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June 17 SMM basic Metals spot Trading Day Review
Jun 17,2019 17:47CST
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Source:SMM
June 17 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

Copper: today, Yapan Lun copper opened at US $5813.5 / ton, opening long while it was low, copper prices kept low and slowly fluctuated to recover, until they entered the European market to reach a preliminary high of US $5837 / ton. After touching high in the short term, copper prices showed a lack of impulse, and under the pressure of the recent surge in the US dollar, copper prices began to fall back. At 17-30, bronze was up 0.15% at $5815 a tonne, the dollar index at $97.543 and crude at $52.23 a barrel. The evening data are light and difficult to guide copper prices. At present, the bronze collection cross star Yang column, the upper pressure on the 5th and 10th EMA intersection point, but below 5800 US dollars / ton integer gate position has part of the short selling pressure, the recent mine end accident frequently brings the support strength for the copper price. Wait for guidance from the dollar and crude oil at night to test whether the copper can test the upper pressure of $5840 a tonne.

Today, the main contract of Shanghai Copper 1908 opened at 46160 yuan / ton in the morning, immediately after the opening, it reached the lowest level of 46050 yuan / ton in the day, and then the disk rebounded to 46160 yuan / ton and then tried to probe down to the 46000 level, but then the center of gravity again moved up to 46150 yuan / ton. In the afternoon, the center of gravity continued to move upward, and the disk rose slightly to the highest level of 46220 yuan / ton in the day. Due to the current market confidence is still insufficient, the high level is difficult to stabilize. After a small probe, he quickly gave up all his gains, closing at 46150 yuan per ton at the end of the day. It fell 310 yuan per ton, or 0.67 percent. Today, the position of the main contract of Shanghai Copper increased by 8522 to 249000, the trading volume decreased by 7558 to 122000, and the position of Shanghai Copper Index increased by 11000 to 618000. Trading volume was basically the same as last Friday, to 234000. Today, the US dollar is still stable at a high level around 97.5, copper prices are under pressure, and short positions are increased. Today, the market as a whole showed a trend of low volatility near the daily average. Today, Shanghai copper closed slightly negative, above the pressure 10-day moving average. Copper prices are expected to continue to maintain a low concussion trend, but due to the supply of copper concentrate continues to be tight and scrap copper imports are limited, the bottom of copper prices are still supported, and the probability of large short selling is small. In the evening, wait for the outside market guidance to test whether Shanghai copper can reach the 10-day moving average to 46350 yuan / ton. Today, the last trading day of the Shanghai Copper 1906 contract, opened at 46100 yuan / ton in the morning, the disk surface in 45980 to 46120 yuan / ton near the shock finishing, the overall center of gravity maintained at 46050 yuan / ton, the end of the day closed at 46020 yuan / ton. The settlement price was 46040 yuan per ton, with a closing position of 5700 hands and a delivery volume of 14250 tons.

Today, the spot price of electrolytic copper in Shanghai is quoted for 60 ~ 150 yuan / ton of water, 46080 yuan / ton to 46160 yuan / ton and 46140 yuan / ton to 46220 yuan / ton for copper in flat water and copper in plain water, respectively. today, the spot price of electrolytic copper in Shanghai is quoted at 60 yuan / ton, 46160 yuan / ton and 46140 yuan / ton ~ 46220 yuan / ton respectively. Today is the last trading day of the 1906 contract, the monthly price difference fluctuates in 60-70 yuan / ton, the market has mostly quoted the 1907 contract price, the holder obviously has the strong desire to push the price, the morning market tries to quote in the rising water 30 ~ 80 yuan / ton, due to the spread of the monthly price difference than last week, resulting in a significant increase in spot water than last week, most of the market is in doubt, the holder in the supply of goods is abundant, difficult to digest the situation, Take the lead in reducing prices from good copper, good copper to 60 to 70 yuan per ton of water, flat copper to 10 to 20 yuan per ton of water, wet copper to further expand the discount state to about 40 yuan per ton of water. SMM according to the price methodology, the last trading day is still quoted according to the current month's contract, according to the price difference, good copper liter water 120 to 150 yuan / ton, flat water copper in the liter water 60 ~ 90 yuan / ton. By contrast, the market generally believes that the rising water is difficult to maintain stability, in the supply continues to be loose, consumer burnout, after the change of the month, the rising water is down is the trend. In the afternoon, the holder's willingness to back up the price is still the same, and the market inquiry is still light, the overall stalemate pattern, the market transaction will basically move to tomorrow after the month. In the afternoon, copper water 30-40 yuan / ton, good copper 70-80 yuan / ton, transaction price in the range of 46150 yuan / ton-46230 yuan / ton.

