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June 5 SMM basic Metals spot Trading Day Review
Jun 5,2019 19:23CST
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Source:SMM
June 5 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

Copper: today, Yapanlun copper opened as low as US $5888 / tonne. After the opening of trading, the overall center of gravity of copper prices moved around US $5888 / ton, during which the short-term probe was US $5903.5 / ton, and then entered noon. Copper prices moved slightly up to the daily average of $5893 per tonne, with an overall amplitude of no more than $10 per tonne at noon. After entering the European market, the bulls closed their positions and left the market, and the US dollar maintained its 97 level. After the short-term exploration of US $5868 / ton, the European countries PMI released good data, the market preference for the US dollar decreased, and the copper price volatility recovered. At 17-30, bronze was down 0.02% at $5892 a tonne, with the dollar index at 96.934 and crude oil at $53.13 a barrel. In the evening, we focused on the US ADP employment forecast for May, which is 185000 lower than the previous value, and the US ISM non-manufacturing index for May, which is expected to be slightly lower than the previous value. Us EIA crude oil stocks are expected to fall by 2 million barrels in the week of May 31, which is higher than the previous value. If the US jobs data weakens in the evening, the dollar will have little chance of rebounding above 97 again, and copper prices are expected to continue to rise. At present, Luntong MACD double wire formed a positive upward cross, and the initial small section of red column, the technical performance is good, but there is still 10-day EMA pressure above. Evening waiting for the dollar and crude oil guidance, test whether evening Lun copper can break through the 10-day moving average of $5900 / ton position.

Today, the main contract of Shanghai Copper opened at 46520 yuan per ton in the morning, and immediately reached an intraday high of 46620 yuan per ton. Due to the lack of market confidence, it was difficult for the high level to stabilize. And within the range of 46490 46560 yuan / ton, the center of gravity of the disk moved up slightly to around 46570 yuan / ton in the afternoon. During this period, it tried to reach a high point many times, but it was difficult to stand firm. At the end of the day, it fell slightly and closed at 46490 yuan / ton, up 200yuan / ton. Up 0.43%. Today, Shanghai Copper 1907 contract position decreased by 8086 hands to 211000 hands, while trading volume increased by 8980 hands to 92000 hands. Shanghai Copper 1908 contract position increased 4408 hands to 189000 hands. Recently, we are concerned about the position change of Shanghai Copper 1907 and 1908 contracts. The Shanghai Copper Index fell 10, 000 hands to 604000 today, while trading volume rose 36000 hands to 235000. Last night, as a result of the Fed's speech, it strengthened the market's expectations of a rate cut. The US index fell, copper prices were slightly supported, the overall disk showed a concussive upward trend, short sellers continued to leave the market, and technical KDJ indicators crossed and strengthened. Copper prices to form a small support, and today closed at the physical Dayang column, and up the 10-day EMA, waiting for the outside market guidance at night to test whether Shanghai copper can break through the stable 46600 yuan / ton.

Today, the spot price of electrolytic copper in Shanghai is 110 yuan / ton to 170 yuan / ton, the transaction price of flat water copper is 46600 yuan / ton ~ 46660 yuan / ton, and the transaction price of copper is 46630 yuan / ton ~ 46700 yuan / ton. The US dollar fell to 97 mark, good Shanghai copper rapid rebound, today copper prices stood at 46500 yuan / ton first line finishing. In the morning market, the price of rising water is 110 to 140 yuan / ton, the transaction is OK, the quotation of flat water copper is gradually raised to 130 yuan / ton of rising water, and the good copper is also raised to 160 yuan / ton of rising water. 170 yuan / ton, the transaction strength can be; Wet copper continues to raise its offer with the market, and the offer of 30 yuan to 60 yuan per ton is still unfinished. Spot market recently driven by risk aversion sentiment all the way higher, although the market inquiry is active, but traders tend to be cautious, holders stop, high prices do not rush to ship cash, downstream is on demand procurement, the market is waiting in the risk aversion mood. In the afternoon, due to the weakening of the overall inquiry atmosphere in the pre-festival market, and taking into account the recent market risks, the holder raised the price even more, so in the afternoon, flat water copper quoted 130-150 yuan / ton of water, and good copper quoted 160-170 yuan / ton of water. The transaction price is in the range of 46630 yuan / ton to 46700 yuan / ton.

