Home / Metal News / Copper / June 14 SMM basic Metals spot Trading Day Review
June 14 SMM basic Metals spot Trading Day Review
Jun 14,2019 19:33CST
translation
Source:SMM
June 14 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

Copper: Yapan Lun Copper opened at US $5858 / ton today. After the opening center of gravity rose to a high of US $5880 / ton, the performance was blocked. Short positions were built while copper prices fluctuated all the way down until they entered the European market. The low position of US $5840 / ton was corrected, during which it touched down US $5834 / ton, followed by a slight rebound in the center of gravity. As of 18 / 00, Lun Copper was at US $5843.5 / ton, down 0.38%, and the US dollar index was at 97.076, U. S. crude oil is at $51.92 a barrel. At present, the performance above the Lun Copper Yang receiving entity is blocked from the 5-day moving average, and the support force below is weak, the KDJ index opening turns downward, and the technical performance is difficult to have upward space. Test whether Lun Copper can hold the position below $5840 / ton at night. This evening, we can focus on the monthly rate of retail sales in the United States in May (%), the monthly rate of industrial output in May (%), and the initial consumer confidence index of the University of Michigan in June. Waiting for guidance on the performance of the dollar.

Today, the main contract of Shanghai Copper 1908 opened at 46490 yuan / ton in the morning, and reached the highest level of 46630 yuan / ton in the day immediately after the opening. Due to the uncertainty at the macro level, the market confidence is still very large, and the high point is difficult to stabilize. After a small probe, the shock all the way down to 46430 yuan / ton, and then the center of gravity rebounded slightly to 46480 yuan / ton. The market continued to walk low in the afternoon, and then fell immediately after opening. And in 46360 46420 yuan / ton near the shock finishing, and then fell to the lowest level of 46290 yuan / ton, the market rose slightly and closed at 46340 yuan / ton, down 40 yuan / ton, down 0.09%. Today, the position of Shanghai Copper's main contract decreased by 4616 hands to 241000 hands, and the trading volume decreased by 10, 000 hands to 130000 hands. Near the delivery date, Shanghai Copper 1906 continued to reduce its position by 5210 hands to 7970 hands. Shanghai Copper Index positions fell 13000 hands to 607000 hands, while trading volume fell 44000 hands to 234000 hands. Due to the increase in crude oil stocks, the decline in oil prices, and the continuing global macroeconomic risks, there is not enough momentum for copper prices to rise. Today, Shanghai copper closed slightly, KDJ index convergence, at night waiting for the guidance of the outside market, test whether Shanghai copper can stand firm 46500 yuan / ton.

Today, the spot price of electrolytic copper in Shanghai is 40 ~ 90 yuan / ton, the transaction price of flat water copper is 46420 yuan / ton ~ 46540 yuan / ton, and the transaction price of copper is 46440 yuan / ton ~ 46560 yuan / ton. The strike in Chile boosted copper prices, with Shanghai copper rebounding to 46400 yuan per ton. Every other month, the basis fluctuates in the range of 50 to 60 yuan / ton, and the holder has no intention of lowering the rising water, the quotation is stable at yesterday's level of 50 to 90 yuan / ton, the transaction still shows the characteristics of chainsaw, the flat copper can be pressed to 40 yuan / ton to get the goods, good copper can be reduced to 70 to 80 yuan / ton range; downstream there is no desire to replenish a large number of goods over the weekend, still maintain rigid demand, wet copper basically maintain discount 20 yuan / ton ~ flat water quotation. The market is still dominated by trading between traders, mainly every other month when the price spread is expanded, traders want to receive goods at a low price, but the source of low-price goods is also difficult to find. After the completion of the delivery of the 1906 contract next Monday, the spot rise will not be sustained, as imported copper will continue to enter the market, supply will remain loose, downstream consumption will be difficult to boost, the mainstream transaction is mainly long-term single delivery. The market may remain stable at its current level before delivery. Afternoon market prices fell, but also failed to stimulate downstream low prices to take goods, the afternoon market as a whole trading is still light. In the afternoon, copper water 40-60 yuan / ton, good copper 70-80 yuan / ton, transaction price in the range of 46300 yuan / ton-46400 yuan / ton.