Aluminum: Lun Al opened at US $1760 / ton in the morning, maintained a narrow range of fluctuations in the Asian disk, and twice its upward movement was blocked at US $1763.5 / ton. It was difficult to break through the pressure above. At the end of the day, it was lower than US $1752 / ton, refreshing the lowest point since mid-January 2017. subsequently, it slowly stepped back to try to float, but as of 17:30, the highest level had only risen to US $1757.5 / ton, closing at US $1756 / ton. Fell $1.50 / ton, or 0.09%, to the small negative line, with the center of gravity below all EMA, the daily KDJ third line converged downward, and the MACD red line shortened. Overnight US dollar index pressure on all metals, today's day Lun metals also did not have a significant correction, metal green manure red thin, aluminum prices closed down slightly, is expected to continue to maintain low range volatility in the evening, upward pressure is greater.

The 1908 contract of Shanghai Aluminum main Company opened at 13860 yuan / ton in the morning, fell below the daily average at the beginning of trading, and was lowered by 13800 yuan / ton under the pressure of short positions, and then ran below the daily average for the whole day, making it difficult to make an upward breakthrough, during which it approached the 13800 yuan / ton barrier twice. As a result of always being unable to move upward and approaching the short end of the market to take advantage of the pressure, it is difficult for aluminum prices to directly fall to the lowest point of the day, 13765 yuan / ton, refreshing the lowest price since the end of March this year. Because there is still some support below, they quickly leave the market in the last five minutes of the day market, reduce their positions by more than 1,000, and Shanghai Aluminum rebounds low, finally closing at 13810 yuan / ton, down 110 yuan / ton, down 0.79 percent, and the trading volume increases by 59434 to 131000 hands. Position increased by 6598 hands to 247000 hands, closed today in the negative line, the center of gravity below all EMA, daily KDJ three-line convergence downward. At the same time, today was the last delivery day of the 1906 contract. Today, the low level of the 1906 contract hit 13800 yuan / ton, closing at the negative line, down 165 yuan / ton, down 1.18%. The position decreased by 5850 hands to 28820 hands, and the trading volume decreased by 6060 hands to 9790 hands. The delivery volume was 72050 tons and the settlement price was 13905 yuan / ton. Today's macro atmosphere is not good, in the US Index high background superimposed fundamentals are on the short side, the trend of aluminum prices is weak, it is expected that after the change of months, aluminum prices will continue to maintain a weak shock, the upper space is relatively limited, and continue to pay attention to changes in long and short positions in the evening.

Aluminum in the month of the opening shock down. In the morning, the trading price in Wuxi market in Shanghai was between 13900 yuan and 13910 yuan / ton, and the trading price in Hangzhou was between 13920 yuan and 13940 yuan / ton. With the decline of aluminum, the trading price in Wuxi market in Shanghai began to focus on 13880-13890 yuan / ton, down nearly 60 yuan / ton from Friday, and 10-20 yuan / ton on the plate. Today, there is no receiving plan on a large household line, the market supply is very sufficient, although the holder is actively shipping, but the actual shipment is not much, the transaction activity of middlemen and traders is significantly lower than last week, the downstream end of Monday replenishment is not expected, the purchase intention is not obvious, because the aluminum futures down stack tomorrow under the background of changing the month to hold a wait-and-see attitude to the price, receiving the goods is not active. Today, the overall transaction in East China is poor. The afternoon aluminum continued to decline, although there are traders quoted in the 13870 to 13880 yuan / ton, on the plate rising water but delivery today, the market atmosphere is light, there are few transactions, the downstream performance is calm.