 

Aluminum: Lun Aluminum opened flat at US $1786 / ton in the morning, stepped back on the US $1786 / ton line at the beginning of the Asian plate, then floated to a halt near US $1782.5 / ton, and rose as high as US $1795.5 / ton at the end of the Asian plate. After entering the European trading session, Lun Aluminum took advantage of the long position to break free from the daily average and continued to rise, climbing the highest point of US $1803.5 per ton in the day, but the early trend was relatively weak, and it was difficult to recover most of the previous decline within the day. As a result, after hitting the US $1800 / ton mark, the lack of confidence did not continue to be tested. As of 17:25, Lun Aluminum closed at US $1800.5 / ton, up US $16 / ton, up 0.9%. Today, the bulls mainly increased their positions to close at the Xiaoyang line. The center of gravity jumped above the 5th line, the third line of KDJ was up, and the green column of MACD turned red. Today's trend is due to the decline in the US dollar, which has led to a stronger performance than yesterday, but the technical side is still under pressure on the 20-day moving average, and there is still no significant improvement in fundamental supply and demand. It is expected that it is difficult to have a significant upward trend in the evening. In the evening, we continued to pay attention to the release of the dollar index and related macro data.

The 1907 contract of Shanghai Aluminum main Company opened at 14080 yuan / ton in the morning, fluctuated in a narrow range around 14075 yuan / ton in the morning, and the price difference did not exceed 20 yuan / ton. The bulls entered the market in the afternoon to push the price up, but fell back quickly after hitting an intraday high of 14105 yuan / ton. The end of the day continued to fluctuate at 14085 yuan per ton. The trend of Shanghai aluminum was relatively stable and fluctuated slightly during the day, closing at 14085 yuan per ton, up 10 yuan per ton, up 0.07 percent, trading volume decreased by 68478 hands to 77048 hands, and position volume decreased by 7834 hands to 222000 hands. Today, short positions were mainly reduced, closing at the Xiaoyang line. However, it is still not below the 40-day moving average and the center of gravity is basically the same as yesterday. Judging from the trend of Shanghai aluminum, there is still a certain degree of support at Wansi pass, as aluminum metal fundamentals have not changed significantly today, continue to pay attention to the evening market atmosphere and long short position changes.

Aluminum open the month to maintain range volatility. The transaction price in Shanghai is between 14100 and 14120 yuan / ton, which is about 30 yuan / ton higher than yesterday. The spot price in Wuxi is between 14100 and 14120 yuan / ton, and the transaction price in Hangzhou is between 14130 and 14150 yuan / ton. Today, there is an adequate supply of goods in the market, and the holders are active in shipping. The traders who received the goods yesterday also tend to ship the goods in time under the background of today's price rise, and the inquiry and return order between buyers and sellers is active. Downstream on-demand procurement today, the enthusiasm for receiving goods fell from yesterday. The overall transaction in East China is general. Afternoon aluminum floating, although the market quotation in the vicinity of 14120 yuan / ton, but the actual transaction is scarce.

 

Lead: within a day, Lun lead was opened at US $1845 / tonne. In the Asian session, the lead fluctuated along the US $1845.5 / ton line. After entering the European session, the lead LME 0-3 liter discount finally appeared in the back structure after half a year, and the lead increased in the first half of the year. In addition, LME lead stocks fell nearly 1500 tons a day, making Lun lead continue to strengthen, leading the external market of non-ferrous metals, as of 16 to 05, Lun lead temporarily closed at US $1867.5 / ton, up US $22 / ton, or 1.19 per cent. Lun lead temporarily closed the bald Zhongyang line, running along the upward channel, and the 5-and 10-day EMA turned upward, coupled with the continued high fall of the US Index, it is expected to suppress the 40-day EMA at night.

Within a day, the main 1907 contract for lead in Shanghai was opened at 16045 yuan per ton. At the beginning of the day, some short sellers made a profit and left the market, and the concussion of lead in Shanghai rose to about 16100 yuan per ton. How long left the market at a high risk, and the pressure on lead in Shanghai was as low as 15965 yuan per ton, followed by a line of 16010 yuan per ton. Finally, it closed at 16030 yuan per ton, up 95 yuan per ton, or 0.6 percent, and the position was reduced by 2684 hands to 49124 hands. Shanghai lead close Xiaoyang line, the recent red is caused by short departure, there is no sign of long entry, so it is difficult to have sustained upward momentum, coupled with the 5, 10-day moving average trend flattened, it is expected that Shanghai lead may continue the horizontal market at night.

