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June 12 SMM basic Metals spot Trading Day Review
Jun 12,2019 18:50CST
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Source:SMM
June 12 SMM basic Metals spot Trading Day Review
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Copper: Yapanlun copper opened at US $5889 / tonne today. After the opening of trading, copper tried to explore many times in the short term, during which it reached an intraday high of US $5900 / ton, but then showed a lack of impulse energy. The center of gravity is stable at US $5883 / ton for narrow oscillations. In the afternoon, bulls lacked confidence and took advantage of their highs to leave the market. Copper prices plummeted to around $5866 a tonne, and then entered the European market, where copper prices continued to oscillate downward, rising 0.8 per cent to $5856 a tonne as of 17-30. the dollar index was 96.674 and US crude oil was at $51.71 a barrel. In the evening, we focused on the changes in EIA crude oil stocks in the United States in the week ended June 7. The US did not adjust the CPI index in May, which was expected to be higher than the previous value. At present, crude oil is actively increasing production due to regional factors, so inventories are at a high level, bringing greater pressure on oil prices, and it is difficult to provide momentum for copper prices to recover. At present, Lun Copper closing negative entity has fallen below the 5, 10 EMA adhesion intersection, is expected to continue to affect market bulls confidence, difficult to stop the decline. Wait for guidance from the dollar and crude oil at night to test whether Lun Copper can hold the position below $5840 a tonne at night.

Today, the main contract of Shanghai Copper 1908 opened at 46620 yuan / ton in the morning, continuing the trend of opening high and going low last night. Today, the trend of short position increase is obvious. After the opening of morning trading, it rose slightly to the highest level of 46710 yuan / ton in the day. After that, it quickly fell to 46590 yuan / ton, and then the market rose to 46670 yuan / ton. After that, it continued to decline. In the afternoon, it quickly went down to the lowest point of the day, 46450 yuan / ton. Subsequently, the center of gravity continued to move upward to around 46520 yuan / ton and continued to fluctuate slightly downward, closing at 46460 yuan / ton at the end of the day, down 180 yuan / ton, or 0.39 per cent. Today, the main contract of Shanghai Copper increased its position by 9450 hands to 232000 hands, while trading volume decreased by 9018 hands to 154000 hands. Shanghai Copper 1907 today continued to reduce its position by 8486 hands to 192000 hands. Positions in the Shanghai Copper Index fell 3616 hands to 608000 today, while trading volume fell 45000 hands to 316000. The capital outflow of Shanghai copper in the non-ferrous plate reached 145 million. Today, the overall performance of Shanghai copper high open downward trend, macro by the United States PPI data less than expected impact, suggesting that the United States inflationary pressure increased, strengthen interest rate expectations, the dollar pressure weakened, although the dollar pressure weakness, but still at a high level, copper prices are still under pressure, so the performance of some of yesterday's gains, close the physical large Yin column pressure 10-day moving average, and the upper pressure Bringling line in the middle of the track. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can stand firm at 46500 yuan / ton.

Today, the spot price of electrolytic copper in Shanghai is quoted for 50 to 100 yuan per ton of water, 46550 yuan to 46660 yuan per ton of copper for flat water and 46600 yuan to 46710 yuan per ton for copper in water. Shanghai copper rush blocked, down to 46500 yuan / ton line. The market supply is abundant, the holder shipment cash willingness is strong, the morning quotation rises the water 70 to 110 yuan / ton, almost does not have the transaction. The market is unresponsive, the inquiry atmosphere is also light, the holder is the first to relax the flat water copper quotation, from the rising water 60 yuan / ton to the rising water 50 yuan / ton and still has the pressure price space, the good copper is reduced to the rising water 90 yuan / ton or so the quotation; the wet process copper and yesterday maintains the stability to maintain the stability in the discount 20 yuan / ton ~ flat water. The supply is abundant, the consumption is weak, the speculation is cautious, the trade flow is greatly reduced, the price difference near delivery is still only in the range of 20-30 yuan / ton, the rising water decline is the trend, the market supply exceeds the demand characteristic is obvious. In the afternoon, despite the decline in market prices, due to the light market demand and the recent entry of imported copper into the domestic market, the downgrade was recognized by the holder, which triggered a strong mood of exchange among the holders. therefore, the afternoon quotation continued to be downgraded to attract transactions as soon as possible. In the afternoon, copper water 30-50 yuan / ton, good copper 60-80 yuan / ton, transaction price in the range of 46460 yuan / ton-46540 yuan / ton.

