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June 11 SMM basic Metals spot Trading Day Review
Jun 11,2019 18:32CST
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Source:SMM
June 11 SMM basic Metals spot Trading Day Review
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Copper: Yapan Lun Copper opened at US $5876 / ton today, after which it was slightly lower than US $5868.5 / ton. Subsequently, due to the easing of the dispute between the United States and Mexico, confidence in the copper market greatly increased. Before noon, the rapid shock pulled up more than US $5910 / tonne, but the high performance was slightly inadequate. The center of gravity fell back to US $5908 / ton until it was about to enter the European market. Copper prices rose again and reached a high of US $5940 / ton last week. As of 16-10, Lun Copper was up 0.84% at $5920 a tonne, with the dollar index at 96.742 and US crude at $53.65 a barrel. The evening focused on May PPI data in the US, which is expected to be good for the dollar, but it is expected to be difficult to break the current strong upward trend in copper prices as the market's appetite for risk aversion to the dollar weakens. At present, Lun Copper has closed the solid Yang column for two days in a row, the bulls are actively entering the market, the MACD index red column is elongated, and the technical support strength is gradually emerging. At night, waiting for guidance from the dollar and crude oil, test whether the evening bronze can continue to sprint upward to the short-term target of $6000 / ton.

Today, Shanghai Copper main contract 1908 opened in the morning at 46620 yuan / ton, continuing the trend of rising last night, today bulls increased significantly, opened slightly in 46630 yuan / ton consolidation, all the way up, afternoon trading center of gravity continued to maintain a high, and in 46800 between 46940 yuan / ton high shock finishing, during the period reached a high of 46940 yuan / ton, closing at 46900 yuan / ton, up 670 yuan / ton, an increase of 1.45%. Last night Shanghai copper main contract changed to 1908, today a total of nearly 15000 positions, a total of 222000 positions. Trading volume increased by 90, 000 to 163000. Shanghai Copper 1907 contract positions fell by nearly 10, 000 to 200000. The Shanghai Copper Index fell 5248 hands to 612000 today, while trading volume increased 180000 hands to 362000. Today, mainly by the agreement reached between the United States and Mexico, macro risk aversion sentiment has eased, at the same time, the domestic stock market has performed well under the guidance of capital entering the market, double positive has boosted today's copper price, bulls actively entered the market, and pushed copper prices all the way higher. Shanghai copper closed at the physical Dayang column today, and reached the 20-day moving average. The KDJ index opened up and expanded, the MACD index changed from green column to red column, and the technology was supported in the face of copper price. In the evening, wait for the guidance of the outside market to test whether Shanghai copper can exceed 47000 yuan / ton.

Today, the spot price of electrolytic copper in Shanghai is 70 ~ 140 yuan / ton, the transaction price of flat water copper is 46630 yuan / ton ~ 46850 yuan / ton, and the transaction price of copper is 46670 yuan / ton ~ 46900 yuan / ton. London copper touched US $5900 per ton, and Shanghai copper rose sharply to more than 46700 yuan per ton. In the morning, the market is still full of goods, the willingness to cash out is clear, the holder's quotation is 90 yuan 140 yuan / ton, but the market will receive goods is low, the holder has no choice but to lower the quotation under the abundant supply, the good copper goes straight to the water 110 120 yuan / ton to have the slow decline trend, the flat water copper quotation drops from the water 90 to the water 70 yuan / ton, the downstream consumption stops to wait and see after the market surges sharply, the wet copper price starts to adjust and fall, The quotation has been reduced from 10 yuan to 20 yuan per ton. Market trade speculation and downstream consumption are cautious wait-and-see state, the supply of goods is increased, there are few recipients, and there is room for pressure, shipping difficulties slow digestion speed so that spot quotations will continue to decline. In the afternoon, the market continued to pull up, high prices to curb market trading sentiment, but the willingness of holders to sell is not strong, so the afternoon quotation performance stalemate. In the afternoon, copper water 60-80 yuan / ton, good copper 100-liter water 120 yuan / ton, transaction price in the range of 46820 yuan / ton-46920 yuan / ton.