 

Aluminum: Lun Aluminum opened at US $1786 / ton in the morning and dipped US $1776 / ton at the beginning of the day. The Asian trading session maintained range fluctuations, with a price difference of no more than US $4 / ton. After entering the European trading session, Lun Aluminum climbed up and was blocked at US $1783 / ton for the second time in the day. Due to the decline in the US dollar index during the day, it was relatively weak, and it was difficult for the top to break through and continue to go down. As of 19:15, Lun Al closed at a low of US $1774 / ton. Down 11 U.S. dollars / ton, or 0.64%, to close at the mid-negative line, the center of gravity sank from yesterday, the day K line is below the 20-day moving average, the daily KDJ three lines down, the MACD red line shortened, in the dollar index is still high and the overseas atmosphere is empty background, the evening Lun aluminum is expected to continue to maintain a weak shock, the evening to continue to pay attention to the US Index, May retail sales data and the University of Michigan consumer confidence index and other macro data.

The Shanghai Aluminum main Company 1908 contract opened at 13915 yuan / ton in the morning, and rose at the beginning of the day to reach a high of 13935 yuan / ton by a shadow line on a positive line, followed by a series of short positions, aluminum prices fell 13880 yuan / ton low, brushed a new three-day low, began to climb from the low level in the afternoon, but the upper pressure was larger, again blocked in the vicinity of 13930 yuan / ton, fell back for the second time in the last day, hovered at 13910 yuan / ton line, and finally closed at 13910 yuan / ton. It fell 45 yuan per ton, or 0.32 percent, to close at the Xiaoyin line, giving up all its gains yesterday, with trading volume up 11474 hands to 71840 hands and positions up 3882 hands to 241000 hands, a daily KDJ third-line aggregation. Today, Shanghai aluminum trend is not strong, the lack of upward power performance is lacklustre, pay attention to the night long short position changes and 13800 yuan / ton first-line support.

Aluminum first suppressed and then rose at the opening of the month. Before 11:00 in the morning, the transaction price in Wuxi was concentrated between 13960 yuan / ton and 13970 yuan / ton, and the price was 10 yuan / ton, which was nearly 80 yuan / ton lower than that before 11:00 yesterday. The holder maintained an active shipping rhythm. Downstream, due to the drop in aluminum prices near the weekend, the receiving of the goods was positive and the overall transaction was better. After 11:00, the spot price of Wuxi in Shanghai began to focus on 13970 to 13990 yuan / ton, 10 yuan / ton to 10 yuan / ton, and a small number of holders quoted 14000 yuan / ton. The spot price in Hangzhou was maintained between 13990 and 14010 yuan / ton before noon. However, after 11: 00, the trading atmosphere in East China market became lighter, and the trading activity of traders was obviously lower than that in the morning, and the strength of receiving goods downstream began to weaken at this time. Overall, today's deal is better than yesterday's. In the afternoon, aluminum floated, a small number of transactions between market traders concentrated in 13970 to 13980 yuan / ton, and the downstream was relatively calm.

 

Lead: within a day, Lun lead opened at US $1894.5 / ton, during the Asian period, Lun lead basically ran along the daily average, entering the European period, the US Index ran around 97, suppressing the trend of non-ferrous metals on the outer plate, coupled with the continuous narrowing of the structure of lead LME 0-3 liter discount BACK, which led to the warming of risk aversion in bulls and the release of concussion of lead, followed by consolidation along the US $1877.5 / ton line, as of 17 / 04, with a temporary collection of US $1877.5 / ton. It fell 15 cents a tonne, or 0.79 percent. Lun lead temporarily closed the middle negative line, down along the 60-day EMA, and the upper US $1900 / ton integer gate pressure is strong, it is expected to test the support strength of the 10-day EMA below the night Lunlead or test the support strength of the 10-day EMA below.