Aluminum: Lun Aluminum opened flat at US $1778 / ton in the morning, and the initial climb was blocked by US $1780.5 / ton before falling to the lowest level of US $1768 / ton in the day, because there was still some support below. Lun Aluminum subsequently floated up in a narrow range in the Asian session. After entering the European trading session, Lun Al continued to climb, recording a high of US $1790 / tonn. as of 18:08, Lun Al was trading at US $1787 per ton, up US $8.50 per tonne, and after entering the European trading session, Lun Al continued to climb higher, recording a high of US $1790 / ton. As of 18:08, Lun Al was quoted at US $1787 / ton, up US $8.50 / ton. Rose 0.48%, closed at the small Yang line, today's position increased more than 10,000 positions, mainly to long positions, daily KDJ third line continued to face up. Lun Aluminum recorded Sanlianyang today, but in view of the strong resistance to the 20-day moving average above, and the fundamentals have not improved significantly, it is expected that there will be no significant upward breakthrough in the evening, and continue to pay attention to macro data such as the US dollar index and the US consumer price index in May.

The 1908 contract of Shanghai Aluminum Company opened at 13990 yuan / ton in the morning, touched a high of 13995 yuan / ton in the morning, and then began to go down all the way within the next day. Before noon, it fell slightly to 13970 yuan / ton for a little rest. In the afternoon, due to the inability of Shanghai aluminum to continue to explore, several negative lines fell straight to 13930 yuan / ton in the afternoon. The low price was 13915 yuan / ton, and finally closed at 13930 yuan / ton, down 20 yuan / ton, a drop of 0.14%. Trading volume increased by 8106 hands to 72690 hands, positions increased by 11838 hands to 230000 hands, 1906 and 1907 contract positions have been reduced, it can be seen that the position has moved backward, today the main company 1908 contract short positions mainly, the day K line recorded a small Yin line, giving up most of yesterday's increase. Today's macro data is relatively light, Shanghai aluminum operation logic back to the fundamentals, due to the existence of future consumption expectations, aluminum prices are not strong, is expected to continue to maintain interval volatility to seek lower support, continue to pay attention to long short position changes.

Aluminum that month concussion sinking, and then stabilize a narrow range of concussion. The transaction price in Shanghai is between 14050 and 14070 yuan / ton, and the spot price is 10 to 20 yuan / ton. The spot price is basically the same as yesterday. The transaction price in Wuxi is between 14050 and 14070 yuan / ton, and the transaction price in Hangzhou is between 14080 and 14100 yuan / ton. In the morning, the transaction price between Wuxi and Shanghai was between 14060 and 14070 yuan / ton, but due to the approach of delivery, the rising water did not fall, the shippers shipped more, and there were fewer recipients. The market circulation source was too sufficient. After 11: 00, the actual market quotation began to decline. Around 14050 to 14060 yuan / ton, traders and middlemen were not as active as yesterday. Downstream today, the mood of receiving goods is not high, the purchase is mainly on demand. Today, the overall transaction in East China is average. In the afternoon, aluminium futures briefly continued the trend before noon began to leak, stabilized at the end of the day, the market quotation in 14030 to 14050 yuan / ton, the market rose 10 to 20 yuan / ton, but due to the rapid change in aluminum prices, the market actually did not have many transactions in the afternoon.

Lead: within a day, the Lun lead opened at US $1904.5 / ton. In the Asian session, at the beginning of the day, affected by the weak trend of the internal plate, the Lun lead shock fell to US $1894.5 / ton. In the European period, the US Index continued to weaken, boosting the outer plate of non-ferrous metals, and the Lun lead also shook back, hitting US $1912 / ton at one time. However, the 60-day moving average above was strongly suppressed, Lun lead fell slightly, as of 16 to 55, and Lun lead temporarily closed US $1908.5 per ton. It fell US $2 a tonne, or 0.10 per cent. Lun lead temporarily closed the long foot Xiaoyang line, the lower 5-day EMA has strong support, and the lead LME 0-3 liter discount maintains the back structure. In addition, although the LME lead inventory has increased by more than 800T again, it is still in the low position, so the night Lun lead may be supported by the 5-day EMA and test the 60-day EMA pressure.