Aluminum: Lun Aluminum opened at US $1777 / ton in the morning, hit a high of US $1783.5 / ton in the morning, and then adjusted within a narrow range around US $1780 / ton. After entering the European trading session, Lun Aluminum began to test the upward trend, and the high level stopped at US $1790 / ton. By 17-30, Lun Al had fallen back to US $1786 / ton, up US $9 / ton, or 0.53%, to close at the small positive line, with its center of gravity jumping above the 5-day moving average. The daily MACD line changes from green to red, and the KDJ three lines face up. Today, the US index did not show an upward trend, in a better macro atmosphere, external metals have closed higher, and Lun Aluminum is expected to continue to fluctuate below $1800 / ton in the evening.

Today, the main company of Shanghai Aluminium changed its position to 1908 contract, 1908 contract opened at 13950 yuan / ton in the morning, recorded a negative line at the beginning of trading, the lower shadow line was lower than 13935 yuan / ton in the day, and increased its position mainly by bulls before noon. Shanghai Aluminum was able to climb along the 5th line to 13970 yuan / ton first-line narrow concussion, and last trading took advantage of short position reduction to explore a high intraday high of 13985 yuan / ton, finally closing at 13985 yuan / ton, up 75 yuan / ton, an increase of 0.54%. Trading volume increased by 2112 hands to 64584 hands, and positions increased by 2042 hands to 219000 hands. At the end of the day, the second consecutive closing line closed at a reverse Baoyang line, but the center of gravity was still below the daily average, the daily MACD green line was shortened, and the KDJ third line converged upward. In the afternoon, the trading atmosphere in the market improved, the stock market rose by the limit, the futures market was driven, the metal market turned red almost across the board, and the aluminum price rose more regularly than other metals, as there was no significant change in fundamentals for the time being. Continue to pay attention to the market atmosphere and changes in long short positions in the evening.

Aluminum period of the month opened upward, and then to interval concussion as the main. The spot price in Shanghai is between 14050 and 14070 yuan / ton, and the transaction price is up 10 to 20 yuan / ton, nearly 50 yuan / ton higher than yesterday. Wuxi spot price is between 14050 and 14070 yuan / ton. In recent two days, the spot price in Shanghai is about 10 yuan / ton lower than that in Wuxi, and the spot price is more relaxed than that in Wuxi. Hangzhou trades between 14070 and 14090 yuan / ton. Today, a large household in East China receives less, the market supply is sufficient, the holder is active in shipping, and the buyer and seller are active in making inquiries, but the shipping price of the holder is often slightly higher than that of other middlemen. The actual transaction is slightly deadlocked. Due to rising prices, downstream willingness to receive goods is not strong, today's on-demand procurement, the performance is mediocre. Today, the overall transaction in East China is average. In the afternoon, aluminum prices maintained a narrow range of fluctuations, although the market quoted in 14060-14070 yuan / ton, but only a small number of transactions between traders, the downstream is light.

Lead: within a day, Lun lead opened at US $1881 / ton. In the Asian session, at the beginning of the day, the overall strength of non-ferrous metals on the outer plate strengthened, and the center of gravity of Lun lead also slowly moved up to US $1895.5 per ton. In the European session, Lun lead maintained the trend of consolidation, but the long-empty game intensified and the amplitude expanded. As of 16-18, Lun lead temporarily closed US $1892.5 / ton, up US $11.51 / ton, or 0.61 per cent. Lun lead temporarily closed barefoot small positive line, the United States index is difficult to return above 97, to some extent boost the outer plate of non-ferrous metals, coupled with lead LME 0 to 3 structure expansion, the strong trend of Lun lead may continue, but it is more difficult to break through the above 60-day moving average, it is expected to run below the 60-day moving average at night.