Within a day, the Shanghai lead main 1907 contract opened at 16060 yuan / ton, at the beginning of the day, Shanghai lead briefly consolidated below the daily average, and then accepted the entry at a low price. The Shanghai lead shock platform moved to 16125 yuan / ton, and finally closed at 16135 yuan / ton, up 50 yuan / ton, an increase of 0.31%, and the position increased by 320 hands to 44286 hands. Shanghai lead closed Zhongyang line, continued the horizontal market, and weekly level, also showed a consolidation trend, it is expected that Shanghai lead at night may still be interval shock, and to 10, 000 to the bottom, above the pressure on the 40-day moving average.

Shanghai market Mulun lead 16130 to 16160 yuan / ton, 1907 contract 30 yuan / ton to Pingshui quotation; southern lead 16140 to 16150 yuan / ton, 1906 contract water 40 to 50 yuan / ton quotation; Jiangsu and Zhejiang market Wanyang 16140 to 16160 yuan / ton, 1907 contract discount 20 yuan / ton to Pingshui quotation. Futures at the six levels or support, and pick up one after another, the holder quotation with the market, coupled with the approach of delivery, some holders shipping enthusiasm slightly reduced, at the same time, storage enterprises only rigid demand procurement, bulk single market trading two light.

Guangdong market Nanhua lead 16175 yuan / ton, the average price of SMM1# lead water 50 yuan / ton quotation; southern storage south 16125 yuan / ton, 1906 contract water 50 yuan / ton; Guangdong area continuous rainfall, has had a certain impact on cargo transportation, but because the terminal consumption is depressed, the market transaction has not further worsened, maintain rigid demand procurement. 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. Part of Henan small factories 16025 to 16055 yuan / ton, the average price of SMM1# lead discount 70 to 100yuan / ton; lead prices fall back, terminal consumption is low, storage enterprises procurement mood is not high, 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 $2476.5 / tonne. After a brief rise in the daily moving average of US $2476.5 per ton, the daily moving average of zinc quickly fell back to US $2470 per ton, and then the operating center of gravity moved up to US $2480 per tonne. During the period, it reached US $2489 per tonne. During the European trading period, the pressure on the 5-day moving average appeared. Lun Zinc quickly dropped US $2460 per tonne, and as of 16 to 38, Lun Zinc closed at US $2463 per tonne. It fell $13 a tonne, or 0.53%. Geneva zinc above the pressure 5, 10 days EMA double suppression intensity, KDJ index inflection downward trend is obvious, indicating that the downward trend of LME zinc, but during the day LME zinc inventory recorded a decline of more than 10 tons, it is expected that there is no deep decline in the night, observe the 10-day EMA suppression at night.

The main 1908 contract of Shanghai zinc opened at 20155 yuan / ton within a day, the short position entered the market substantially at the beginning of the day, Shanghai zinc opened high and low, all the way down to 20070 yuan / ton, failed to try to go up again, and then the short position left the market to boost Shanghai zinc to 20120 yuan / ton first line narrow range finishing, the operating range does not exceed 30 yuan / ton, enter the European trading period, and then the short exit boosts the Shanghai zinc to the first line of 20120 yuan / ton narrow range finishing, the operating range does not exceed 30 yuan / ton, entering the European trading period. Dragged down by the outside market, Shanghai zinc quickly pierced 20000 yuan / ton integer level support, all the way down 19990 yuan / ton Xu Li returned to rise, up to 20100 yuan / ton, recorded a V shape, backfilling most of the decline, closing down 20100 yuan / ton, down 185 yuan / ton, down 0.91%, trading volume increased by 169000 hands to 434000 hands, and position volume increased by 22444 hands to 286000 hands. During the day, Shanghai zinc recorded three consecutive yin, the overall jump off the middle track of Bolin Road, the KDJ index turned downward, showing a more obvious downward trend of Shanghai zinc, the social inventory of Shanghai, Guangdong and Tianjin increased compared with last Thursday, the superimposed market is still strong, but the consumer side is still no obvious improvement, Shanghai zinc current action can be weak, night observation Brindao middle track suppression.