Lead: within a day, Lun lead opened at US $1868.5 / tonne. In the Asian session, some short sellers chose to profit from the market, and the center of gravity of Lun lead gradually moved up, followed by a shock along the US $1876 / ton platform, and entered the European session. Lun lead again rose, touching US $1884 / tonne. As of 17-31, Lun lead was up US $1878 / ton, up US $5.50, or 0.33 per cent. Lun lead temporarily closed barefoot Xiaoyang line, still running in the range formed by the 40-day and 60-day EMA, around the 10-day EMA pressure, coupled with the United States finger running along the upward channel, to a certain extent, it is difficult to suppress Lun lead.

At the beginning of the day, the Shanghai lead 1907 contract was opened at 16040 yuan / ton. At the beginning of the day, Shanghai lead was running at 16050 yuan / ton below the daily average. During the period, it was once as low as 16020 yuan / ton. In the afternoon, more air increased and decreased, resulting in a sudden rise in Shanghai lead in non-ferrous metals. The Shanghai lead concussion platform moved to around 16135 yuan / ton, and recorded an intraday high of 16200 yuan / ton, finally reported at 16145 yuan / ton, up 50 yuan / ton, an increase of 0.31%. Reduce your position by 1948 to 42338. Shanghai lead close Xiaoyang line, above the 40-day moving average there is a strong suppression, the lower six levels have support, and weekly level, maintain along the 5-day moving average consolidation, is expected to Shanghai lead or continue the box concussion trend at night.

The other day 1906 contract delivery, opened at 16020 yuan / ton, early Shanghai lead around the daily average consolidation, in the afternoon, funds want to raise the settlement price, once delivered at 16105 yuan / ton, and finally closed at 16110 yuan / ton, settlement price 16015 yuan / ton, delivery volume of 8725 tons, trading volume increased to 1906 hands, position reduced to 3490 hands.

Shanghai market baulun lead 16050 to 16080 yuan / ton, for 1907 contract flat water to liter water 30 yuan / ton quotation; southern lead 16080 to 16100 yuan / ton, for 1907 contract liter water 30 50 yuan / ton quotation; sands 16100 yuan / ton, for 1907 contract liter water 50 yuan / ton quotation. With the continuous consolidation of the futures market and the delivery of the time value, the shipping enthusiasm of some holders has decreased slightly, the market quotation has been less discount, and the downstream careful wait-and-see, some large storage enterprises are basically based on long single procurement, bulk single market transactions are weak.

Guangdong market Nanhua lead 16100 yuan / ton, the average price of SMM1# lead water 50 yuan / ton quotation; sand 16100 yuan / ton, 1907 contract water 50 yuan / ton; south 16050 yuan / ton, 1907 contract flat water quotation. Terminal consumption is low, storage enterprises only maintain rigid demand procurement. Henan Yuguang and other smelters mainly to long single transaction; Jinli, Wanyang 16000 yuan / ton, the average price of SMM1# lead discount 50 yuan / ton; lead price shows a low concussion trend, terminal consumption is low, the purchasing mood of storage enterprises is not high, market trading is poor. Other areas such as: Jiang copper 16080 yuan / ton, the average price of SMM1# lead 30 yuan / ton quoted price; Yunnan small enterprises 15750 to 15850 yuan / ton, SMM1# lead discount 300 yuan / ton to 200 yuan / ton. Lead prices continue to fluctuate, renewable lead refineries maintain discount delivery, downstream mainly to purchase recycled lead, electrolytic lead procurement mood is not high.

Zinc: Geneva zinc opened at US $2460.5 per tonne, and at the beginning of the day, zinc fell below the daily average of US $2450.5 per tonne, then rose above the daily average, tidying up around US $2460 per tonne, and then up to US $2473.5 per tonne. In the run-up to European trading, the upper EMA suppressed the superimposed LME zinc registered warehouse receipt to increase, followed by a short position crackdown, and Len zinc quickly fell by $2433.5 / ton, stopping the fall and trying to rise. At 16 / 08, zinc was down $17, or 0.67 per cent, at $2438.5 a tonne. Geneva zinc closed again, the upper 5, 10 days EMA adhesive to form a strong suppression, and LME pre-registered warehouse receipt increased, so that the market for the subsequent delivery of positions expected to rise again, and zinc fundamentals continue to be weak, the evening return space is very limited, or pressure 5, 10 days EMA concussion.