Within a day, the Shanghai lead main 1907 contract opened at 16235 yuan / ton, at the beginning of the day, the Shanghai lead daily average fluctuated operation, after the short again increased the code, the Shanghai lead operation platform moved down to 16180 yuan / ton line, the period low recorded 16160 yuan / ton, finally closed at 16180 yuan / ton, up 35 yuan / ton, up 0.22%, the position increased 394hands to 46472 hands. Shanghai lead closed in the negative line, the high fall, indicating that the 16300 yuan / ton platform is still strong suppression, Shanghai lead to maintain box shock market, and the outer plate Lun lead trend differences, is expected to Shanghai lead or test 5-day EMA support.

Shanghai market southern lead 16200 to 16230 yuan / ton, 30 to 60 yuan / ton for 1906 contract; 16220 yuan / ton for 16220 yuan / ton, 50 yuan / ton for 1906 contract; 16250 yuan / ton for sands, 80 yuan / ton for 1906 contract; 16225 yuan / ton for Jiangsu and Zhejiang market, 20 yuan / ton for 1907 contract. Futures shock upward, but the impulse can be limited, cargoes every high shipment, quoted water basically stable, but downstream storage enterprises only rigid demand procurement, coupled with the expansion of renewable lead discount (the average price of electrolytic lead 150 to 100 yuan / ton), diversion of part of the demand, scattered single market transactions are weak, a few are not interested in the market, but the downstream storage enterprises only purchase with rigid demand, coupled with the expansion of renewable lead discount (150 to 100 yuan / ton), partial demand, scattered single market transactions are weak, a few are not interested.

Guangdong market Nanhua lead 16300 yuan / ton, the average price of SMM1# lead water 50 yuan / ton quotation; lead price shock higher, but storage enterprises are still mainly wait-and-see, the market transaction is light. Henan Yuguang and other smelters mainly to long single transaction; Jinli, Wanyang 16200 to 16250 yuan / ton, SMM1# lead price discount 50 yuan / ton to flat water quotation; lead price high shock, terminal consumption downturn, storage enterprise procurement mood is not high, market trading is poor. Other areas such as: Jiang copper 16280 yuan / ton, the average price of SMM1# lead 30 yuan / ton quoted price; Yunnan area revitalization 15950 to 16050 yuan / ton, SMM1# lead average price discount 300 yuan / ton to discount 200 yuan / ton. The lead price continues to fluctuate, the regenerated lead refinery expands the paste water to ship the goods, the downstream mainly to purchase the regenerated lead, the electrolytic lead purchase mood is not high.

Zinc: Geneva zinc opened at US $2475 / ton, and the daily moving average climbed to US $2505 / tonne at the beginning of the day. However, the suppression of the 10-day moving average showed that the pressure on Len Zinc fell back to US $2495 / ton. After entering the European trading session, Len Zinc once again reached US $2520 / ton and then fell slightly to near the 10-day moving average, which coincided with the rise of the US Index and dragged Lilun Zinc all the way down the road to explore the support strength of US $2500 / ton. At 16-21, it closed down $2506 a tonne, up $31, or 1.25 per cent. The main short position within the day, coinciding with the LME inventory recorded to stop the increase, the market for the subsequent write-off of warehouse receipts brought about by the decline in inventory is still expected, macro sentiment warmed up, the night or continue to run around the 10-day moving average.

The main 1908 contract of Shanghai zinc opened at 20175 yuan / ton at the beginning of the day. At the beginning of the day, the main contract of Shanghai zinc opened at 20175 yuan / ton. At the beginning of the day, after a little finishing operation, Shanghai zinc quickly explored 20140 yuan / ton, followed by short position reduction, vibration lifting, and upward detection of the 20-day EMA. However, it failed to stand firm and fell back to 20230 yuan / ton again. In the afternoon, short positions were reduced again. Shanghai zinc twice received a boost and reached 20510 yuan / ton. At the end of the day, it fell back slightly, closing up to 20445 yuan / ton. Compared with the previous transaction, it rose 190 yuan per ton, or 0.94 percent, with trading volume up 133000 hands to 281000 hands and positions down 7552 hands to 245000 hands. During the day, Shanghai zinc recorded three Lianyang, short on the line piercing Lindao middle rail suppression, MACD indicators show obvious gold fork, showing that Shanghai zinc action can be stronger, but at present the vast majority of refineries resume normal production, supply-side accumulation warehouse is expected to make zinc prices up there is still greater pressure, short positions in the next day, Shanghai zinc continuous action can still be considered, night or near the middle rail of Brin Road.

