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June 3 SMM basic Metals spot Trading Day Review
Jun 3,2019 18:40CST
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Source:SMM
June 3 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

Copper: Yapanlun Copper opened low at US $5810 / tonne today. After opening trading, the US dollar fell 98 points, which weakened the pressure above the copper price, and all the way up to US $5840 / ton position, during which the bulls took advantage of the opportunity to reduce their positions and leave the market. Prices short-term test below the daily average, until into Europe, short-term detection of 5846 US dollars / ton, guided by European PMI data, the market once again strengthened the preference for the US dollar, copper prices weakened under pressure, down as low as 5801 US dollars / ton, with LME inventory report, Today, copper fell by 200t, temporarily easing the market's concern about the continuity of a large number of positions. Lun Copper temporarily stood at the US $5800 / ton mark. As a result, the copper price rose from its low level to US $5836 / ton by 17 / 00, up US $10 / ton. The dollar index was at 97.725 and US crude at $53.84 a barrel. Evening attention to the US ISM manufacturing index for May is expected to be 53 higher than the previous value, is expected to push the dollar higher at night, copper prices at $5800 / ton integer barrier performance is fragile. At present, Lun Copper in last week's 4 consecutive Yin, and then brush the recent new low, there is no sign of stopping the fall, the overall center of gravity in Brin under the expansion of the track position, the technical side of the weak trend. Wait for guidance from the dollar and crude oil at night to test whether Lun Copper can hold the $5800 / tonne position at night.

Today, the main contract of Shanghai Copper opened at 46160 yuan / ton in the morning, and the trend of long position reduction was obvious. At the beginning of trading, it quickly reached the lowest level of 46070 yuan / ton in the day, and then rebounded to 46190 yuan / ton after hitting the bottom, and then quickly fell back to around 46100 yuan / ton. Then the center of gravity gradually moved up, and the afternoon session continued to rise slightly, with the end of the day rising to the highest level of 46240 yuan per ton in the day. However, due to strong risk aversion in the market and lack of confidence, the high point was difficult to support, and after a small amount of exploration, it fell back quickly. It also closed at 46130 yuan per ton, down 230yuan per ton, or 0.5 per cent. Today, Shanghai Copper 1907 contract position decreased by 12000 hands to 225000 hands, while trading volume decreased by 67000 hands to 117000 hands. The positions of Shanghai Copper 1908 contract and Shanghai Copper 1909 contract increased by 13000 hands to 261000 hands, and the position performance continued to move backward. Shanghai Copper Index positions fell 6048 hands to 618000 hands, trading volume fell 99000 hands to 273000 hands, Shanghai Copper in the non-ferrous plate capital outflow reached 109 million yuan today. Due to the strong risk aversion sentiment at the macroeconomic level and the lack of confidence in the copper price boost, Shanghai Copper closed five negative today, the KDJ index continued to fall, and there was a lack of guidance on the rise in copper prices at the technical and macro levels, waiting for guidance from the outside market at night. Test whether Shanghai Copper can hold the 46000 yuan / ton gate.

Today, the spot price of electrolytic copper in Shanghai is quoted for 60 to 130 yuan / ton of water, 46150 yuan / ton to 46220 yuan / ton of copper for flat water and 46200 yuan / ton to 46270 yuan / ton for copper with water rising. Bears continued to dominate the market, with Shanghai copper falling to 46100 yuan per ton. The stock holder is willing to lift the water, the quotation in the morning market is 60 yuan 110 yuan / ton, the transaction in the morning market is active, and the copper water 60 yuan / ton is quickly closed, so the holder carries the flat water copper quotation to 70 yuan to 80 yuan per ton. Good copper quotation to rising water 120 to 130 yuan / ton, good copper transaction activity has been suppressed to a certain extent, the market temporarily stopped; The lower reaches of the bargain to buy goods slightly increased the market transaction activity, wet copper quotation is also gradually raised, reported in the discount 20 ~ liter water 10 yuan / ton. Today, the market is under the control of the seller, traders and downstream have maintained a certain degree of activity, but the plate level of 46000 yuan is in jeopardy, the rising water is high, and the spot rising water is in a dilemma. In the afternoon, the market is still strong, the market is difficult to find a low price source, and it is difficult to reduce the price space, so the afternoon quotation continues to be high to maintain a stalemate. In the afternoon, copper water 70-80 yuan / ton, good copper 120-130 yuan / ton, transaction price in the range of 46200 yuan / ton-46300 yuan / ton.

