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June 4 SMM basic Metals spot Trading Day Review
Jun 4,2019 18:43CST
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Source:SMM
June 4 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

Copper: today, Yapanlun copper opened low at US $5863 per tonne. After opening around a narrow range of fluctuations around the daily average, it rose US $5866 per ton, but due to short positions entering the market while high, the center of gravity of copper prices quickly moved down from its high level to around US $5852 per ton per day. In the morning, it was lower by US $5839 / ton, and then the overall amplitude did not exceed US $20 / ton. Until it entered the European market, it still maintained a narrow range of shocks. At 17-00, bronze was down 0.26% at $5855.5 a tonne, the dollar index at $97.216 and crude oil at $53.23 a barrel. In the evening, we pay attention to the speeches of a number of US Federal Reserve chairmen, and have some guidance on the judgment of interest rate cuts. In particular, Federal Reserve Chairman Powell delivered the opening speech at the "Fed Listens: Monetary Policy Strategy, tools and Communication practice meeting" held by the Federal Reserve. In addition, we pay attention to the month-on-month final value data of durable goods orders in the United States in April. Current market forecasts for the Fed's interest rate cuts have strengthened, leading to a rapid weakening of the dollar in the near future, giving copper prices a chance to rise again. At present, the MACD double-wire index is expected to form a positive upward cross in the low position, and there has been a trend of breaking through the pressure of the 5-day moving average above. Wait for guidance from the dollar and crude oil at night to test whether Lentong can break through the $5860 / tonne position at night.

Today, the main contract of Shanghai Copper opened at 46330 yuan / ton in the morning. Immediately after the opening, it reached a daily high of 46360 yuan / ton, but due to lack of market confidence, the high level was difficult to stand firm. After the inspection, the market level quickly fell to the lowest level of 46200 yuan / ton in the day. However, under the influence of the weakness of the US dollar index, the copper price was slightly supported, and the center of gravity on the disk surface moved up again after the bottom, in a narrow range around 46260 yuan / ton, and continued to move upward in the afternoon, and between 46260 and 46340 yuan / ton. At the end of the day, it closed at 46270 yuan per ton, up 90 yuan per ton, or 0.19 per cent. Today, Shanghai Copper 1907 contract position decreased by 5938 hands to 219000 hands, while trading volume decreased by 34000 hands to 83000 hands. Positions continued to move back, with the Shanghai Copper 1908 contract and the Shanghai Copper 1909 contract increasing their positions by 5080 to 266000 today. The Shanghai Copper Index fell 4184 hands to 614000 hands today, while trading volume fell 74000 hands to 199000 hands. Today, due to the decline in the US index, copper prices were slightly supported, and short sellers temporarily withdrew their capital from the market. Today, the overall performance of copper prices is a situation of concussion and consolidation, but the market is still in a strong mood of risk aversion, and there is a lack of guidance on the rise of copper prices at the macro level. Wait for guidance from the outside market at night to test whether Shanghai Copper can stand at 46300 yuan / ton.

Today, the spot price of electrolytic copper in Shanghai is 80 ~ 150 yuan / ton, the transaction price of flat water copper is 46270 yuan / ton ~ 46340 yuan / ton, and the transaction price of copper is 46330 yuan / ton ~ 46390 yuan / ton. Shanghai copper recovered slightly from yesterday, copper prices along 46200 yuan / ton shock finishing. Today, the spot quotation is still strong, the market immediately reported 80 to 140 yuan / ton, flat water copper first ushered in a wave of positive trading, flat water copper quotation on the rising water 100 to 110 yuan / ton; Good copper tried to follow the rise, but good copper trading atmosphere is slightly inferior to flat copper, stop at 150 yuan / ton water is difficult to make a difference; wet copper comprehensive water price, with the market adjusted to 20 yuan / ton water discount 50 yuan / ton. The market normal circulation goods source is limited, causes the holder quotation to be firm, today the trader transaction continues to dominate the market, the risk intention causes the spot to rise condescending. In the afternoon, the market risk aversion mood is stronger, the transaction atmosphere is more cautious, the spot rises the water. In the afternoon, copper water 90-liter water 100 yuan / ton, good copper water 140-liter water 150 yuan / ton, transaction price in the range of 46400 yuan / ton-46420 yuan / ton.

