SMM, Nov. 7: Wednesday the domestic commodity market fell widely, the black system fell across the board, the rebar reached a one-month low, and the wire rod hit a new low since it was listed. The overall non-ferrous metal is weak, Shanghai zinc fell 1.38%, Shanghai lead fell 0.76%.
At present, the voting situation of the states in the mid-term elections in the United States is still in the process of being counted. But according to the current vote, a number of U. S. media analysts believe that the Democratic Party will retake the House of Representatives after eight years. Republicans will continue to control the Senate after the mid-term elections, and the number of dominant seats will be increased.
In terms of capital flows today
On capital flows, more than $300 million flowed out of commodity markets today. Black system collective fall, black chain index lost 403 million funds, rebar, coke will be absorbed in the previous two days of capital release. The crude oil sector won the favor of funds today, with 249 million dollars pouring into the market, of which the fuel index alone accounted for 200 million.
A brief comment by SMM analyst on Nov. 7
Copper: today, the main 1901 contract of Shanghai Copper opened at 49350 yuan / ton in the morning. At the beginning of the day, the copper price was arranged in a narrow range below the daily average, during which the price was down 49300 yuan / ton. Before noon, the London copper rose, and Shanghai Copper was boosted by this. A large number of short positions left the market, and the bulls came in with their positions. Copper prices slowly concussion upward to the daily average above, during the high 49620 yuan / ton, many times up to 49600 yuan / ton line blocked. In the afternoon, Lun Copper fell from a high of US $6192 per ton, and Shanghai Copper was dragged down by this. The center of gravity slowly fell to about 49400 yuan / ton, and short positions came in. The center of gravity of copper prices dropped slightly to around 49330 yuan / ton. In late trading, most of the copper prices were empty. Copper prices recovered slightly to close at 49470 yuan per ton, down 190 per cent, or 0.38 per cent. The main force position increased by 6518 hands to 182000 hands, and the transaction increased by 42912 hands to 187000 hands. During the month, the contract position decreased by 4560 hands, and the 1812-1903 contract position increased by 10660 hands, of which the main 1901 contract increased the most, and the current position of the Shanghai Copper Index has increased to 535000. Within days, the Shanghai copper index inflow capital of 80.17 million yuan, is the only non-ferrous plate inflow of capital plate. Today, the main force of Shanghai Copper closed in three consecutive shade, the center of gravity fell again, but supported by the 5-day moving average, in the evening continue to pay attention to the short position increase, waiting for external guidance, evening test whether the main center of gravity of Shanghai copper continues to fall near the 40-day moving average.
Aluminum: the 1901 contract of Shanghai Aluminum Company was opened at 13855 yuan / ton in the morning. At the beginning of the day, the short position was increased by more than 2,000 hands. Shanghai Aluminum briefly explored the low daily price of 13830 yuan / ton, and then basically stepped back on the 13860 yuan / ton line in the upper rail range of Brin Channel in the first trading stage. The fluctuation range is no more than 10 yuan per ton. After entering the second trading stage, Shanghai Aluminum began to climb slightly and reached a high level of 13895 yuan per ton. At the later stage, some short sellers left the market one after another, and Shanghai Aluminum Storage continued to climb above the daily moving average. Finally, the highest price in the day was 13915 yuan / ton, and the daily market closed at 13915 yuan / ton, up 30 yuan / ton, an increase of 0.22%. The trading volume increased by 15696 hands, and the position decreased by 3582 hands to 241000 hands, and the daily MACD green line became shorter. Today, the colored disk is green manure, red and thin, and Shanghai aluminum has risen slightly, but it is still difficult to get rid of the weak posture. Although it has jumped over the 13900 yuan / ton mark, there is still a lot of pressure from 14000 yuan / ton above. In the evening, we will continue to pay attention to the impact of the US dollar index and related international macro events on the domestic trading atmosphere.
Zinc: the main 1901 contract of Shanghai zinc opened at 20920 yuan / ton. At the beginning of the game, the center of gravity of Shanghai zinc rose slightly to around 20950 yuan / ton, followed by a small upward touch of 21065 yuan / ton, the 40-day moving average appeared, the empty entry was flat, and the Shanghai zinc went down rapidly. It broke the 60-day moving average by 20570 yuan / ton, and then rose slightly to the lower edge of the 60-day moving average. It closed down 20760 yuan per ton, down 2.12 percent from the close of the previous session. Trading volume increased by 61418 hands to 416000 hands, and position volume increased by 13010 hands to 186000 hands. During the day, the trend of zinc in Shanghai was weak by short pressure, with a long negative column recorded, the lower shadow line broke the support of the 60-day moving average, and the output on the supply side increased month by month, strengthening the confidence of short sellers, but the overall inventory is still at a historical low. Shanghai zinc is not expected to fall deeply. At night accompanied by part of the short stop, or stop the repair at the 60-day moving average along.
Nickel: Shanghai nickel 1901 opened at 97700 yuan / ton today. Before noon, the result of the US mid-term election was uncertain, and the mood for capital aversion was serious. Both sides reduced their positions to each other. The center of gravity of Shanghai nickel fluctuated around 98000 yuan / ton, and the upper 98200 yuan / ton was under pressure. Below 97700 yuan / ton gate support. In the afternoon, Shanghai nickel touch high 98340 yuan / ton, long positions reduced, short positions increased, Shanghai nickel shock fell, the bottom 96460 yuan / ton. Close to the close, short positions reduced 10, 000 hands, Shanghai nickel slightly up, closing at 97120 yuan / ton. For the whole day, 1901 of the main Shanghai nickel contract closed at the Xiaoyin line, down 1901 yuan, or 0.51 per cent, from the previous day's settlement price. Trading volume increased by 110000 to 699000, while position decreased by 6000 to 299000. In the daily line technology, the opening of KDJ converges, and the green column of MACD becomes shorter. Night Shanghai nickel or basic test below the 97000 yuan / ton gate. In the evening, we should pay attention to the week-on-week comparison of the MBA mortgage application activity index for the week of November 2 in the United States.
Tin: last night the Shanghai Tin 1901 contract was mainly consolidated in a narrow range around 146000 yuan / ton. Trading opened today at 145990 yuan / ton, only slightly down to 145550 yuan / ton at the beginning of the day, and then rose all the way up, hitting 146610 yuan / ton at the end of trading, closing at 146490 yuan / ton, up 540 yuan / ton from the closing price of the previous day. A total of 18568 hands were sold and 34086 positions were down 38 hands from the previous day. Today, the Shanghai stock market metal ups and downs, Shanghai tin center of gravity continues to rise, the recent reduction in spot circulation supply, rising water situation continues to improve, give Shanghai tin trend a certain momentum, Shanghai tin resistance above 147000 yuan / ton, the short-term trend is expected to be strong.