Shanghai market southern lead 16130 16150 yuan / ton, 1906 contract liter 80 100 yuan / ton, sands 16130 yuan / ton, 1906 contract 80 yuan / ton, Jiangsu and Zhejiang market Wanyang 16090 16110 yuan / ton, 1906 contract liter 40 60 yuan / ton. Futures market low rebound, but the demand of downstream storage enterprises is limited, only carefully picked as needed, the holder turned to lower the quotation to rise, the market transaction has improved slightly.

Guangdong market Nanhua lead 16145 yuan / ton, the average price of SMM1# lead 20 yuan / ton quote; southern storage south 16080 yuan / ton; 1906 contract water 25 yuan / ton; lead price shock operation, storage enterprises are still mainly wait-and-see careful mining, market transactions are light. Henan Yuguang and other smelters to long single transaction; Jinli, Wanyang 16125 yuan / ton, SMM1# lead average price flat water quotation; lead price weak shock, storage enterprises wait and see, refineries scattered single flat water transaction is difficult, market trading is general. Other areas such as: Jiang copper 16175 yuan / ton, the average price of SMM1# lead 50 yuan / ton quoted price; Yunnan region large plants to long single transaction-based, small plants 15800 yuan / ton, SMM1# lead average price discount 250 yuan / ton. Lead price range concussion is the main, refinery shipping mood is general, mainly to long single transaction.

 

Zinc: Geneva zinc opened at US $2474 per ton, and the daily average of zinc rose to US $2485 per tonne at the beginning of the day. However, the suppression of the daily average showed that the daily average fell slightly back to near the opening price, and then the attempt of Len Zinc failed to stand firm again. As a whole, it fell back to US $2475 / ton, with an operating range of no more than US $5 / ton, which coincided with another sharp increase of 16350 tons of LME write-off warehouse receipts. Len Zinc straight-line rose, touching US $2498.5 / ton, as of 16 to 20, It closed at $2491.5 a tonne, up $18.5 a tonne, or 0.75 per cent. Influenced by the speech made by Federal Reserve Chairman Powell, the market pessimism about the macro aspect has dissipated to a certain extent, superimposed LME zinc write-off warehouse receipts have soared by more than 30, 000 tons for two consecutive days, and overseas markets have great expectations for the subsequent decline in inventories. Pay attention to whether the action on the zinc can be maintained at night.

Today, Shanghai Zinc completed the main month change, Shanghai Zinc 1907 contract opened at 20360 yuan / ton, more into the air at the beginning of the day, Shanghai zinc upward touch high 20390 yuan / ton, but failed to stand firm and quickly fell back to 20275 yuan / ton line to find support, and then the short left the market substantially. Shanghai zinc was boosted up to a smooth and volatile operation above the daily average, with an operating range of no more than 30 yuan / ton. Shanghai zinc fell to about 20260 yuan / ton, closing down to 20275 yuan / ton, down 30 yuan / ton, or 0.15%, from the previous transaction. Trading volume was reduced by 130000 hands to 310000 hands, and positions by 4100 hands to 262000 hands. The main 1908 contract of Shanghai zinc opened at 19950 yuan / ton, and at the beginning of the day, the short position reduced and raised 20040 yuan / ton, and then the short position increased, dragging down the Shanghai zinc to find support near the daily average line, and then rose slightly. The center of gravity of the operation was moved up to a narrow range of 19960 yuan / ton, the operating range was no more than 30 yuan / ton, the short position at the end of the plate came into the market substantially and pressed the zinc price, and the zinc in Shanghai quickly went down 19845 yuan / ton before finishing slightly, closing down to 19875 yuan / ton. Compared with the previous transaction, it fell 70 yuan per ton, or 0.35%. Trading volume increased by 13658 hands to 18226 hands, and position volume increased by 5838 hands to 267000 hands. During the day, Shanghai zinc ran smoothly as a whole, and the end of the plate was obviously suppressed by short positions, and the whole plate jumped off all EMA. The KDJ index turned down, indicating that Shanghai zinc still had no significant upward action energy. However, the Dragon Boat Festival holiday was just around the corner, and spot trading was boosted to a certain extent. Show that the market consumption is not fully weak, Shanghai zinc is expected to fall at night or no deep decline, night or by the outside market to boost the high opening and finishing operation.

