SMM, March 22 / PRNewswire-Asianet /-

Lead: this week, lead exploration low rebound, back above the 5-day moving average, the market selling pressure slightly alleviated. At the beginning of the week, the lead inertia fell, directly piercing the 40-day moving average support below and reaching a low of $2023.5 per tonne in the week. At its interest rate meeting on Wednesday, the Federal Reserve expected no interest rate increases for the whole of 19 years and plans to end the contraction in September. The US dollar was sold off miserably, on the contrary, Tizhenlun lead stopped falling and stabilized. In the next two days, Lun lead once rose to US $2074 per ton, but the US dollar fell sharply and rebounded. Coupled with the fact that the top was under pressure at the 10-day moving average, Lun lead fell back from its high level and closed down on the film line. As of 13-30 on Friday, Lun lead was reported at $2050 a tonne, down 0.63 per cent a week. Next week's macroeconomic data focus on the profits of industrial enterprises above the size of February in China compared with the same period last year, the US construction permit in February (10,000 households), the start of new housing in the United States in February (10,000 households), and the March Conference Consumer confidence Index of the United States. Us trade account in January (US $100 million), US personal consumption expenditure (PCE) in January, US personal income in February, and new home sales in the United States in February (10,000 households). According to the two data released by the United States next week, the expected value is basically better than the previous value, and the economic data will support the dollar to a certain extent after the Fed stops raising interest rates for 19 years. In addition, Sino-US trade exchanges will enter the eighth round of negotiations next week. All kinds of signs show that the expectations of the Sino-US negotiations are on the optimistic side. Combined with the above, there is a greater probability that the US dollar will stop falling and stabilize next week. Looking back at the colored varieties, they are expected to run by virtue of their own fundamentals, although the inventory of Lun lead is low during the period. However, the structure of Lme lead (0 ~ 3) contango is enlarged, and the strong pressure of lead is larger next week, which is expected to be dominated by concussion finishing, with an operating range of US $225 to US $2075 / ton.

This week, the lead 1905 contract in Shanghai stabilized, and the short funds touched the front line of the previous platform of 16800 yuan, showing obvious signs of profit-taking, but during the extended period, it is not difficult to find that lead has entered a technical bear market since it entered 19 years. Therefore, the current platform is extremely important, if you can stop the decline and rebound, it will form a double-bottom figure, the future can be expected, but if you break the downlink, the current is the relay stage of the decline, due to the pessimistic expectations of lead fundamentals, we think that the probability of continuing to weaken is greater. At the beginning of the week, dragged down by the weakness of lead in Shanghai, the lead in Shanghai fell sharply, which further boosted the confidence of short positions. After that, the lead in Shanghai stopped falling and stabilized, and the funds inside and outside the market were mainly on the sidelines. A few days later, the funds in the market saw the lead stop falling and stabilize and the Federal Reserve suspended interest rate increases. Position confidence wavered and began to profit out of the market, Shanghai lead gradually rose, and returned to above the 5-day moving average, finally reported at 16980 yuan / ton, a weekly decline of 1.45%, the position increased by 7560 hands to 38776 hands. Into next week, lead fundamentals are not expected to be revised, technically, the beginning of the article has mentioned the importance of the current platform, lead is expected to be mainly shock finishing next week, the expected range of 16800 to 17100 yuan / ton.

This week, the mainstream trading range of spot lead is 17150 to 17425 yuan per ton. Lead prices stabilized this week, fear of falling in downstream enterprises eased, and gradually began rigid demand procurement. During this period, due to the expectation of a tax cut on 1 April, large storage enterprises began to stock up in advance, while upstream primary lead refineries and traders covered goods and sold them. Maintain the high water price, as of Friday, the refinery is dominated by long single transaction, the mainstream price of bulk order expanded from the average price of SMM1# lead at the beginning of the week to 50 to 100 yuan per ton of water. Traders domestic lead ordinary brand mainstream quotation lead 1904 contract water 300 to 400 yuan / ton, the market as a whole general trading. Recycled lead market, due to the recovery of lead prices, refinery profits have been repaired, refineries to maintain normal production, as of Friday, the mainstream price of recycled lead to SMM1# lead discount 100 yuan / ton, a small number of quotations for SMM1# lead average price about water.