During the day, the main 1907 contract of Shanghai lead opened at 16190 yuan / ton, at the beginning of the day, Shanghai lead briefly consolidated, and then due to the basic stimulation of the expansion of recycled lead sticker, empty increase and reduction, Shanghai lead shock down, and then along the 16050 yuan / ton first-line consolidation, finally closed at 16045 yuan / ton, down 185yuan / ton, down 1.14%, and the position was reduced by 282 hands to 46190 hands. finally, it closed at 16045 yuan / ton, down 185 yuan / ton, down 1.14%, and the position was reduced by 282 hands to 46190 hands. Shanghai lead closed the Dayin line, continued to fall back high, and fell below the middle rail support of Brin Road, and the medium-and short-term moving average has signs of turning down, it is expected that Shanghai lead at night may once again test the support of Wanliu pass.

Shanghai market baulun lead 16050 to 16070 yuan / ton, 1907 contract 20 yuan / ton to flat water quotation; southern lead 16070 to 16080 yuan / ton, 1906 contract water 50 yuan / ton quotation; sands 16120 yuan / ton, 1907 contract water 50 yuan / ton quotation. The price is 20 yuan / ton to Pingshui, 16070 yuan / ton for southern lead 16070 / ton, 50 yuan / ton for southern lead 16070 / ton and 50 yuan / ton for 1907 contract / ton. The futures market is weak, the quotation of the holder is in line with the market, and the demand of the battery market is low, coupled with the renewable refined lead to maintain discount shipment (150 yuan to 100 yuan / ton quotation for SMM electrolytic lead), part of the downstream although there is an inquiry, but there is a big difference between buyers and sellers, and there are few transactions in the bulk market.

Guangdong market Nanhua lead 16175 yuan / ton, the average price of SMM1# lead water 50 yuan / ton quotation; southern storage south 16070 yuan / ton, to 1906 contract water 50 yuan / ton; lead price continues to weaken, but because the terminal consumption is depressed, the market transaction is dismal. Henan Yuguang and other smelters are mainly long single transaction; Jinli 16075 yuan / ton, SMM1# lead discount 50 yuan / ton, Wanyang 16075 16095 yuan / ton, SMM1# lead average discount 30 50 yuan / ton. The lead price is high, the terminal consumption is low, the purchasing mood of storage enterprises is not high, and the market trading is poor. Other areas such as: Jiang copper 16155 yuan / ton, the average price of SMM1# lead 30 yuan / ton quoted price; Yunnan small enterprises 15825 to 15925 yuan / ton, SMM1# lead discount 300 yuan / ton to discount 200yuan / 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 $2520 / tonne. At the beginning of the day, the zinc reached US $2524 / ton before the pressure fell back, and the operating center of gravity moved down to the vicinity of the daily average for consolidation, and then down again to detect the strength of the 5-day EMA. However, the 5-day EMA failed to support, and the Len Zinc went down to US $2495.5 / tonne, entering the European trading session, and with the US Index down, the Lun Zinc rose again to US $2510 / ton by the boost of the first line finishing operation. At 16 to 13, it closed down $2512.5, or 0.26 per cent, at $6.50 a tonne. Geneva zinc closed negative, supported by the lower 5, 10 days EMA, LME zinc stocks increased slightly by 625 tons, an increase of 0.62%, but due to the small increase on the price impact is limited, night attention to the 5-day EMA support strength, Lun zinc continued weak shock operation.

Within days, the main 1908 contract of Shanghai zinc opened at 20400 yuan / ton, at the beginning of the day, Shanghai zinc opened high and low, and then stepped back to 20330 yuan / ton line at the beginning of the day, and then slightly returned to 20360 yuan / ton. However, it failed to hold on to the pressure drop again, and the downward detection 20 days moving average support strength, close to the European trading period, long short saw short position increase position, Shanghai zinc concussion downward overall operation in 20220 yuan / ton line, operating range not more than 40 yuan / ton, Trading volume fell 459.04 million hands to 245000 hands, while positions increased 11884 hands to 256000 hands. Within days, Shanghai zinc recorded a long Yin column, the overall station on the 5th EMA operation, within 06 and 07 contract monthly difference expanded again, from yesterday 570RMB / ton expanded to 660RMB / ton, 06 and 08 contract monthly difference expanded to 1030 yuan / ton, squeeze the position market to continue, near strong far weak pattern to further strengthen, supply recovery pressure, zinc basic support is still weak, night attention to the 5th EMA support strength, is expected to Shanghai zinc or run near the middle track of Brin Road.

Shanghai 0 # zinc mainstream transaction 21150-21200 yuan / ton, Shuangyan, Chihong transactions in 21210-21270 yuan / ton, 0 # ordinary June discount 130-discount 100 yuan / ton; Shuangyan, Chi Hong discount 50-discount 40 yuan / ton. 1 # the mainstream transaction was 21080 to 21140 yuan per ton. The monthly difference widened again, the spot discount fell further, subject to the delivery conditions, and the transaction difference between the market warehouse receipt and the non-warehouse receipt was gradually clarified. The early market quotation focused on the discount 110-100 yuan / ton, which can be used as the source of warehouse receipt. The transaction of other brands is relatively active, and the trading of long orders between traders is relatively active with an average net price of 10 to 20 yuan / ton. In the second trading period, the quotation was further reduced by 10 to 20 yuan / ton; Due to the increase in the supply of goods from the downstream to the factory, the actual consumption participation in the lower reaches of the Shanghai stock market is relatively weak, with delivery and long order transactions leading among traders, and some holders leave the market to wait and see, and the overall trading is still dull.

Guangdong 0 # zinc mainstream trading at 21170 21240 yuan / ton, Guangdong stock market than Shanghai stock market to maintain near Pingshui. The rising water of Shanghai Zinc 1907 contract is about 500RMB 520RMB / ton. Refinery normal shipment, the market continues yesterday, the transaction is mainly deliverable source, reported to Shanghai zinc 1907 contract rising water 500510yuan / ton, the holder shipment realization enthusiasm is also relatively high, the market supply is more abundant, the early transaction is mainly to liter water 500yuan / ton, then after the monthly difference is slightly expanded, the holder follows the price adjustment, after the transaction rises the sticker water more to 510520yuan / ton, the downstream transaction is still light, and then the monthly difference is slightly expanded, after the monthly difference is slightly expanded, the holder follows the price adjustment, the transaction is mainly 510520yuan / ton after the transaction is increased, and the downstream transaction is still light. There are few inquiries, the actual consumption is still poor, today the main transaction was contributed by traders, the transaction volume was basically the same yesterday. 0# Kirin, Cishan, Tiefeng, Mengzi mainstream transactions in 21170 21240 yuan / ton.

Tianjin market 0 # zinc ingot mainstream transaction in 21070 22570 yuan / ton, 0 # ordinary brand mainstream transaction in 21070 21210 yuan / ton, 1906 contract discount 200-discount 100 yuan / ton, Tianjin market than Shanghai market yesterday discount 10 yuan / ton to discount 50 yuan / ton. Refinery normal shipment, the market supply circulation is more abundant. The holder took the initiative to expand the discount and actively ship the goods. In the morning, the quotation was concentrated around the discount of 200-100 yuan / ton for the 06 contract, and some of the holders reported that the premium for the 07 contract was around 400 yuan / ton, which is basically equivalent to the discount of 170 yuan / ton for the 06 contract. However, the market fear of falling mood intertwined, mainly to the official website, inquiry and transaction situation significantly weakened, today's market transaction volume significantly less, to low-cost brands such as macro lark trading, the overall market trading situation cooled again yesterday. 0 # Zijin, Hongye, laring, Chihong, Xiyan, etc., were sold at 21070 to 21210 yuan / ton, and 1 # Zijin, Chihong and Hongye were sold at 21020 to 21160 yuan / ton.