Shanghai 0 # zinc mainstream transaction 20950 to 20990 yuan / ton, Shuangyan, Chihong transactions in 21100 to 21150 yuan / ton, 0 # ordinary June discount 220-discount 200 yuan / ton; Shuangyan, Chi Hong newspaper discount 70-50 yuan / ton. 1 # the mainstream transaction was between 20880 and 20920 yuan per ton. The monthly difference has narrowed slightly, and near the weekend, coupled with the arrival of delivery, there is a lack of confidence in the basis difference after delivery, and traders are more willing to ship goods. The spot discount has further dropped to 220-200 yuan / ton, and the monthly difference has narrowed from about 680,700 yuan / ton to 620640yuan / ton. For July, the quoted price has risen from 480 to 500 yuan / ton to 450 / 460 yuan / ton, due to the lack of certain conditions for current and currency delivery. However, Chihong, which does not meet the delivery conditions, is only 20 to 30 yuan / ton higher than that made in China, and the waiting willingness of the consignors is stronger, while some of the rigid demand procurement appears in the downstream, the market transaction is relatively light, and the overall trading atmosphere has not warmed up.

The mainstream transaction of 0 # zinc in Guangdong was 2110 yuan / ton. Compared with Shanghai stock market, Guangdong market expanded from 40 yuan / ton to 110 yuan / ton. The water supply of Shanghai Zinc 1907 contract is about 620RMB / t. Refinery normal shipment, the market circulation source is obviously narrowed, the overall shipping enthusiasm is obviously less than yesterday, a small number of holders to test the average price around 10 yuan / ton, the rest of the non-delivery license quoted to the average price around 40 yuan / ton, only a small amount of transactions. Entering the second trading period, the market pricing report on the Shanghai zinc 1907 contract rising water 62060 yuan / ton, and then continued the market delivery source did not flow out, the overall trading continued in the morning dull, today's transaction is not as good as yesterday. 0# Kirin, Cishan, Tiefeng and Mengzi mainstream were sold at about 2110 yuan / ton.

Tianjin market 0 # zinc ingot mainstream transaction at 20910 22260 yuan / ton, 0 # ordinary brand mainstream transaction at 20910 21000 yuan / ton, 1906 contract discount 250-discount 200 yuan / ton, Tianjin market than Shanghai market discount 50 yuan / ton yesterday to discount 20 yuan / ton. Disk down, refineries slightly cherish the sale, but the impact is not great, the market supply circulation is still relatively abundant. The holder quoted in the morning to 06 contract discount 200 yuan / ton-discount 150 yuan / ton or so, downstream more to wait-and-see and inquiry, the willingness to receive goods is not good, enter the second trading period, the holder once again downgraded the discount to 06 contract discount 250-discount 200 yuan / ton or so, after the price adjustment slightly boost the willingness to receive goods downstream, spot transactions to the source of low prices. Today, the trading atmosphere in Tianjin market is flat, and the overall transaction situation is slightly better than that of yesterday. 0 # Zijin, Hongye, lark, Chihong, Xiyan, etc., were sold at 20910 to 21000 yuan / ton, and 1 # Zijin, Chihong and Hongye were sold at 20860 to 20950 yuan / ton.

 

Tin: after the opening of the electronic disk of 19340 yuan / ton today, after the opening of the Asian market to the opening of the European market, it generally showed a slight downward trend. At the beginning of the European market, it had twice reached near the opening price and failed to fall back. As of 18-00, the latest price is US $19275 / ton, showing a small negative line, and the lower part of the entity is supported by the 5-day moving average. It is expected that the 10-20 day moving average will be supported around 19200 US dollars / ton below Lunxi. The upper resistance is around $19500 per tonne. This evening, we can focus on the monthly rate of retail sales in the United States in May (%), the monthly rate of industrial output in May (%), and the initial consumer confidence index of the University of Michigan in June.