 

Aluminum: Lun Aluminum opened at US $1794 / tonne in the morning. At the beginning of the day, the probe was as high as US $1801.5 / ton and hovered back to US $1795 / tonne. After entering the European trading session, Lun Al continued to go down the road because of no signs of going up during the day. It fell all the way to an intraday low of US $1786 / tonne. As of 17:55, Lun Al closed at US $1792.5 / ton, down US $2 / ton, down 0.11%, closing at the Xiao Yin line, with its center of gravity unchanged from yesterday and below the 5 / 10 EMA. The third line of the day KDJ is facing up. Today, LME aluminium stocks fell sharply by 13925 tons, but did not give a greater impetus to aluminum prices. Against the background of weak overseas fundamentals, it is expected to maintain range volatility in the evening. In the evening, we continued to focus on macro data such as the dollar index, the US ISM manufacturing index for May and the month-on-month comparison of US construction spending in April.

The 1907 contract of Shanghai Aluminum Company opened at 14155 yuan / ton in the morning. After the opening reached the highest point of 14165 yuan / ton in a day, some bulls reduced the price of aluminum to an intraday low of 14100 yuan / ton, brushing the lowest level in the last week, because there is still some support below. Then began to step back to 14135 yuan / ton line narrow concussion. The trend fluctuated little during the day. In the afternoon, it continued to explore around the first line of 14125 yuan / ton, with a price difference of not more than 20 yuan / ton, and finally closed at the Xiaoyin line, closing at 14125 yuan / ton, down 25 yuan / ton, down 0.18%. The center of gravity falls below the 5-10 / 20 EMA, at the lower rail of the Brin Channel, and the MACD Green Line is elongated. The macro atmosphere is not good today, the rise of safe-haven gold and silver varieties is obvious, the colored disk surface is almost all floating green, and the aluminum metal has a smaller decline compared with other metals, paying attention to the impact of the release of relevant macro data in the United States on the disk surface in the evening.

Aluminum trading in the current month to maintain range volatility. The trading price in Shanghai is between 14150 and 14170 yuan / ton, which is about 10 yuan / ton lower than that on Friday. The spot price in Wuxi is between 14150 and 14170 yuan / ton, and the price in Hangzhou is between 14180 and 14200 yuan / ton. Today, the continuation of aluminum prices on Friday weak posture continued to fall, holders are still positive shipments, some traders are willing to receive goods at low prices, but the actual transaction is slightly deadlocked. As spot prices continue to decline, downstream manufacturers hold a wait-and-see attitude towards prices, although there are some replenishment on Monday, but the overall enthusiasm is not high. Today, the overall transaction in East China is average. In the afternoon aluminum maintained range fluctuations, the market transaction price is between 14150 to 14170 yuan / ton, the rising water on the plate is 10 to 20 yuan / ton, only a small number of transactions between traders.

 

Lead: within a day, Lun lead was opened at US $1805.5 per tonne. In the Asian period, Lun lead wanted to vibrate upward at the beginning of the day, but the platform formed by the bonding of the upper 5 and 10 days EMA was relatively strong. Lun lead was under pressure, and the center of gravity within the day moved down and entered the European period. Lun lead fell below the $1800 / tonne platform and was as low as $1794 / tonne at one point. As of 17 / 15, Lun lead temporarily closed at $1795 / tonne, down $11.50 / tonne, or 0.64 per cent. Lun lead temporarily closed barefoot small negative line, 5, 10 days EMA formed by the suppression platform is still difficult to break, and the external non-ferrous metal trend is weak, night attention to whether Lun lead can recover 1800 US dollars / ton platform.

Within a day, the main 1907 contract for lead in Shanghai was opened at 16080 yuan / ton. At the beginning of the day, Shanghai lead ran along the 16050 yuan / ton line, hitting 16090 yuan / ton at one time. Near noon, the short position was re-applied, adding code to enter the field, and the concussion of lead in Shanghai reached 15920 yuan / ton. Finally, it closed at 15960 yuan / ton, down 15960 yuan / ton, down 0.62%, and the position was reduced by 282 hands to 52120 hands. The Shanghai lead newspaper closed down the Shangying Xiaoyang Line, and the 20-day moving average formed a strong suppression, resulting in an attempted rush of Shanghai lead. In addition, the lower 15800 yuan / ton platform is a very key psychological barrier at present. Once it falls, it will also open up further downward space. Ou Pan Lun lead has exceeded US $1800, focusing on the ability to hold the 15800 yuan line at night.