Shanghai 0# zinc mainstream transaction 21180-21200 yuan / ton, Shuangyan, Chihong transactions in 21240-21270 yuan / ton, 0 # ordinary June discount 100-discount 70 yuan / ton; Shuangyan, Chi Hong discount 30-discount 20 yuan / ton. 1 # mainstream transaction at 2100 to 21130 yuan per ton. The zinc futures are higher, the monthly difference is enlarged, and the spot discount is further expanded, from the discount 70-discount 60 yuan / ton down to the discount 100-discount 80 yuan / ton or so for the time being. There is already a certain profit margin for delivery. Some of the holders leave the market to wait and see. Some of the holders actively accept the deliverable sources for delivery, and the trading between traders occupies the dominant position. The second trading period imports SMC and Shuangyan, Chihong, torch and other routine do not participate in delivery brand trading is relatively active, but under the limited conditions of downstream consumption participation, the transaction is slightly weak, the overall transaction gap is not large compared with yesterday.

Guangdong 0 # zinc mainstream trading at 21130 21220 yuan / ton, Guangdong stock market than Shanghai stock market to maintain near Pingshui. The rising water of Shanghai zinc 1907 contract is about 460 yuan / ton. Refinery normal shipment, market trading is still dominated by traders, transaction sources are mainly deliverable sources, some non-deliverable sources continue to explore, reported in the Shanghai zinc 1907 contract rising water 460 yuan / ton, delivery sources to rising water 480 yuan / ton transactions, downstream rigid demand to replenish the warehouse, still little participation, as a whole, today, due to the current discount continued to expand, stimulate some traders to buy the current delivery warehouse, as a result of the current month discount continued to expand, stimulate some traders to buy the current delivery warehouse, the refinery normal shipment, the market trading is still dominated by traders, the transaction source is mainly deliverable, some non-deliverable sources continue to explore, and the source of delivery is more than 480 yuan / ton. The overall volume of trading was higher than that of yesterday, and the transaction was also better than that of yesterday. 0# Kirin, Cishan, Tiefeng, Mengzi mainstream transactions in 21130 21220 yuan / ton.

Tianjin market 0 # zinc ingot mainstream transaction at 21110 to 22610 yuan / ton, 0 # ordinary brand mainstream transaction at 21110 to 21270 yuan / ton, 1906 contract discount 150-discount 30 yuan / ton, Tianjin market than Shanghai market yesterday to discount 10 yuan / ton. The plate surface is slightly pulled up, the refinery is actively shipping, the market source of goods is more abundant, the holder is mainly shipping, the source of goods for high-priced brands such as Zijin is quoted near Pingshui of the 06 contract, and the low-priced brands such as Hongye, Chihong and lark are quoted near the discount of 100 yuan / ton to the 06 contract, but the downstream is mainly wait-and-see and rarely receive the goods. Follow-up holders downgraded the rising water, for Zijin brand supply report in the 06 contract discount of 30 yuan / ton, for Chihong and other low-price brand supply down to 06 contract discount of 150 yuan / ton, however, after the price adjustment, the market transaction is still not significantly heated, only a small number of low-price brand goods contribute to a certain trading volume. Today, the trading atmosphere in Tianjin market continues to be light, and the overall transaction situation is worse than that of yesterday. 0 # Zijin, Hongye, laring, Chihong, Xiyan, etc., were sold at 21110 to 21270 yuan / ton, and 1 # Zijin, Chihong and Hongye were sold at 21060 to 21220 yuan / ton.

Tin: after the opening of US $19225 / ton, there was little trading between early trading and midday trading. In the afternoon of the Asian plate, the Lunxi rush was as high as US $19305 per ton. After the opening of European trading, Lunxi fell back to $19100 / tonne and rose again, with its latest price at $19205 / tonne as of 17 / 00, a cross near the 10-20 moving average. Support is expected to be around $18700 per tonne below Lunxi and around $19500 per tonne above. Recently, we can focus on the May PPI annual rate (%) in the United States this evening, the EIA monthly report in the early morning of the following day, and the API crude oil inventory change in the week ended June 7 (10,000 barrels).

