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[SMM Review] Nonferrous metal rose as a whole, black all over the board, iron ore rose by more than 3 per cent.
Jun 12,2019 09:58CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM6 17 news: early trading colored red fat green thin, Shanghai nickel rose 1.5%, Shanghai tin rose 0.2%, Shanghai copper, Shanghai aluminum, Shanghai zinc rose slightly, Shanghai lead fell 0.8%. Black rose again, iron ore rose by more than 3%, thread by 0.7%, hot coil by 0.6%, coke and coking coal by 0.3%.

The federation released data on domestic passenger car sales in May, which showed that the cumulative sales of narrow passenger cars in May was about 1.582 million units, up 4.8 percent from the previous month and down 12.5 percent from the same period last year. Of these, car sales were about 805000, down 13.2% from a year earlier to about 669000, down 9.6% from a year earlier to about 108000, down 22.9% from a year earlier. The floods in Indonesia have once again affected market sentiment, and supply concerns in Indonesia have triggered another strong rebound in nickel prices. From the midline point of view, the large pattern is still empty, short-term high inventory of stainless steel or drag on nickel demand. Nickel prices are likely to be bearish in the medium term and likely to be repeated in the short term.

Following yesterday's rise in the limit, iron ore rose again before the night break high, refreshing a five-year high. Yesterday, local special bonds can be included in major project capital and other positive, marginal vibration of infrastructure growth, the market to do long sentiment once again detonated. Although supply-side tensions have eased, port inventories have raised concerns, and foreign mine shipments and port-to-port shipments have fallen again, continuing to support the high operation of mining prices.

Today's forecast:

Copper: at present, the market is affected by trade conflicts, and investors are in a strong mood to seek safe-haven assets such as dollars and gold, so the copper price performance is not enough. Spot due to the recent impact of imported copper into the domestic market, the market supply is abundant, but the willingness of holders to sell is not strong, and yesterday's market price rise suppressed some transactions, the market performance stalemate. Today's market prices fell, is expected to continue to help holders firm up the water. It is estimated that today's London copper 5850 $5900 / ton, Shanghai copper 46300 / ton 46800 yuan / ton, spot water 60-liter 120 yuan / ton

Aluminum: the macro atmosphere has improved, we need to pay attention to the release of economic data for May at home and abroad today. It is expected that the 1908 contract of Shanghai Aluminium Company will run at 13900 to 14200 yuan / ton today, and the spot water will rise at 10 to 30 yuan / ton for that month.

Zinc: every other day in the direction of the 20-day moving average, LME inventory recorded no increase, the market for subsequent write-off warehouse receipts caused by the inventory decline is still expected, Geneva zinc may be in the integer position along the arrangement, running in the range of $2500 to $2550 / ton. Overnight, Shanghai zinc opened high and low, the strong back structure corresponding to the long-term supply increased, the long-term weak pattern is still obvious, Shanghai zinc main upward pressure, within a day or finishing operation at 20300-20800 yuan / ton. Material 0 # domestic to 1906 contract paste 100-sticker 60, Shuangyan sticker 40-sticker 20.

Lead: the economic and trade situation between China and the United States is grim. Trump said that if the heads of state of China and the United States do not meet at the G20 meeting, the United States will impose tariffs on US $300 billion of Chinese exports to the United States, and the domestic lead spot market, due to the basis difference, the trade market quotations for Shanghai lead 1907 contracts will be converted to discount shipments, coupled with the expansion of recycled refined lead discount (150 to 100 yuan per ton of electrolytic lead). Part of the demand has been diverted, and the downstream acceptance of high prices is relatively poor. Spot lead is expected to fall 100 to 16100 to 16200 yuan per ton today.

Tin: support is expected to be around $18700 / ton below Lunxi and around $19500 / ton above. 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. Spot market, Shanghai tin opened high and low last night, the overall downward trend, is expected to maintain the mainstream trading price today at 143000 to 145000 yuan / ton.

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