 

Aluminum: Lun Aluminum opened at US $1773 / ton in the morning, and then began to climb US $1778.5 / ton. The narrow range of trading in Asia fluctuated at US $1775 / ton line, with a price difference of no more than US $5 / ton. The end of the Asian plate fell to an intraday low of $1769.5 a tonne. After entering the European trading session, Lun Aluminum was tested for the second time in the first day, and was suppressed by short positions after it reached 1782.5 US dollars per tonne. As of 17:30, the high level of Lun Aluminum had dropped to around US $1776 per ton, closing at US $1776.5 per ton. It rose $1 a tonne, or 0. 06%, to close at the small positive line, with its center of gravity below all averages. Both inside and outside the market metal ups and downs, the overall trend is not strong, Lun aluminum in its own supply and demand side of the weak state vulnerable to short hit. Focus on changes in macro data such as the speech made by the chairman of the Federal Reserve in the evening and the dollar index.

The 1907 contract of Shanghai Aluminum Company opened at 14065 yuan / ton in the morning, hit an intraday high of 14095 yuan / ton at the top of the shadow line, and then began to fall back to a low level of 14035 yuan / ton. Shanghai Aluminum rose slightly from the low level before noon and stepped back on the 14055 yuan / ton line. In the near five minutes after the close, bulls' confidence was not enough to reduce their positions by more than 1300 hands, and the price of aluminum fell to the lowest level in 14030 yuan per ton in a day, refreshing the lowest price since May 10. it finally closed at 14030 yuan per ton, down 115 yuan per ton, down 0.81 percent. Trading volume increased by 24920 hands to 146000 hands, position decreased by 6000 hands to 230000 hands, closed at the Xiaoyin line, the center of gravity fell below the 40-day moving average, the daily MACD green line elongated, and the KDJ third line was facing down. As a result of the recent macro atmosphere superimposed future consumption weak expectations, aluminum prices recently performance correction, pay attention to whether the changes in the evening market atmosphere can make aluminum prices hold ten thousand four levels.

Aluminum month opening performance of the shock down. The transaction price in Shanghai is between 14070 and 14090 yuan / ton, which is about 80 yuan / ton lower than yesterday. For Pingshui to Shengshui 10 yuan / ton in that month, the spot price in Wuxi is between 14070 and 14090 yuan / ton, and the transaction price in Hangzhou is between 14120 and 14140 yuan / ton. Today, the shipping rhythm of the shipowners has maintained a normal state, as the spot aluminum price has fallen for seven days in a row before noon, in line with the psychological price of the market, the superimposed spot circulation is not as loose as the previous period, and some traders and downstream manufacturers have significantly increased their willingness to receive goods on the low side. Receiving the goods today is more active than it was a few days ago. Today, the overall transaction in East China is better. In the afternoon aluminum maintained a narrow range of fluctuations, the market transaction price is between 14080 to 14100 yuan / ton, the rising water to the plate is 10 to 20 yuan / ton, there are still some transactions among traders, and the downstream is lighter.

 

Lead: within a day, Lun lead is open at US $1813.5 / tonne. In the Asian period, the lead at the beginning of the day is dominated by a wide range of shocks, and the upper part is under pressure on the pressing platform formed by the bonding of the 5-and 10-day moving average, and the bottom is supported by an integer gate of US $1800 per tonne below. In the afternoon, The concussion range of Lun lead narrowed, and when it entered the European session, Lun lead temporarily continued its consolidation trend, and later, driven by the strong pull and rise of Lun Zinc, Lun lead also rose sharply, and stopped at the 20-day moving average, straight to a high of US $1843, as of 18-05, Lun lead temporarily closed at $1838 a tonne, up $25 a tonne, or 1.38 per cent. Lun lead temporarily closed the long foot small positive line, initially opened the uplink channel, and 1800 US dollars / ton integer gate has strong support, pay attention to whether Lun lead can stand on the 20-day moving average at night.

During the day, the main 1907 contract for lead in Shanghai was opened at 15995 yuan / ton. At the beginning of the day, the lead in Shanghai was briefly consolidated along the daily average, and then the short positions continued to smash the game. The lead exploration in Shanghai was as low as 15860 yuan / ton, and the center of gravity moved down during the day. Some short sellers, fearing the psychological support level of 15800 yuan / ton, chose to make a profit and leave the market. Shanghai lead returned to 15935 yuan / ton concussion, near the close, short opening and long reduction, Shanghai lead concussion down again, and finally closed at 15870 yuan / ton, down 140 yuan / ton. It fell 0.87%, and its position was reduced by 312 hands to 51808. Shanghai lead in the negative line, the upper EMA is a short arrangement and downward operation, but Lun lead has made a breakthrough rebound, is expected to be based on 15800 yuan / ton psychological gate support, ready to rise.

Shanghai market southern lead 16030 16050 yuan / ton, 1906 contract water 80 100 yuan / ton quotation; sands 16100 yuan / ton, 1907 contract water 200 yuan / ton; Jiangsu and Zhejiang market Wanyang 16020 16030 yuan / ton, 1906 contract water 70 80 yuan / ton quotation. The futures market fell again, while the maintenance of the original lead refinery increased, and the holders raised the price to ship the goods, and some of the quotations were raised by 10 to 20 yuan per ton, while the demand of the downstream battery market was not strong, and the storage enterprises were not optimistic about the future market. Carefully wait and see. The transaction activity of bulk market is average.

Guangdong market Nanhua lead 16025 yuan / ton, the average price of SMM1# lead water 20 yuan / ton quotation; from 16025 yuan / ton, SMM1# lead average price level water quotation (traders); lead price shock weak, storage enterprises began to wait and see carefully, the market transaction is light. Henan Yuguang, Wanyang and other smelters to long single transaction; Jinli, Wanyang 16025 yuan / ton, the average price of SMM1# lead flat water quotation; lead price continues to weaken, storage enterprises wait and see, refineries scattered single flat water transaction is difficult, market trading is general. Other areas such as: large factories in Yunnan mainly to long single transaction, small plants 15800 yuan / ton, the average price of SMM1# lead discount 250 yuan / ton. Lead prices weakened rapidly, some refineries began to value the sale, mainly to long single transactions.

 

Zinc: Geneva zinc opened at US $2474 / tonne. At the beginning of the day, zinc quickly went down after a brief run around the daily average, and the center of gravity moved down to US $2460 / ton. However, it failed to hold its position and fell back to US $2448 / tonne. In the run-up to European trading, the US Index downwards gave Len Zinc a certain amount of action. After Len Zinc went up to the opening price of US $2474 / ton to find support, the straight line pulled up the level of US $2500 / ton to break the integer level of US $2500 / tonne, touching US $2508.5 / ton. At 16 to 20, zinc was up $29.5, or 1.19 per cent, at $2503.5 a tonne. Geneva zinc backfilled the decline and returned to the integer level, but the current economic downside risk of trade disputes increased, making the zinc demand side slightly weak, watching the support strength of US $2500 / ton integer at night.

Within a day, the main 1907 contract of Shanghai zinc opened at 20245 yuan / ton, and at the beginning of the day, Shanghai zinc opened low and went up to 20305 yuan / ton, and then the short position entered the market substantially, dragging down Shanghai zinc to lower 20080 yuan / ton, and then the support strength of the lower track of Brindao appeared. Shanghai zinc operation center of gravity concussion slowly moved up to 20230 yuan / ton near the small finishing, backfill within the day decline. Trading volume increased by 45832 hands to 440000 hands and position decreased by 5126 hands to 266000 hands. During the day, the zinc position in Shanghai fell for three consecutive days, the attached director went down the shadow line to explore the lower track of Bolin Road, the KDJ index turned down, and the short position decreased during the day, and the zinc in Shanghai rose slightly, indicating that the bulls did not have more confidence, and the action on the zinc in Shanghai was or was still relatively limited. The double suppression of 5-and 10-day EMA was observed at night.

Shanghai 0# zinc mainstream transaction 20500 to 20580yuan / ton, Shuangyan, Chihong transaction in 20550 to 20640yuan / ton, 0 # ordinary June discount 20 yuan / ton-flat water; Shuangyan and Qihong reported rising water 40 to 60 yuan / ton. 1 # the mainstream transaction was between 20440 and 20520 yuan per ton. Zinc futures have dropped sharply, smelters have cherished sales, and traders are still mainly engaged in shipping, but the willingness to receive goods in the market has improved obviously, and the transaction between traders in the morning market is dominant, and the market quotation is concentrated in the discount of 20 yuan to 10 yuan per ton. The proportion of net average price floating is slightly reduced. In the second trading period, downstream participation increased significantly, traders brought orders into the market to receive and purchase goods, the market trading force was balanced, the quotation rose to about Pingshui, and a small amount of water was quoted at a discount of about 10 yuan per ton, and the transaction performance was significantly improved compared with the previous period. The actual consumer participation increased significantly, the overall transaction improved compared with yesterday, and the transaction volume increased slightly compared with yesterday.

Guangdong 0 # zinc mainstream transaction in 20450 20630 yuan / ton, Guangdong market than Shanghai market from 20 yuan / ton discount to 40 yuan / ton gold plating. The increase of water for Shanghai Zinc 1907 contract is about 350 RMB / t. Plate down, refineries slightly cherish the sale, the holder of the normal shipment, early in the overall continuation of the average price as the main means of trading, of which the average price, as well as the average price-10 contribution to a certain amount of transactions. Entering the second trading period, the market pricing was about 370yuan / ton for Shanghai Zinc 1907 contract, and the difference between Shanghai Zinc 0607 was enlarged in July. However, due to the saturation of long single demand and the fear of falling downstream, there was no obvious follow-up. Only a small increase of 10 yuan / ton to Shanghai zinc 1907 contract rising water around 380 yuan / ton, the subsequent downstream rigid demand to buy, superimposed some traders arbitrage to receive goods, the transaction has improved, overall, today's trading is flat, only slightly better than yesterday. 0# Kirin, Cishan, Tiefeng, Mengzi mainstream transactions in the 20450-20630 yuan / ton.

The mainstream of 0 # zinc ingots in Tianjin market was sold at 20480 yuan / ton, and the mainstream of 0 # ordinary brand was sold at 20480 yuan / ton. The water supply for 1906 contract was about 100 yuan / ton. Tianjin market continued to rise about 50 yuan / ton compared with Shanghai stock market yesterday. The main trend of 0 # zinc ingots in Tianjin market was 20480 yuan / ton, and the mainstream of 0 # zinc ingots in Tianjin market was 20480 yuan / ton. Zinc prices went down, refineries slightly cherished sales, and the circulation of goods in the market decreased slightly. The holder actively pushed up the price, and in the morning, the quotation for the ordinary brand focused on the 06 contract from flat water to 50 yuan per ton, and on the Zijin and other high-priced brands, the water increased by about 100 yuan per ton for the 06 contract, but there was a strong fear of falling downstream. There is no strong willingness to accept the goods for the time being. Then entered the second trading period, the holder once again downgraded the rising water to 06 contract flat water to rising water 30 yuan / ton, the market shows the willingness to buy on the low replenishment warehouse, the transaction improved. Disk down, today's Tianjin market trading atmosphere slightly warmed up, the overall transaction situation slightly improved compared with yesterday. 0 # Zijin, Hongye, lark, Chihong, etc., were sold at 20480 yuan / ton, and 1 # Zijin, Chihong, Hongye, etc., were sold at 20430 yuan / ton.

 

Tin: after the opening of the electronic disk of US $19115 / ton today, the sub-session was generally maintained in horizontal order near the opening price until the beginning of the European market. Subsequently, the price of Lunxi fell slightly, as of 17-30. the latest price of Lunxi is US $19015 / ton, which is a small negative line. The upper part of the entity is suppressed by the 10-day moving average. Support is expected to be around $18500 per tonne below Lunxi and around $19500 per tonne above. At night, Federal Reserve Chairman Powell should pay attention to the opening speech of the Federal Reserve's "Fed Listens: Monetary Policy Strategy, tools, and Communication practice Conference"; markets wait for guidance on changes in the dollar.

Shanghai tin main 1909 contract last night after the opening of 143210 yuan / ton, all the way up to 143830 yuan / ton. After opening 143690 yuan / ton in early trading this morning, it quickly fell to an intraday low of 143010 yuan / ton and rose back to the bottom, finally closing at 143330 yuan / ton, up 250 yuan / ton, or 0.17 per cent. The trading volume was 14074, a decrease of 1604. The number of positions was 42362, a decrease of 542. Today, Shanghai tin overall showed a wide concussion trend, with a small positive line closing, on the shadow line to the 5th moving average near. It is estimated that the resistance above the tin in Shanghai is 144500 yuan / ton, and the support below is 142000 yuan / ton.

The main 1909 contract of Shanghai tin exchange showed a wide concussion situation in the spot market today. Today, the mainstream transaction price is 142500 to 143800 yuan / ton. With the rise of the tin plate in the previous Shanghai period, the price of the set price followed, and the fixed price small plate is favored. Some traders and downstream enterprises receive a small amount of goods. The overall transaction atmosphere of the spot market is general. Set Yunxi liter water 100 yuan / ton-flat water, ordinary cloud word sticker 400 yuan / ton, small brand sticker 600 yuan / ton.

 

Nickel: after opening at $11885 a tonne today, it fell back quickly after rising $11925 a tonne at the start of the day. In the afternoon, Lennie pressure of $11890 / ton line, repeatedly failed to break through, below by $11850 / ton first-line support, the center of gravity fluctuated around $11870 / ton and continued to the European period. As of 17 to 45, it was quoted at US $11855 per ton. Nickel has fallen below all moving averages, with no other support below, and is focused on whether it can hold the $11800 / tonne line at night. At night, Federal Reserve Chairman Powell should pay attention to the opening speech at the "Fed Listens: Monetary Policy Strategy, tools and Communication practice Conference" organized by the Federal Reserve. In April, the United States deducted the month-on-month final value of aircraft non-defense capital durable goods orders and the month-on-month final value of durable goods orders.

Shanghai nickel 1907 opened at 96760 yuan / ton today. At the beginning of the day, the shock fell after touching 97070 yuan / ton, finding support at 96400 yuan / ton. Subsequently, Shanghai nickel as a whole was under pressure at 96700 yuan / ton line, which was explored many times during the period, but failed to break through. During the concussion between 96400 yuan and 96700 yuan / ton, the center of gravity gradually moved down, and in the afternoon it was 96320 yuan / ton lower, closing at 96710 yuan / ton. The settlement price fell 1170 yuan, or 1.20 percent, from the previous day, with trading volume down 183000 tons to 617000 tons and positions down 7700 tons to 178000 tons. Today, the position of Shanghai Ni 1908 contract has increased to 186000, and the main position contract has been replaced by Shanghai Ni 1908 contract. Throughout the day, the Shanghai nickel main contract ended at the Xiaoyin line and completely below the middle rail of the Boll line, and the daily line technology KDJ opened down to pay attention to whether Shanghai nickel can hold the 96000 yuan / ton line at night.

SMM 1 # electrolytic nickel 96650 to 97500 yuan / ton. In the morning, Russia nickel than Wuxi 1906 universal discount 100 to 50 yuan / ton, Jinchuan nickel than Wuxi 1906 contract generally reported water 800 yuan / ton. After the market price fell to around 96700 yuan / ton this morning, the market activity increased compared with yesterday. Traders reported that the transaction was better than yesterday. The inventory in the early stage of the lower reaches was lower, and the absolute price is now on the low side, attracting the downstream to enter the market at a low price. 96700 yuan / ton market price transaction concentration, but the overall buying rhythm is still cautious. Jinchuan rising water has slightly higher, mainly because this week Jinchuan supply is a little tighter than before. Jinchuan ex-factory price quoted 97200 yuan / ton, down 500 yuan / ton from yesterday, the mainstream transaction at 96600-97300 yuan / ton. In the afternoon, the nickel price continued to consolidate around 96700 yuan / ton, and the transaction became light in the afternoon. Today's discount 150 yuan / ton trading improved compared with yesterday, Jinchuan supply of goods recently tight, rising water to maintain 800 yuan / ton. The mainstream transaction is 96550 to 97300 yuan / ton.

 

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