In the south of Shanghai market, 16160 yuan / ton of Shuangyan lead, 60 yuan / ton of water per ton of 1906 contract, 16250 yuan / ton of sand and 150yuan / ton of 1906 contract. Jiangsu and Zhejiang market Jijin 16160 16180 yuan / ton, 1906 contract water 60 80 yuan / ton quotation. The futures market continued the trend of consolidation, and the holders quoted prices with them. The consumption of the storage battery market was poor, the storage enterprises purchased on demand, and the supply of recycled lead in some areas was restored. The average price of SMM1# electrolytic lead is 150 yuan / ton (the mainstream is 50 yuan / ton to flat water), the rigid demand of storage enterprises is showing signs of diversion, and the transaction in bulk market is still light.

Guangdong market Nanhua lead 16150 yuan / ton, SMM1# lead average price flat water quotation; Mongolia from 16150 yuan / ton, SMM1# lead average price level water quotation (trader); southern storage south 16100 to 16125 yuan / ton, 1906 contract flat water to liter water 25 yuan / ton; The lead price continues the concussion pattern, the partial storage enterprise rigid demand replenishes the storehouse, the market transaction is general. Henan Yuguang, Wanyang and other smelters mainly to long single transaction, Jinli 16150 yuan / ton, the average price of SMM1# lead flat water quotation; Yuguang 16150 to 16180 yuan / ton, to SMM1# lead average price rises 30 yuan / ton (trader source), Wan Yang Jinli 16150 yuan / ton, to SMM1# lead average price level water quotation (trader source); Lead price low shock, storage enterprises rigid demand procurement-based, market trading in general. Other areas such as: Jiang copper 16200 yuan / ton, the average price of SMM1# lead increased by 50 yuan / ton. Large factories in Yunnan mainly trade in long single, small factories 15850 yuan / ton, the average price of SMM1# lead discount 300yuan / ton.

 

Zinc: Geneva zinc opened at US $2535 per tonne. At the beginning of the day, the upward detection of the 5-day moving average of zinc was not stable, but it fell back to a small arrangement around the daily average of US $2525 per tonne, with an operating range of no more than US $5 per ton. After entering the European trading session, Len Zinc briefly collated and quickly went down, falling below the integer position of US $2500 per ton and then diving into US $2464.5 per tonne, just as LME zinc stocks recorded a slight decline, giving Len Zinc a certain stop from falling to US $2470 per ton of first-line consolidation. As of 17-30, zinc was down $50, or 1.88 per cent, at $2475 a tonne. The announcement of PMI values in manufacturing industries such as the United Kingdom, the euro zone, France, and Germany within days basically reflects the fact that the world economy as a whole is in a downward state, superimposed recent macro trade frictions such as tariffs imposed by the United States on Mexico. As a major producer of auto parts, Mexico may have a great impact on zinc consumption. The overall macro mood tends to be negative, short significantly into the market to suppress the price of zinc, night to observe whether the zinc can repair the intraday decline.

The main 1907 contract of Shanghai zinc was opened at 20545 yuan / ton within a day. At the beginning of the day, the pressure of the 5-day moving average of Shanghai zinc was measured twice, but both of them failed to stand firm, and the center of gravity moved down to 20520 yuan / ton to find support. In the afternoon, the bulls came into play to boost the suppression of the daily moving average of zinc in Shanghai, and consolidated slightly at the first line of 20565 yuan / ton. Near the European trading period, the bulls left the market neatly, dragging down 20465 yuan / ton of zinc in Shanghai and closing down at 20480 yuan / ton. Compared with the previous transaction, it fell 65 yuan per ton, or 0.32%. Trading volume decreased by 124000 hands to 394000 hands and position by 12806 hands to 271000 hands. During the day, the zinc bulls in Shanghai mainly reduced their positions, mainly due to the increase in social inventory in the three places during the day. Although the overall decline was small, there was still a follow-up accumulation forecast, and it was difficult for bulls to have sufficient confidence. 06 and 07 contract, 06 and 08 contract monthly difference continues interval concussion, near strong far weak pattern still has the possibility to further strengthen, observe the 20-day EMA suppression intensity at night.

