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[SMM Review] Nonferrous iron ore rose more than 3 per cent, crude oil futures rose
Jun 14,2019 10:14CST
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Source:SMM
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SMM6 14 news: non-ferrous early trading ups and downs, the range is not large, Shanghai nickel rose a lot, Shanghai lead Shanghai copper fluctuations, Shanghai tin Shanghai aluminum slightly fell. Black mostly fell, bifocal fell slightly, threads fell 0.05%, iron ore rose more than 3%, and hot rolls rose 0.22%.

The current copper prices in the low shock operation, mainly the Chilean national copper industry's Chuquicamata copper union will hold a strike, mine supply tension to some extent to support copper prices. After the inspection period of the basic copper market is over, the supply pressure is released, and demand enters the off-season, so it is difficult for the copper market to boost significantly. Zinc fell overnight in March, the domestic closing price was $2494, and then fell, as low as $2472, concussion in the evening, and finally closed at $2476, down 1.33%. The main force of Shanghai zinc fell at night and opened at 20250 yuan in the evening. Subsequently, the price fell, as low as 20105 yuan, and finally closed at 20145 yuan. At present, zinc prices are low and volatile, smelters actively increase production, demand is general, medium-term supply increases, and there is still room below. The main force of Shanghai Aluminum rose 14030 yuan overnight and fell back to 13945 yuan in late trading, closing at 13955 yuan, down 0.29%. The price of the three-month contract rebounded from a low of US $1795 to close at US $1786, down 0.03 per cent. Overnight Shanghai aluminum prices continued to fall. On the domestic side, the aluminum market maintained to go to the warehouse, but the decline narrowed, the aluminum bar inventory began to accumulate again, and the output of the market for many weeks after entering the off-season was weaker than that of previous years, but the current cost supported the aluminum price to a certain extent, but the production of the electrolytic aluminum production line in the later stage will deepen the supply pressure on the aluminum market.

SMM learned that although there is environmental protection to limit production policy and Brucutu mining area to speed up the news of the impact, but the spot iron ore supply and demand situation is good, June to date port inventory to exceed market expectations, the latest phase of Mysteel statistics of the country's 45 ports iron ore inventory is 11795.73, down 362.98 from last week, steel factory iron ore inventory is still at a low level, strongly support high ore prices.

On the crude side, analysts said the attacks in Iran and near the Strait of Hormuz offset fears of weak global demand that had weighed on oil prices in recent weeks. Oil prices rose last night on the back of supply risks in Chile and cuts in OPEC crude oil production.

Today's forecast:

Copper: Shanghai copper is closed in the solid positive column, the MACD red energy column is elongated, and the KDJ index is expanded, and the technical side is good. However, the overall macro instability factors still exist, the market is waiting for next week's Fed interest rate decision, copper prices are expected to be volatile today. Although the spot is about to face delivery next week, but the overall market demand is light, the current selling sentiment of the holder is not strong, the market transaction stalemate. It is expected that today's Lun Copper 5830 to 5880 US dollars / ton, Shanghai Copper 46200 to 46700 yuan / ton, spot water 40-90 yuan / ton.

Aluminum: Shanghai Aluminum maintains a weak horizontal market. It is expected that the 1908 contract of Shanghai Aluminum Company will run at 13800 yuan / ton today, and the spot water will be between 0 and 20 yuan / ton for the current month.

Lead: Lun lead continues the high consolidation pattern, the lower 5-day EMA support still exists, short-term attention direction choice. Shanghai lead recently in the first line of 16050 yuan near a narrow range of fluctuations, volatility gradually narrowed, the short-term need to be careful of the risk of Shanghai lead breaking down.

Zinc: diurnal zinc recorded two negative, KDJ indicator table downward, showing that there is no upward trend of LME spot water up to 148.5 US dollars / ton, subsequent inventory increase is expected to reproduce, superposition of the upper integer suppression, Geneva zinc or around the 5, 10-day moving average concussion, the range runs in the range of US $2450 to US $2500 / ton. It is expected that the Shanghai zinc main contract or weak operation in the vicinity of the 20-day moving average, in the range of 20000 to 20500 yuan / ton. Material 0 # domestic to 1906 contract paste 130-sticker 90, Shuangyan sticker 100-sticker 60.

Tin: the lower support is expected to be at the integer level around $19000 / ton, and the upper resistance is expected to be around $19500 / ton, the 40-day moving average. It is estimated that the lower support of Shanghai tin is located in the 10-20 EMA of 144800 yuan / ton, and the upper resistance is near the 40-day EMA of 146000 yuan / ton. Spot market, Shanghai tin last night high stable, yesterday in Shanghai area 143500 yuan / ton low price small brand is almost exhausted, today is expected to maintain the mainstream trading price at 144000 to 145500 yuan / ton.

Nickel: nickel fell back after rising yesterday, with Shanghai nickel up 1.25 per cent. It is expected to fluctuate in the range of US $11750 to US $11950 / ton today. Shanghai nickel may be supported by the 60-day moving average of 99000 yuan / ton and fluctuate above, with spot prices ranging from 98000 to 100000 yuan / ton.

 

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