Tin: after the opening of US $19230 / ton today, trading in the sub-session was light and generally maintained in horizontal trading near the opening price, which fell due to the impact of the US dollar index at the end of the day. After the opening of the European market, continuing the trend at the end of the Asian trade, it quickly fell to US $18770 / ton and rose back to the bottom. As of 18 / 00, the latest price was US $19055 / tonne, showing a negative line. The upper part of the entity is located near the 5-10 EMA, and the lower part is supported by the 10-day EMA. Support is expected to be around $18700 per tonne below Lunxi and around $19500 per tonne above. This evening can be watched in the United States in the May quarter adjusted CPI annual rate (%) and the United States EIA crude oil stocks in the week ended June 7 (10,000 barrels).

Shanghai tin main 1909 contract last night after the opening of 145520 yuan / ton, due to bulls left the market all the way down, the lowest hit 144750 yuan / ton, a small return. After the opening of 144840 yuan / ton in early trading this morning, due to the short position reduction long a small amount of entry, resulting in Shanghai tin bottomed up all the way up, erasing most of last night's decline, and finally closed at 145320 yuan / ton, down 170 yuan / ton, down 0.12 per cent. The trading volume was 12822, a decrease of 4062. The number of positions was reduced by 41586 hands. Today, Shanghai tin overall suppression and then rise, to close with the Xiao Yin line, the lower shadow line by the 20-day EMA support, it is expected that Shanghai tin above the resistance of 146000 yuan / ton, below the support of 143500 yuan / ton.

Shanghai tin main 1909 contract today as a whole first suppression and then rise. Spot market, today's mainstream trading price of 143500 to 145500 yuan / ton. Today, Shanghai tin spot prices maintain a high level, downstream enterprises wait-and-see mood intensified buy Xing in general, the overall trading atmosphere of the spot market is general. Set of cloud tin flat water, ordinary cloud character sticker 800 yuan / ton, small brand sticker 900 to 1100 yuan / ton.

Nickel: the sub-plate opened at US $11900 / tonne today. After rising US $11975 / ton at the beginning of the day, it was supported by US $11900 / ton below, and the range of the daily moving average under pressure fluctuated. In the middle of the day, nickel was consolidated at $11900 a tonne. In the afternoon, nickel fell below the 10-day moving average of $11800 per tonne, down $11790 per tonne. Subsequently, nickel rallied and rose to $11840 a tonne as of 17. 00. Night should pay attention to the United States non-quarterly consumer price index and core consumer price index; the United States as of June 7 EIA crude oil inventory changes.

Shanghai nickel 1907 opened today at 97930 yuan / ton, at the beginning of the day, touch high 98380 yuan / ton shock down, won 97800 yuan / ton first-line support. Subsequently, the pressure of 98000 yuan / ton gate, many times failed to break through, in the range of 97800 to 98000 yuan / ton narrow range shock. In the afternoon, Shanghai nickel fell below the 97800 yuan / ton support line, stayed below 97400 yuan / ton line, the center of gravity fluctuated slightly around 97500 yuan / ton, closing at 97390 yuan / ton, the settlement price rose 920 yuan / ton, or 0.95%, trading volume decreased 58500 hands to 647000 hands, and position volume decreased 17100 hands to 157000 hands. Throughout the day, the Shanghai Ni 1907 contract closed at the Yin Cross Star, and the K line entity was located above the middle rail of the Boll line. At night, we focused on whether Shanghai Ni could stabilize above the 10-day moving average.

SMM 1 # electrolytic nickel 98200 to 99200 yuan / ton. In the morning, Russian nickel is more than Wuxi 1906 flat water to liter water 100 yuan / ton, Russian nickel rising water as a whole, but not due to the improvement of downstream transactions, mainly due to some traders expected to expand the back structure in the later period, so even if the spot market due to the absolute price of higher and lead to bad transactions, but the holder is still quite rising water, low-priced goods are not easy to receive. Compared with Wuxi 1906 contract, Jinchuan nickel generally reported a water rise of 900 yuan to 1, 100 yuan per ton. The rising water is basically stable, and Jinchuan Company is mainly shipping in the near future. Jinchuan ex-factory price quoted 98800 yuan / ton, up 1500 yuan / ton from yesterday, the mainstream transaction at 98100 99000 yuan / ton. In the afternoon nickel prices fell, some of the downstream a small amount of procurement, but still not to the downstream psychological price, traders continue to rise, transactions all day to see more light. The mainstream transaction is between 97700 and 98800 yuan per ton.

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