Within days, Shanghai zinc main 1908 contract opened at 19975 yuan / ton, early Shanghai zinc down in 19890 yuan / ton line to find support, upward and try to break through the daily average, failed to travel, and then pressure daily average around 19950 yuan / ton narrow concussion, re-trial daily average suppression, still unable to stand, and then down to 19880 yuan / ton. Trading volume fell 61500 hands to 372000 hands, while position increased 27226 hands to 313000 hands. The main contract of capital transfer within the day, and more than 27000 additional positions, inventories continue to record an increase, superimposed spot weak trend, superimposed heavy technical index suppression, Shanghai zinc follow-up action can not be enough, evening or pressure daily average finishing.

Today, Shanghai Zinc 1906 contract delivery, intraday rapid weakness, the center of gravity moved down to 20460 yuan / ton around finishing. It fell by 20425 yuan per ton, or 2.92%, by 7460 hands to 21920 hands and trading volume by 3070 hands to 10300 hands. Today's settlement price is 20560 yuan / ton, and the delivery volume is 54800 tons.

Shanghai 0# zinc mainstream transaction 2062020640yuan / ton, Shuangyan, Chihong transactions in 2064020680yuan / ton, 0 # ordinary July water rising 350380RMB / ton; Shuangyan and Qihong reported rising water 350400 yuan / tonne. the main stream of zinc in Shanghai is 20620 to 20640 yuan / ton, Shuangyan and Chihong is between 20640 and 20680yuan / ton. 1 # mainstream transaction is between 20520 and 20560yuan / ton. On the last day of contract operation that month, the monthly difference quickly narrowed to about 360 yuan / ton, and the market turned to quote for July. In the morning market, the rising water was about 400 yuan / ton. Because the output of the smelter will increase steadily in the future, the quantity of warehouse receipt overflow market will increase obviously after delivery. At the later stage, the market supply exceeds the expected temperature, and the probability of high water increase is difficult to maintain. The average SMM price determined by the cost of the market transaction is about 10 yuan 20 yuan / ton, the transaction of rising discount is relatively rare, the quotation pressure is reduced to 350 yuan / ton, the transaction feedback is still relatively limited, and there is no significant price difference between different brands. Enter the second trading period, the market quotation changes little, downstream every fall into the market procurement has increased, traders trading light when the actual consumption heats up, the overall transaction slightly improved compared with last Friday.

The mainstream transaction of 0 # zinc in Guangdong was between 2062 and 20680 yuan / ton, and the Guangdong market changed from 110 yuan / ton of rising water to Pingshui near Pingshui on Friday. The rising water of Shanghai zinc 1907 contract is about 360 yuan / ton. Refinery normal shipment, today is the delivery date, traders receive goods sentiment is obvious, the market is still part of the registered warehouse receipt circulation, but the overall transaction is not as good as last week, the upward adjustment is more obvious, Kirin, Huize and other brands reported in the Shanghai zinc 1907 contract water 370,380yuan / ton, Tiefeng, Haolong and other brands reported in the Shanghai zinc 1907 contract water 360370RMB / ton, today's zinc down, the lower reaches of the purchase slightly, More to the source of low-priced goods, today's overall trading is less active, slightly worse than last Friday. 0# Kirin, Cishan, Tiefeng and Mengzi mainstream were sold at about 2062 yuan / ton.

The mainstream of 0 # zinc ingots in Tianjin market is traded at 20500-21820 yuan / ton, the mainstream of 0 # ordinary brand is sold at 20500-20690 yuan / ton, and the water supply for 1907 contract is about 330-400 yuan / ton. Tianjin market changed from 20 yuan / ton to Pingshui on Friday. Disk down, refineries slightly cherish the sale, but due to the holding of goods more market circulation of goods has not been greatly affected. The holder quoted the 07 contract early quotation in the rising water 350 500 yuan / ton, to the 06 contract quote in the discount 170-150 yuan / ton, to the 06 contract quotation is the ordinary low price source, the market inquiry situation is more, the willingness to receive the goods is temporarily obvious, the holder for the shipment once again lowers the quotation to the 07 contract rising water 330 400 yuan / ton, after the price adjustment market transaction receives the small boost, mainly with the low price brand goods source contribution more trading volume. The trading atmosphere in Tianjin today was significantly warmer than last Friday, and the transaction volume in the market was better than last Friday. 0 # Zijin, Hongye, lark, Chihong, Xiyan, etc., were sold at 20500 to 20690 yuan / ton, and 1 # Zijin, Chihong and Hongye were sold at 20450 to 20640 yuan / ton.

