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[SMM Review] Nonferrous metals floating green Shanghai zinc dropped nearly 1% black system green flag floating crude oil slightly fluttering red
Jun 17,2019 09:46CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM6 17 news: today's non-ferrous metals market early green, as of 09:40 in the morning, Shanghai zinc fell nearly 1%, Shanghai copper fell nearly 0.7%, Shanghai aluminum fell nearly 0.6%, Shanghai lead fell nearly 0.4%, Shanghai nickel, Shanghai tin fell nearly 0.2%, Shanghai zinc fell nearly 1%, Shanghai copper fell nearly 0.7%, Shanghai aluminum fell nearly 0.6%, Shanghai lead fell nearly 0.4%, Shanghai nickel, Shanghai tin fell nearly 0.2%. Among them, zinc consumption is seasonal weak, June domestic zinc ingot inventory inflection point upward, according to SMM data, to June 14 domestic zinc ingot social inventory is 153900 tons, up 9900 tons from June 10, week-on-week increase of 13500 tons.

Black system the same green flag fluttering, thread, iron ore fell nearly 2%, hot roll, coke fell nearly 1.7%, coking coal fell nearly 0.6%; among them, coal coke market stalemate, coke enterprises rose and inventory low, but steel plant inventory recovered faster, price sentiment increased, some steel mills raised over the weekend, but coke enterprises did not accept, the two sides stalemate.

Crude oil futures fluttered slightly by nearly 0.1% in early trading, news that oil tankers were attacked one after another, and the United States and its allies in the Middle East pointed the finger at Iran, mainly because of Iran's claim that if the United States continues to impose sanctions on Iran, Iran could block the Strait of Hormuz as a threat. As a result, the United States attributed the attack on the tanker to Iran, highlighting Iran's threat to Hormuz, thus providing an excuse for further sanctions against Iran. This will lead to a further intensification of the geographical situation in the Middle East.

Technical analysis:

Copper: the downward risk of copper prices has increased, but the recent frequent accidents in domestic mines have brought some support for copper prices to stick to the integer gate. At present, the center of gravity of Lun Copper has fallen again to all the recent EMA, and the trend of KDJ is weaker. Spot is facing contract delivery today, the market quotation will be close to the delivery level, and the current contract Contango structure has a narrowing trend in recent months, which will provide guidance for the quotation. It is estimated that today 5800 to 5850 US dollars / ton, Shanghai Copper 46000 to 46500 yuan / ton, spot water 20-liter 100 yuan / ton.

Aluminum: it is expected that the 1908 contract of Shanghai Aluminum Company will run at 13800 yuan / ton today, and the spot transaction will be in the range of 0 / 20 yuan / ton. It is suggested that the downstream should be purchased on demand. Shanghai Aluminum Bank to the lowest position since early April, Shanghai Aluminum Company 1908 contract is expected to run at 13800-14100 yuan / ton, spot water at 0-20 yuan / ton.

Lead: after touching the 60-day line in the early stage, the lead shows a high decline pattern, and it is still necessary to be careful to break the position of lead in the short term. Shanghai lead continues the pattern of low shock, short-term need to wait for fundamental changes in fundamentals, Shanghai lead can choose the direction.

Zinc: last Friday, Lun Zinc recorded three consecutive yin, overseas back structure to zinc price support weakened, Lun Zinc partial smooth operation, within a day there is no large action energy, the operating range may be 2430 to 2480 US dollars / ton. On Friday, Shanghai zinc jumped off all the EMA as a whole, and the KDJ index turned downward, indicating that the downward trend of Shanghai zinc shows, mainly due to the recovery of supply, the market still has expectations for inventory increase, while the consumer side gradually enters the off-season, and Shanghai zinc may be weak to run between 197 and 20100 yuan / ton within a day. Material 0 # domestic zinc pair water in July 380 to 420, Shuangyan to June discount 80-sticker 40.

Nickel: nickel is expected to fluctuate near the 20-day moving average, which is expected to reach US $11800 / ton today. Shanghai nickel broke through all averages and fluctuated at the 100000 yuan / ton barrier. Shanghai nickel is expected to fluctuate at 99000-101000 yuan / ton today, and the spot price is 99000-101000 yuan / ton.

Tin: the resistance above Lunxi is expected to be near the 60-day moving average of $19500 per tonne, and the lower support is near the 10-day moving average of $19150 per tonne. It is estimated that the lower support of Shanghai tin is located near the integer gate of 144000 yuan / ton, and the upper resistance is near the 40-day moving average of 145700 yuan / ton. Spot market, Shanghai Tin on Friday night trading center of gravity moved slightly, is expected to today's mainstream trading price of 143500 to 145000 yuan / ton.

 

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