Zinc: this week strong fundamentals supported the superimposed US Index lower combined boost, Len Zinc strong refresh of the year's high of $2900 / tonne. At the beginning of the week, the market was still stuck in the downward movement of the costs brought about by the VAT reform. Under pressure of US $2800 per ton, the whole number of US dollars per ton was running around US $2780 per ton, and then the macro situation improved and the basic metals rose generally. Len Zinc first broke through the 5-day moving average and US $2800 / ton integer pressure, and then the Federal Reserve interest rate meeting hit a heavy blow. The doves expected to push risk assets higher gradually, and Len Zinc slowly went up to rewrite the highest level in the year. Subsequently, LME zinc stocks fell below the all-time low since the millennium, pushing Len Zinc to rise again, directly measuring US $2900 per ton integer, breaking the new high for the year. However, another change in Brexit attracted investors' attention, and the US Index backfilled all its gains. The base metal is under pressure, the zinc is adjusted downward, and the operating center of gravity is moved down to around $2835 per ton. As of Friday, trading volume fell 28020 hands to 38596, while positions increased by 747 to 271000.

Shanghai zinc this week with the main rising external market weakness, continue to hinder 22000 yuan / ton integer pressure level. At the beginning of the week, the market sentiment was more cautious. Shanghai zinc kept stable operation around 21600 yuan / ton, and it was still obvious to bear the selling pressure, and then, boosted by the strong pull-up of the external market, some of the short positions were squeezed out. However, China has not yet got rid of the high inventory pressure, which makes it slightly difficult for Shanghai zinc to follow the rising road. Touching 22000 yuan / ton leads to the position of stop earnings, and some of the selling funds are stationed in the relay. Shanghai zinc has not broken through effectively, and the center of gravity of operation has moved down to around 21800 yuan / ton. Near the close of Friday, with the external market rising again, Shanghai zinc warehouse upward has not yet broken through the integer pressure level. As of Friday, trading volume in the Shanghai zinc index fell 845000 hands to 3.172 million hands, while positions rose 39624 hands to 592000 hands.

This week, the contract of 0 # zinc to Shanghai zinc 1904 in Shanghai market has changed from 430RMB / t to 480 / 510. in April, Shuangyan held steady at 500550RMB / t. Imported SMC supply is stable, 0 # domestic zinc patch 30 yuan / ton-flat water about, other imported zinc is rarely heard of.

This week, the spot market tax spread arbitrage activity is more active, the spot rising water directly climbed to the level of fully covered tax spread, that is, the rising water rate of 480 yuan / ton fell into a stalemate, and the demand for long-term orders among traders at the beginning of the week was still strong. Spot market trading is more active transaction is better, and downstream choose to participate cautiously, mainly on-demand procurement. In the second half of the week, the circulation of invoices in the spot market increased next month, and the price difference was about 450 to 500 yuan per ton. Some enterprises that had no strong demand for invoices turned to purchasing supplies next month, and the actual consumption picked up somewhat. However, with the completion of the implementation of long orders among traders, traders are unable to cherish sales, market activity has cooled, coupled with excessive zinc prices to curb downstream procurement demand, Shanghai stock market consumption has cooled again. Overall transactions improved over last week, with a small increase in transaction volume over last week.

This week, Guangdong 0 # current zinc to Shanghai zinc 1905 contract water 570600 yuan / ton, Guangdong market than Shanghai stock market from Pingshui near to 30 yuan / ton discount. At the beginning of the week, due to the normal shipment of the refinery, due to the fall in value-added tax policy, there was a strong sentiment of holding up the price in the market, but the amount of liquidity in the market was relatively abundant, the expected outflow of warehouse receipts, the subsequent loosening of the rising water, but the zinc level was high, and the willingness to take goods downstream was not strong. The overall transaction is general, and the holder due to the reduction of tax points, continue to reduce the willingness to raise water is not strong, the transaction fell into a stalemate. Entering the last day of this week's trading day, traders cut off tickets one after another, while downstream there is still a demand for monthly tickets, buying enthusiasm has rebounded significantly, the overall transaction is smooth, the rising water appears to be slightly higher. Taken together, the market is relatively active this week, the overall transaction has also improved compared with last week.

This week, Tianjin market 0 # current zinc to Shanghai zinc 1904 contract rose about 320 yuan / ton, Tianjin market narrowed from last week's discount of 1904 yuan / ton to about 140yuan / ton. In the normal shipment of the refinery, the holder increased the water due to the change in value-added tax, but the disk went down, but the spot did not fall back and rise, and the downstream did not take the goods obviously because of the higher rising water. Subsequently, after the transaction fell into a stalemate, the market quotations gradually diverged. Some of the holders give up the high price and take the initiative to lower the rising water, and the shipment is more active, while due to the high zinc level in the downstream, the procurement is still dominated by rigid demand. Enter Friday, downstream to the current month ticket demand manifests, takes the goods enthusiasm to turn for the better obviously, the transaction volume increases. Overall, the deal this week was better than last week.

Tin: Lunxi regained its gains and recovered all its averages this week, mainly due to a fall in the dollar to line 96 and a continued decline in LME tin inventories, closing at $21450 a tonne as of Thursday, up $220 a tonne from Thursday. The trading volume was down 482 hands from last week, and the position of 18265 hands was down 839 hands from last week. The dollar fell sharply against a basket of major currencies on Wednesday, with the dollar index falling nearly 0.7% to its lowest level since Feb. 4 to 95.73. The Fed had kept interest rates unchanged after Fed policymakers abandoned expectations of further rate increases this year, which dragged the dollar lower. There is still no latest news from Indonesia, Lunxi inventory is in the downward channel, which will support Lunxi to maintain a strong situation.

The trend of the main tin 1905 contract in Shanghai this week was first suppressed and then rose. On Monday, it continued to fall to 146420 yuan per ton last week. From Tuesday, it was boosted by the external market rally to resume the upward trend, until it hit 148470 yuan per ton on Thursday. However, the trend was somewhat under pressure on Friday. Hovering around the 60-day moving average, it closed Friday at 147810 yuan per ton, up 450 yuan per ton from Friday. Trading volume of 87008 hands increased by 9066 hands compared with last week, and position volume of 30090 hands decreased by 1758 hands from Friday. Due to the strong external market and strong domestic spot prices once again boosted the trend of Shanghai tin, but the weak domestic rigid demand and the slow decline of existing inventories are the main factors restricting the price trend.

Spot prices in Shanghai and tin rose this week, the overall performance is relatively strong, as of Friday the mainstream transaction of 149000yuan / ton, the average price rose 1250 yuan / ton. The return of the trend of tin futures in Shanghai on Tuesday led to the strengthening of spot prices, especially as the supply of tickets for the month was generally cherished by the holders and waiting for the tax reduction. The rising water performance was very strong, and the rising water range was maintained at 1500 to 2500 yuan / ton. Among them, Yunxi 1905 contract water 2500 yuan / ton, ordinary cloud character water 1800 2000 yuan / ton, small brand water 1500 yuan / ton. The price of next month's ticket is relatively low. At present, Yunxi next month's ticket is 1905 contract flat water, ordinary Yunzi discount 500yuan / ton, small brand discount 1000 yuan / ton. As the holder has recently generally cherished the sale, the downstream to hold money to wait and see, only on-demand procurement into the market, the transaction performance is average throughout the week.

Nickel: strong in the first half of the week, falling below 20 antennas last week and rebounding to reach an early high of $13365 per ton, mainly due to a weakening dollar and extended expectations of crude oil production cuts by OPEC, oil prices continue to rise. In the second half of the week, Lennie turned its head down and closed at the big shade line on Thursday, giving up all its gains this week. The dollar rebounded sharply, mainly because of the difficulties in the Sino-US trade negotiations. This week, the nickel closed at the Xiaoyang line, the position was reduced by 3997 hands to 229000 hands, and the KDJ had a downward divergence trend.

Shanghai nickel in the first half of the week based on the center of gravity around 100000 continue to move up, but both sides are more cautious, less capital inflows. Shanghai nickel to the 20-day moving average near the pressure, after 2 days failed to stand on the 20-day moving average, the second half of the week Shanghai nickel fell back, half a week before the return to the first half of the week, back to near the 100000 pass. In addition to the impact of the US dollar and the Sino-US trade war, the nickel price fell due to market concerns about an increase in the amount of nickel pig iron shipped home from Indonesia after April. However, there is still support near Gate 100000 next week, mainly due to the increase in pure nickel stocks since last week, but the spot market circulation is still tight next week. Domestic pig iron market supply pattern is still tight, short VAT tax reduction before the cautious entry at 100000 position, pay attention to nickel pig iron than pure nickel premium narrowing or even discount, the market short confidence is more sufficient. Shanghai nickel closed at Cross this week, reducing its position by 5240 to 246000, and KDJ opened its mouth downward.

Spot market, the first half of the week traders Russian nickel shipment situation is good, downstream steel mills due to the overall inventory is low, appropriate replenishment warehouse, and coincides with the price continues to rise, the price performance is good. The second half of the week Russian nickel cargo situation is not as good as the first half week, first of all, some cargoes want to start shipping after 4.1, and the disk price rise is weak, turn to fall, downstream is generally pessimistic, think that the price will fall further, so more in the wait and see. The overall trading of Jinchuan nickel this week is light, the second half of the week is slightly better than the first half of the week, due to the second half of the week, traders receive better than downstream.