Shanghai tin main 1909 contract last night after the opening of 144100 yuan / ton, the initial rush to 144920 yuan / ton to maintain the consolidation situation. After the opening of 144830 yuan / ton in early trading this morning, it fluctuated all the way up, climbing to an intraday high of 145620 yuan / ton, and fell back slightly at the end of trading, finally closing at 145490 yuan / ton, up 1190 yuan / ton, or 0.82 per cent. The trading volume was 16884, an increase of 4596. The position was reduced by 42476 hands. Today, Shanghai tin due to short positions, the overall upward trend, to close to the positive line, the physical part is located near the 20-day EMA, below by the 10-day EMA support. It is estimated that the lower support of tin in Shanghai will be around 143500 yuan / ton, and the upper resistance will be around 146000 yuan / ton.

Shanghai tin main 1909 contract today showed an overall upward trend. Spot market, today's mainstream transaction price of 143500 to 145500 yuan / ton, Shanghai arbitrage merchants are more active to receive goods, set prices are not favored because of the high price, the overall buying of downstream enterprises is weak. Yunxi 145500 yuan / ton, ordinary Yunzi 1445000 to 145000 yuan / ton, small brand 143500 to 143800 yuan / ton.

Nickel: the Lennie sub-plate opened at $11630 a tonne today and hovered to $11770 a tonne by midday after its daily average swung to $11770 a tonne. Or as days of torrential rains in Indonesia stirred market sentiment, the nickel rose sharply in the afternoon, touching $11915 a tonne. Subsequently, the center of gravity of nickel was fluctuated over a narrow range of $11850 / tonne, reporting at $11840 / tonne as of 17 / 00. In the evening, we will be concerned about whether Lennie can stabilize at the US $11800 / ton barrier. Night should pay attention to the May PPI annual rate (%) and May core PPI annual rate (%); the United States API crude oil and gasoline inventory changes in the week ended June 7.

Shanghai nickel 1907 opened at 95860 yuan per ton today. In the afternoon, Shanghai nickel below the 96000 yuan / ton gate support, the upper pressure of 96700 yuan / ton line, interval concussion upward. After days of torrential rains in Indonesia, or out of concern about the shipment of nickel mines, Shanghai nickel rose sharply in the afternoon, touching 97870 yuan / ton after the center of gravity fluctuated around the 10-day moving average of 97500 yuan / ton, closing at 97250 yuan / ton. The settlement price rose 970 yuan per ton, or 1.01 percent, from the previous trading day. Trading volume increased by 402000 hands to 706000 hands, and position volume decreased by 800 hands to 174000 hands. Throughout the day, Shanghai nickel closed at the Xiaoyang line, breaking through the pressure level of the 5-day moving average, the 20-day moving average on the film line, and the Shanghai nickel index inflow of 226 million yuan. In the evening, we will pay attention to whether Shanghai Ni can stand on the 5-day moving average.

SMM 1 # electrolytic nickel 96450 to 97600 yuan / ton. In the morning, Russia and nickel generally reported water leveling compared with Wuxi 1906, and Jinchuan nickel generally reported a water rise of 1000 yuan to 1100 yuan / ton compared with Wuxi 1906 contract. Today's market after yesterday's decline, stabilized and rebounded, traders reported last night in the 95800 yuan / ton position and this morning's 96100 yuan / ton plate near the transaction, mainly Russian nickel. With the rise of the disk, downstream transaction enthusiasm declined, basically wait and see, some traders replenish goods, now downstream procurement is basically a small amount of replenishment. Jinchuan ex-factory price quoted 97300 yuan / ton, down 200 yuan / ton from yesterday, the mainstream transaction at 96500 to 97600 yuan / ton. At the opening of the afternoon, nickel prices rose sharply by about 1000 yuan per ton, and most of the downstream were on the sidelines, with mainstream trading at 96650 to 97800 yuan per ton.

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