The mainstream transaction of Shanghai 0 # zinc is 21040 to 21060 yuan / ton, Shuangyan and Chihong is sold at 2093021000 yuan / ton, 0 # normal June discount is 30-20 yuan / ton, and Shuangyan and Qihong reported rising water 20 to 60 yuan / ton. The main trend of Shanghai 0 # zinc is 21040 to 21060 yuan / ton, 20930 to 21000 yuan / ton, 30 yuan to 20 yuan / ton and 20 to 60 yuan / ton. 1 # mainstream transaction is 20800 to 20860 yuan / ton. The center of gravity of zinc in the period has moved down slightly, and the monthly difference is about 40 to 50 yuan / ton, which has been cherished by some refineries, and the market quotation has been lowered from about flat water to about 10 yuan per ton for the time being, but there is a shortage of transactions. Part of the price adjustment to the discount of 20 yuan / ton or so to deposit a small amount of transactions, net average prices continue to contribute to the main transactions in the morning market. Enter the second trading period, the market quotation directly down to the discount 30-discount 20 yuan / ton or so, the low-price market feedback is relatively good, but the trading is still relatively not active, downstream procurement is still flat, the overall transaction gap is not large than last Friday.

Guangdong 0 # zinc mainstream transaction in 20830 to 20930 yuan / ton, Guangdong market than Shanghai market from 60 yuan / ton discount to 20 yuan / ton discount. The rising water of Shanghai Zinc 1907 contract is about 310 RMB / t. The zinc futures are running at a low level, the refineries are shipping normally, the inventory in Guangdong continues to record a small increase, and the market is dominated by active shipment. Some holders try to report about 320 yuan / ton of rising water for the Shanghai Zinc 1907 contract, but the premium has not contributed to the obvious transaction. The market transaction was dominated by an average price of-10, and entered the second trading period. The market reported that the water increased by 310 to 320 yuan / ton for the Shanghai Zinc 1907 contract, partly due to the intensification of the discount in that month, and the traders received the goods in the market. However, the holders are unwilling to continue to downgrade the rising water shipment. Then the deal was deadlocked, and the deal was flat today, worse than last Friday. 0# Kirin, Cishan, Tiefeng, Mengzi mainstream transaction in the vicinity of 20830 to 20930 yuan / ton.

The mainstream of 0 # zinc ingots in Tianjin market is sold at 20900 to 22370 yuan / ton, the mainstream of 0 # ordinary brands is sold at 20900 to 20960 yuan / ton, and the water supply for 1906 contract is about 60 yuan / ton. Compared with Shanghai stock market, Tianjin market changed from 10 yuan / ton discount on Friday to 50 yuan / ton water rise. The refinery shipment is normal, the market supply circulation is more abundant. In the morning, the holder quoted the ordinary brand price focused on the 06 contract flat water to rising water 20 yuan / ton, to Zijin and other high price brand supply quotation to 06 contract rising water 60 yuan / ton or so. As there are fewer Zijin brands in circulation on the market, Zijin and other high-priced brands ship smoothly, focusing on the 06 contract rising water of about 60 yuan / ton, but the trading atmosphere of Hongye Bailingche Hong and other brands is relatively desolate. The holder saw the trend to downgrade the water to 06 contract flat water to rising water 10 yuan / ton, after the price adjustment, there were some transactions in the market. On the whole, transactions in Tianjin today continued to be light, and the volume of transactions was basically flat compared with last Friday. 0 # Zijin, Hongye, lark, Chihong, Xiyan, etc., were sold at 20900 to 20960 yuan / ton, and 1 # Zijin, Chihong and Hongye were sold at 20850 to 20910 yuan / ton.

 

Tin: after the opening of the electronic disk at US $18760 / ton today, trading in the Asian session was light and remained consolidated at the opening price attachment. After the opening of the European market to maintain the concussion finishing situation, piercing the daily average up and down, as of 17:00 the latest price is $18720 / ton, a small negative line, located below all EMA, is expected to test the short-term below the target level of $18500 / ton support. This evening can focus on the US Markit manufacturing PMI final value in May and the US ISM manufacturing PMI in May.

Shanghai tin main 1909 contract last night after the opening of 143520 yuan / ton, at the beginning of the market quickly fell to 142750 yuan / ton after hitting the bottom to rise, around 143150 yuan / ton near shock finishing, spit back nearly half of the decline in the previous period. After opening 143280 yuan / ton in early trading this morning, it fell to an intraday low of 142530 yuan / ton at the beginning of the day, and then remained at 142900 yuan / ton until the close of trading. Finally, it closed at 143080 yuan / ton, down 143280 yuan / ton, down 0.21%. The trading volume was 15678, a decrease of 2272. The number of positions was reduced by 42904 hands. Today, Shanghai tin overall maintained a low consolidation, with a small negative line closing, located below all EMA, Shanghai tin is expected to support 142000 yuan / ton below, the upper resistance of 144500 yuan / ton.

Today, Shanghai tin overall maintained a low consolidation. Spot market, today's mainstream trading price of 142300 to 143500 yuan / ton, due to the Shanghai tin plate down again, downstream enterprises wait-and-see mood increased, coupled with the early downstream enterprises have purchases, the trading atmosphere is weaker today. Set Yunxi liter water 200 to 500 yuan / ton, ordinary cloud character sticker 300 to 500 yuan / ton, small brand discount 500 to 700 yuan / ton.

 

Nickel: nickel opened at US $11995 / tonne today. At the beginning of the day, it was difficult to hold steady above US $12030 / ton at the beginning of the day. It turned around and fell all the way down, suspending its decline at US $11950 / ton, but in the afternoon, with the low level of the US dollar, it rebounded. Nickel accelerated down and continued to Europe, falling $11910 a tonne to $11920 a tonne as of 17-30. Nickel has fallen below all recent EMA support today, and the daily line technology KDJ opening down, MACD red column shorter. At night, focus on whether Lennie can hold $11900 a tonne. At night, we should pay attention to the ISM manufacturing index in May and the ISM manufacturing employment, price and new order index in May.

Shanghai nickel 1907 opened at 97770 yuan / ton today, or due to macro worries, the overall decline in the internal market, Shanghai nickel daily average under pressure, showing a continuous downward trend. At the beginning of the day, Shanghai nickel shock fell to 97000 yuan / ton line struggle. In the afternoon, it had broken the position of 97000 yuan / ton, until afternoon, several degrees down 96950 yuan / ton line low, late trading, 97000 yuan / ton below the short departure, lead the Shanghai nickel main report back to 97000 yuan / ton above, 97020 yuan / ton. Compared with the previous session, the settlement price fell 1520 yuan, or 1.54 percent, with trading volume up 115000 hands to 800000 hands and positions down 10000 hands to 185000 hands. Shanghai Ni 1908 contract increased its position for many days in a row, and increased its position by 10670 hands today. Its position is gradually the same as that of Shanghai Ni 1907 contract, and the main contract runs in the middle of the month. The Shanghai nickel index fell 1.53%, ranking first among nonferrous metals. The whole day, Shanghai nickel main contract closed negative, below fell below the 20-day moving average technical support, and the daily line technology KDJ opening down, MACD red column becomes shorter. In the evening, we will pay attention to whether Shanghai nickel can hold the 97000 yuan / ton gate below.

SMM1# electrolytic nickel 97350 to 98100 yuan / ton. In the morning, Russia and nickel than Wuxi 1906 universal discount 100 yuan / ton, but traders feedback that discount narrowing is not spot transactions become better, only because the market decline is larger, discount slightly narrowed, the transaction is still light. Jinchuan nickel than Wuxi 1906 contract generally reported a water rise of 600 yuan / ton. However, the basic price is no market, the trading is also light, traders feedback the recent downstream consumption is not good, the spot market supply is sufficient, delivery is difficult. Disk prices continue to fall, downstream take goods more cautious, only on demand a small amount of procurement. Jinchuan ex-factory price quoted 97700 yuan / ton, down 1300 yuan / ton from Friday, the mainstream transaction at 97200-97900 yuan / ton. Afternoon nickel prices around 97000 yuan / ton consolidation, trading on Monday has not improved, spot transactions are unusually light, the mainstream transaction at 97000 to 97800 yuan / ton.

 

 

 

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