Shanghai 0# zinc mainstream transaction 20880 to 20710 yuan / ton, Shuangyan, Chihong transactions in 20720 to 20760 yuan / ton, 0 # ordinary June discount 20 yuan / ton-flat water; Shuangyan, Chi Hong newspaper rising water 30 to 40 yuan / ton. 1 # mainstream transaction is 20600 to 20640 yuan / ton. The center of gravity of zinc futures operation has shifted upward, most of the smelters have shipped normally, and the transactions between traders in the morning market have been relatively positive. The market quotation has concentrated on the discount of 20 yuan to 10 yuan per ton, and the supply of goods at low prices in the active market for receiving goods has been reduced. The quotation is fine-adjusted to 10 yuan / ton-flat water, the low price transaction is relatively concentrated, individual brand flat water also has a small number of transactions reflected. Entering the second trading period, the downstream waited for every rise, coupled with the fact that there was already a replenishment on the low side yesterday, the actual consumption participation weakened the transaction of traders, and the market quotation fell back to 20 yuan-10 yuan per ton of discount, which was stable, and the overall transaction was slightly lower than that of yesterday. Traders contribute mainly to trading.

The mainstream transaction of 0 # zinc in Guangdong was 20650 to 20720 yuan / ton. Compared with Shanghai stock market, Guangdong market narrowed from 40 yuan / ton to 30 yuan / ton. The rising water of Shanghai zinc 1907 contract is about 360 yuan / ton. Zinc finishing operation, refinery normal shipment, early in the morning, the holder has a high price, quoted in the Shanghai zinc 1907 contract rising water around 380 yuan / ton, the market demand is also more obvious, but there is still more demand for low-price supply, rising discount transaction stalemate, Most of the transactions are based on the average price. In the second trading period, due to the gradual approach to delivery, superimposed a small number of reserves before the Dragon Boat Festival, the rising water did not obviously downward, the overall shipping rhythm also converged, the transaction to Shanghai Zinc 1907 contract rising water 370 yuan / ton. The overall transaction today is slightly better than yesterday. 0# Kirin, Cishan, Tiefeng and Mengzi mainstream were sold at about 20650 yuan / ton.

The mainstream of 0 # zinc ingots in Tianjin market is sold at 20700 to 22200 yuan / ton, the mainstream of 0 # ordinary brands is sold at 20700 to 20780 yuan / ton, and the water supply for 1906 contract is about 50 yuan / ton. Compared with the Shanghai stock market, the Tianjin market has narrowed down from 50 yuan / ton to 40 yuan / ton yesterday. Zinc prices temporarily stopped falling, refineries normal shipment, the market supply of goods is more abundant. The market rose slightly, and the holder's willingness to hold up the price remained in the morning. It was reported that the contract of 06 was flat to 70 yuan / ton, but the bearish mood in the lower reaches was strong and the willingness to receive the goods was not good, so it entered the second trading period. The holder takes the initiative to downgrade the rising water to the 06 contract flat water to the rising water 50 yuan / ton, the market transaction is still light, downstream mainly by inquiry and wait-and-see. Yesterday, zinc prices fell by a large extent, superimposed Dragon Boat Festival short holiday is just around the corner, the willingness to replenish warehouses on the lower reaches is stronger, zinc prices rose today, the willingness of the market to receive goods decreased significantly. Today, Tianjin market transactions are relatively light, the overall transaction volume has improved from yesterday. 0 # Zijin, Hongye, lark, Chi Hong, West Mine, etc., were sold at 20700 to 20780 yuan / ton, and 1 # Zijin, Chi Hong and Hongye were sold at 20650 to 20730 yuan / ton.

 

Tin: after the opening of the electronic disk of US $19150 / ton today, trading in the Asian session remained light and generally maintained a narrow consolidation near the opening price. After the opening of the European market, it fell slightly to US $19060 / ton, then rose slightly. As of 18:00, the latest price in Lunxi was US $19115 / tonne, showing a small negative line, with the physical part below the 10-day moving average. Lunxi station on the 10-day moving average, is expected to test at night whether to sit at the 19000 yuan / ton level, the front target of the 20-day moving average around 19250 US dollars / ton. Recently, we can pay attention to the May ADP employment in the United States in the evening (10,000), the comprehensive PMI final value of the Markit in the United States in May, the change in EIA crude oil stocks in the week ending May 31 (10,000 barrels), and the economic situation brown book to be released by the Federal Reserve in the early hours of the next day.

Shanghai tin main 1909 contract last night after the opening of 143270 yuan / ton, the overall maintenance of horizontal consolidation situation, the highest up to 143610 yuan / ton after falling back again. After the opening of 143360 yuan / ton in early trading this morning, the market fell to an intraday low of 142900 yuan / ton at the beginning of the day, and maintained a low consolidation trend at the beginning of the day. At the end of the day, it rebounded and returned to the opening price near the opening price last night. Finally, it closed at 143300 yuan / ton, down 30 yuan / ton. It was down 0.02%. The trading volume was 10030, a decrease of 4044. The number of positions was 43004, an increase of 642. Today, Shanghai tin overall maintained low consolidation, closing with the cross line, located near the 5-day moving average. It is estimated that the lower support of tin in Shanghai will be around 142000 yuan / ton, and the upper resistance will be around 144500 yuan / ton.

Shanghai tin main 1909 contract today maintained a low overall consolidation. Spot market, today's mainstream transaction price 142500 to 143500 yuan / ton, accompanied by a small amount of 142000 yuan / ton low price small brand source outflow. This morning as a result of Shanghai tin plate slightly downward, downstream enterprises buy Xing light, in the afternoon there is no obvious improvement, the overall transaction atmosphere of the spot market is light. Set Yunxi liter water 100 yuan / ton, ordinary cloud word sticker 500 yuan / ton, small brand sticker 800 yuan / ton.

 

Nickel: the Lennie sub-plate opened at $11810 a tonne today, with its center of gravity fluctuating within a narrow range around the daily average at the start of the day. At noon, the center of gravity of nickel was arranged horizontally near $11800 per ton. In the afternoon, supported by the fall in the dollar, nickel rallied, rising $11855 a tonne and then reversing its decline, giving up all its gains. In Europe, LME nickel stocks rose 5136 tons, the biggest increase in a year. Or as a result of inventory data, nickel fell below the $11800 / tonne mark and fell to a low of $11780 per tonne. Subsequently, the nickel rallied to repair, bearing a pressure of $11800 / ton first-line narrow range of concussion. As of 17 to 30, it was quoted at US $11800 per ton. In the evening, we will be concerned about whether Lennie can hold the $11700 / ton line. Overnight, we should pay attention to the change in ADP employment in May (10,000); the ISM non-manufacturing index in May and the EIA crude oil inventory change in the week of May 31 (10,000 barrels).

Shanghai nickel 1907 opened at 96260 yuan per ton today. Before noon, Shanghai nickel was supported by 96100 yuan / ton gate, and the upper pressure was 96400 yuan / ton line, with a narrow range of fluctuations. In the afternoon, Shanghai nickel is still under pressure of 96400 yuan / ton line, many times failed to break through, the center of gravity around the daily average narrow concussion, closed at 96350 yuan / ton. Throughout the day, the Shanghai nickel main contract closed at the Xiaoyin line, the settlement price fell 430yuan / ton, down 0.44%, trading volume increased 37300 hands to 654000 hands, position volume increased 4100 hands to 182000 hands. The Shanghai Ni 1908 contract increased its position by 18900 to 189000 today. Daily line technology MACD red column to green column. In the evening, we will pay attention to whether Shanghai nickel can be stable at 96000 yuan per ton.

SMM 1 # electrolytic nickel 96250 to 97300 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 900 to 1000 yuan / ton. In the morning, some traders rose 800 yuan / ton trading part of Jinchuan nickel, but later basically raised Jinchuan Shengshui. This morning, the market price was consolidated around 9.63-96400 yuan / ton, and the market activity was slightly improved compared with yesterday. Traders reported that the inventory in the early downstream was lower, and now the absolute price is suitable, so they began to purchase goods in Jinchuan due to recent logistics reasons. The supply of goods in Shanghai is a little tight, and the rising water has picked up. Jinchuan ex-factory price quoted 97200 yuan / ton, the same as yesterday, the mainstream transaction at 96250 to 97300 yuan / ton. In the afternoon, nickel prices rose slightly, downstream procurement sentiment decreased, the basic morning procurement has been completed, afternoon transactions become light. The transaction of the whole day is slightly better than before, and the fall of absolute price leads to the enthusiasm of taking goods downstream. The mainstream transaction is 96300 to 97400 yuan / ton.

 

 

 

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