Shanghai tin main 1909 contract last night after the opening of 145430 yuan / ton, the initial rush to the high of 146000 yuan / ton before falling back, until the end of last night, Shanghai tin all the way down. After the opening of trading this morning, 145410 yuan / ton continued to fall to 144640 yuan / ton last night, after the lowest reached 144640 yuan / ton, maintained consolidation, and finally closed at 144880 yuan / ton, down 650 yuan / ton, down 0.45 per cent. The trading volume was 14358, an increase of 3954. The position was 41406, a decrease of 48 hands. Today, Shanghai tin fell back as a whole, closing with the negative line, the upper shadow line bearing pressure on the 40-day moving average, the lower shadow line supported by the 20-day moving average, the solid part is located near the 10-day moving average. It is estimated that the resistance above Shanghai tin is near the 40-day moving average of 146000 yuan / ton, and the lower support is located at about 144500 yuan / ton of the 20-day moving average. If it falls below, the next support will be around 144000 yuan / ton of the 10-day moving average.

Spot market, today's mainstream transaction price of 143800 to 144800 yuan / ton, there is a small amount of 143500 yuan / ton fixed price small card. Today, as a result of lower market prices, the price difference between sets narrowed, the willingness of sets to become weak, downstream enterprises to buy light, the overall trading atmosphere in the spot market has become lighter. Set Yunxiping water, ordinary cloud word sticker 600yuan / ton, small brand sticker 1000 yuan / ton.

 

Nickel: the nickel sub-plate opened at US $11850 per tonne. At the beginning of the day, Lennie was supported by the daily average and fluctuated upward, breaking through the US $12000 / ton barrier and touching US $12065 per ton. Subsequently, the nickel fell slightly, supported by the US $12000 / ton barrier below, and the upper pressure of US $12060 / ton first-line interval concussion operation. In the afternoon in Europe, the Lennie pressure of $12000 / ton gate fell to $11920 / ton line, the pressure daily average, the center of gravity fluctuated around a narrow range of $11960 / ton. As of 17 to 30, it was quoted at US $11955 per ton. Pay attention to whether Lennie can stand on the 20-day moving average at night. At night, we should pay attention to the monthly rate of retail sales in the United States in May and the monthly rate of manufacturing and industrial output in May, and the initial data of the University of Michigan consumer confidence index in June.

The Shanghai Ni 1907 contract opened at 99630 yuan / ton today. At the beginning of the day, Shanghai Ni fluctuated slightly below the daily average. Subsequently, Shanghai nickel shock upward break through the daily average, high 101360 yuan / ton, in 101000 yuan / ton first-line concussion finishing. In the afternoon, Shanghai nickel fell slightly, bearing pressure of 100800 yuan / ton line narrow range fluctuations, near the end of trading, fell below the daily average, closed at 100060 yuan / ton. The settlement price rose 1660 yuan per ton, or 1.69 percent, from the previous trading day, with trading volume down 8100 to 672000 and positions down 11400 to 154000. Throughout the day, the Shanghai nickel 1907 contract ended in the upper shadow line Yang cross star, the upper shadow line has pierced the Boll line on track, at night to pay attention to whether shanghai nickel can stabilize the 100000 yuan / ton gate.

SMM1# electrolytic nickel 99800 100600 yuan / ton. In the morning, Russia and nickel offer a discount of 50 yuan per ton to flat water than Wuxi 1906. Recently, the profit of domestic imports has continued to expand to a profit of 2500 yuan / ton. Traders feedback that there is a supply of goods in the later period, and now they want to ship the goods actively, but due to the approach of delivery, the basic minimum discount is 50 yuan per ton, or direct delivery. In early trading, the market price was basically fluctuated below 100000 yuan / ton, Jinchuan nickel was generally quoted as rising water 101000 yuan / ton after 10:30, and Jinchuan ex-factory price was quoted at 101000 yuan / ton, up 1700 yuan / ton from yesterday, but there was basically no market, and the mainstream transaction was 100000100900 yuan / ton. Afternoon nickel prices fell slightly by 300 to 400 yuan / ton, spot basically attributed to calm. The mainstream transaction is between 1000000 and 100900 yuan per ton.

Daily review of SMM
daily review of basic metals

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn