SMM Evening Comments (Jun 14)-Shanghai Metals Market

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SMM Evening Comments (Jun 14)

Price Review & Forecast 07:43:44PM Jun 14, 2019 Source:SMM

SHANGHAI, Jun 14 (SMM) – SHFE nonferrous metals ended mixed on Friday June 14 as nickel gained 1.69%, lead rose 0.31%, while copper fell 0.09%, zinc lost 0.91%, aluminium slid 0.32%, and tin eased 0.45%. 

The ferrous complex ended mostly lower. Coke and coking coal both fell more than 1%, rebar dipped 0.34%, hot-rolled coil went down 0.22%, while iron ore continued to expand 2.22%. 

Copper: Uncertainties around macroeconomic development provided limited upward momentum to copper prices, as the most-traded SHFE August contract failed to stand firm at a high of 46,630 yuan/mt. It slid to an intraday low of 46,290 yuan/mt and finished at 46,340 yuan/mt, down 0.09% on the day. Higher inventories of crude oil lowered oil prices, and this also weighed on copper prices. As the KDJ indicators expanded downwards, the contract is likely to test support from 46,500 yuan/mt tonight. 

Aluminium: The most-traded SHFE August contract lost all the gains from the previous day as a considerable increase in short positions dragged it to the lowest in three trading days, at 13,880 yuan/mt. The contract fell 0.32% on the day at 13,910 yuan/mt, with open interests up 3,882 lots to 241,000 lots. Limited upward momentum will keep it testing support from 13,800 yuan/mt tonight. 

Zinc: The most-active SHFE August contract recovered part of the losses after a weaker LME zinc dragged it below the 20,000 yuan/mt level, to an intraday low of 19,990 yuan/mt. It ended at 20,100 yuan/mt, down 0.91% on the day, the third consecutive trading day of decline. Higher social inventories of primary zinc and expectations of further buildup in stocks kept the contract below the Bollinger middle band at closing. Tonight, it is expected to test pressure from the Bollinger middle band. 

Nickel: The most-traded SHFE July contract retreated after it jumped above the daily moving average, to an intraday high of 101,360 yuan/mt. But it extended its increase from the previous day as it finished 1.69% higher at 100,060 yuan/mt, with pressure from the 100,800 yuan/mt level. We expect it to test support from the 100,000 yuan/mt level tonight. 

Lead: The most-traded SHFE July contract extended its rangebound trend below the daily moving average, before moving up to 16,125 yuan/mt and ended 0.31% higher at 16,135 yuan/mt. It is expected to continue to trade rangebound tonight, with support from 16,000 yuan/mt and resistance from the 40-day moving average. 

Tin: The most-liquid SHFE September contract extended its decline from overnight as it slipped to an intraday low of 144,640 yuan/mt with pressure from the 40-day moving average. Support from the 20-day moving average ended it at 144,880 yuan/mt, down 0.45% on the day. Tonight, it is expected to test support from the 20-day moving average at 144,500 yuan/mt, or the 10-day moving average, at 144,000 yuan/mt. 

Price

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1# Silver ingots(99.99%)
Jul.18
3816.0
102.0
(2.75%)
2# Silver ingots(99.95%)
Jul.18
3801.0
102.0
(2.76%)
3# Silver ingots(99.90%)
Jul.18
3786.0
102.0
(2.77%)
Gold(99.99%)
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316.9
3.1
(1.00%)
Gold(99.95%)
Jul.18
316.8
3.2
(1.02%)

SMM Evening Comments (Jun 14)

Price Review & Forecast 07:43:44PM Jun 14, 2019 Source:SMM

SHANGHAI, Jun 14 (SMM) – SHFE nonferrous metals ended mixed on Friday June 14 as nickel gained 1.69%, lead rose 0.31%, while copper fell 0.09%, zinc lost 0.91%, aluminium slid 0.32%, and tin eased 0.45%. 

The ferrous complex ended mostly lower. Coke and coking coal both fell more than 1%, rebar dipped 0.34%, hot-rolled coil went down 0.22%, while iron ore continued to expand 2.22%. 

Copper: Uncertainties around macroeconomic development provided limited upward momentum to copper prices, as the most-traded SHFE August contract failed to stand firm at a high of 46,630 yuan/mt. It slid to an intraday low of 46,290 yuan/mt and finished at 46,340 yuan/mt, down 0.09% on the day. Higher inventories of crude oil lowered oil prices, and this also weighed on copper prices. As the KDJ indicators expanded downwards, the contract is likely to test support from 46,500 yuan/mt tonight. 

Aluminium: The most-traded SHFE August contract lost all the gains from the previous day as a considerable increase in short positions dragged it to the lowest in three trading days, at 13,880 yuan/mt. The contract fell 0.32% on the day at 13,910 yuan/mt, with open interests up 3,882 lots to 241,000 lots. Limited upward momentum will keep it testing support from 13,800 yuan/mt tonight. 

Zinc: The most-active SHFE August contract recovered part of the losses after a weaker LME zinc dragged it below the 20,000 yuan/mt level, to an intraday low of 19,990 yuan/mt. It ended at 20,100 yuan/mt, down 0.91% on the day, the third consecutive trading day of decline. Higher social inventories of primary zinc and expectations of further buildup in stocks kept the contract below the Bollinger middle band at closing. Tonight, it is expected to test pressure from the Bollinger middle band. 

Nickel: The most-traded SHFE July contract retreated after it jumped above the daily moving average, to an intraday high of 101,360 yuan/mt. But it extended its increase from the previous day as it finished 1.69% higher at 100,060 yuan/mt, with pressure from the 100,800 yuan/mt level. We expect it to test support from the 100,000 yuan/mt level tonight. 

Lead: The most-traded SHFE July contract extended its rangebound trend below the daily moving average, before moving up to 16,125 yuan/mt and ended 0.31% higher at 16,135 yuan/mt. It is expected to continue to trade rangebound tonight, with support from 16,000 yuan/mt and resistance from the 40-day moving average. 

Tin: The most-liquid SHFE September contract extended its decline from overnight as it slipped to an intraday low of 144,640 yuan/mt with pressure from the 40-day moving average. Support from the 20-day moving average ended it at 144,880 yuan/mt, down 0.45% on the day. Tonight, it is expected to test support from the 20-day moving average at 144,500 yuan/mt, or the 10-day moving average, at 144,000 yuan/mt.