan / ton in June. Good brand import zinc quotation from flat water-rising water about 30 yuan / ton, to water 130-water 120 yuan / ton, difference brand import zinc quotation from water 70-water 100 yuan / ton, to water 320-water 300 yuan / ton. the good brand import zinc quotation from flat water-water 30 yuan / ton, to water 130-water 120 yuan / ton, difference brand import zinc quotation from water 70-water 100 yuan / ton, to water 320-water 300 yuan / ton.
At the beginning of this week, due to the receipt of goods by some traders, the market quotation was quickly reversed from about flat water to about 100 yuan per ton of rising water, which seemed to be suspected of "squeezing positions," and the supply of deliverables rose with the rising water. in addition, long orders entered the medium term, and demand appeared. Some traders pushed the boat along the river, and the market quotation remained high. However, Shanghai zinc has obviously gone up, smelters have released goods, the superimposed market imports zinc circulation sources are more, downstream enterprises fear high wait-and-see, little procurement, big discount import zinc transaction is not good, near the weekend, the actual consumption downstream is weak. In addition, the inflow of imported zinc is expected to increase, traders actively ship and clear inventories, the market water continues to fall, downstream more maintain rigid demand procurement, market transactions are mainly contributed by traders. The overall volume of transactions this week is down slightly from last week.
This week, Guangdong 0 # current zinc to Shanghai zinc 1807 contract expanded from 120 to 150 yuan / ton last week to 250 × 280 yuan / ton, and the Guangdong market maintained a flat water-30 yuan / ton compared with Shanghai. The overall trend of zinc prices this week is strong, the center of gravity has risen from last week. This week, refineries are actively shipping at high levels, traders are more willing to ship, and market flows are relaxed compared with last week. however, downstream zinc prices are afraid of high prices, coupled with weak orders and strong wait-and-see sentiment, and only rigid demand procurement is maintained, and the volume of transactions has dropped compared with last week. The overall market is not as good as last week.
This week, Tianjin market 0 # current zinc to Shanghai zinc 1807 contract water 80 ≤ 100 yuan / ton than last week is basically flat, Tianjin market compared with Shanghai market from last week discount 50 yuan / ton to discount 70 yuan / ton. Zinc prices have been strong this week, with overall arrivals slightly lower than last week as some northern refineries are still under overhaul. Traders mainly ship goods, downstream, the raw material procurement of large factories as a whole is relatively stable, and the small factories with zero orders are more likely to wait and see at high levels. in addition, a small number of downstream small factories have stopped production because of environmental protection inspection, and most of the market transactions are dominated by large factory directors' orders. Market activity was slightly weaker than last week, with overall trading flat.
Tin: this week Lunxi was boosted by the continued decline in the dollar index and broke through all daily and weekly mean resistance. in particular, it rose sharply on Tuesday and Wednesday, hitting as high as $21300 a tonne on Thursday and closing at $21220 a tonne on Thursday. It's up $575, or 2.8%, from Thursday. A total of 2198 hands were traded during the week, up 41 hands from last week, and 18010 positions were down 248 hands from last week. The dollar continued to fall this week to support the Lunxi rally.
This week's Shanghai tin main 1809 contract wide shock, after last week's surge, long and short competition is still, during the week positions fell sharply, some bulls left the market, Friday closed at 152050 yuan / ton, down 2780 yuan / ton from Friday, down 1.9 per cent. The total number of transactions was 284000, down 119000 hands from the previous week, and the position of 43720 hands was down 8134 hands from the previous week. Some bearish views on fundamentals have been published this week, putting some pressure on bulls, and concerns about unpublished import and production data have led to overall price pressure.
Spot tin prices in Shanghai this week were dominated by wide swings, and guided by the trend of tin plates in Shanghai, they fell sharply on Monday and Tuesday, hitting a minimum of 148,000 to 150,000 yuan per ton, and then recovered some of their losses, with the mainstream 149,000 to 151,000 yuan per ton as of Friday. The average price fell 1500 yuan, or 1.0 per cent, from Friday. Trading atmosphere this week slightly warmer than last week, but the overall performance is still general, because tin prices only partially fell back, did not fall to the price before this round of sharp rise, and Shanghai tin trend volatility range is large, downstream enterprises are still more wait-and-see. During the week, the current discount range gradually stabilized, as of Friday mainstream: Yunxi water 1500 yuan / ton, ordinary cloud word water 2000 ≤ 2500 yuan / ton, small brand water 3500 yuan / ton.
Nickel: the weakening of the US dollar, the continuous decline in LME and domestic inventories, environmental factors, the expected squeeze effect, although the easing but still has an impact, the overall market positive sentiment pushed nickel prices upward. After Monday's opening, driven by a lower dollar and a strong domestic market, Lun Ni rallied, rising $15845 a tonne, after a high correction in the second half of the week as nickel prices pulled up too fast in the early stages, plus easing the squeeze. As of 15: 30, the weekly K line closed at $15370 a tonne, down 4.23 per cent from last week. Trading volume decreased by 1384 hands to 34000 hands, while position volume increased by 2149 hands to 265000 hands.
This week, the main Shanghai nickel 1809 contract opened at 114870 yuan / ton, many factors dominated, pushing nickel prices upward, touching a high of 119150 yuan / ton, a new three-year high. In the second half of the week, the squeeze effect slowly disappeared, nickel prices due to the previous pull up too fast, a large number of profit-taking out of the market in the second half of the week there was a pullback. As of Friday morning, the weekly K line closed at cross star at 114900 yuan / ton. It was down 4.84 per cent from last week, with volume up 1.546 million to 2.977 million and positions up 57000 to 380000.
Spot market, this week Jinchuan company shipping enthusiasm can, Shanghai quotation from last Friday's 117200 yuan / ton slightly reduced to 116000 yuan / ton, a cumulative reduction of 1200 yuan / ton. Jinchuan nickel than Wuxi main 1806 contract flat water, Russian nickel than Wuxi 1806 contract discount 100 yuan / ton or so. Jinchuan nickel and Russian nickel price difference increased slightly, on the one hand, imported windows opened for a moment last week, about thousands of tons of Russian nickel inflow. On the other hand, the squeeze effect slowly disappeared. by the close of trading on Friday, the Shanghai Nickel 1807 contract had a position of 203000 tons, with a delivery volume of 101500 tons and a deliverable volume of about 100000 tons, narrowing the gap from tens of thousands of tons to about 1, 000 tons. Russian nickel Jinchuan nickel price difference slowly widened. In the first half of the week, nickel prices are still high, downstream enterprises are more on the sidelines, transactions are general. Nickel prices slowly callback in the second half of the week, the transaction has improved compared with the first half of the week, but the overall transaction is general.
Note: this article is only part of the SMM Weekly Bulletin, for more information
Please contact: Liu Xiaoxia
Contact: 51666822 ≈ 13916447260