Tin: after the opening of US $19255 / ton today, trading in the Asian session was light and remained consolidated at the opening price. After the opening of European trading, the US dollar rebounded, superimposed LME inventory report increased by 1086 tons, an increase of 30%. As of 17 to 30, the latest price of Lunxi was US $18896 / tonne, showing a broken fall, fearing that it would lose all its EMA support again. Lunxi is expected to slide to the previous platform around US $18700 / tonne, paying attention to the pressure of the US dollar guidelines on Lunxi in the evening.

After the opening of 145080 yuan / ton in Shanghai tin trading on Friday night, the main 1909 contract in Shanghai fell rapidly to 144350 yuan / ton at the beginning of the day, and then rose slightly to the daily average of 144700 yuan / ton, and then until the closing of the night trading, the Shanghai tin exchange was maintained near the daily average. After opening 144580 yuan / ton in early trading this morning, it quickly fell to 144400 yuan / ton at the beginning of the day, then hit bottom and rose to 144900 yuan / ton. Then, until the end of the day, Shanghai tin all the way down, finally closing at 144410 yuan / ton, down 470yuan / ton, down 0.32 per cent. The trading volume was 9720, a decrease of 4638. The number of positions was 41070, a reduction of 336. Today, Shanghai tin closed with a negative line, the solid part is located near the 20-day moving average, below by the 10-day EMA support, above by the 5-day EMA suppression. It is estimated that the lower support of Shanghai tin is located in the vicinity of the integer gate of 144000 yuan / ton, and the upper resistance is located in the vicinity of 145500 yuan / ton of the previous platform.

In the spot market, today's mainstream transaction price is 143500 to 145000 yuan / ton, the profit space of arbitrageurs is not enough to receive goods, and the downstream enterprises are light because of the high tin price, and the overall transaction atmosphere of Shanghai tin spot market is light. Set of cloud tin flat water, ordinary cloud word sticker 600 800 yuan / ton, small brand sticker 1000 to 1200 yuan / ton.

Nickel: the nickel sub-plate opened at $11930 per ton today. At the beginning of the day, the nickel was supported by a line of support of $11900 per ton below, with its center of gravity fluctuating over a narrow range around the daily average. Subsequently, the nickel concussion rose, touching up US $12000 / ton after the pressure of US $12000 / ton gate reversal fell back to the US $11900 / ton line. In the European session, LME stocks reported an increase of 4026 tons, due to the impact of a sharp increase in inventories, Len nickel plummeted, down US $11825 per ton. As of 17 / 00, it was quoted at US $11840 / ton. In the evening, we will be concerned about whether Lennie can hold the $11800 / ton barrier.

Shanghai nickel 1908 opened at 99360 yuan / ton today. At the beginning of the day, the pressure of 99500 yuan / ton fell rapidly after pushing up 99560 yuan / ton, with 99000 yuan / ton first-line support below, and the center of gravity fluctuated around the daily average of 99200 yuan / ton. In the afternoon, supported by the daily average, Shanghai nickel concussion rose, touching up 99680 yuan / ton, then reversed and fell, giving up all its gains, falling below the daily average of 98780 yuan / ton to close at 98850 yuan / ton. Compared with the previous trading day, the settlement price fell 560yuan / ton, down 0.56%, trading volume decreased by 64600 hands to 367000 hands, and position volume increased by 6500 hands to 230000 hands. Throughout the day, Shanghai nickel main contract 1908 closed at the Xiaoyin line. In the evening, we will pay attention to whether Shanghai nickel can be supported by the 60-day moving average, stable at 99000 yuan per ton.

Today is the last trading day of the Shanghai Ni 1906 contract. Shanghai Ni 1906 opened at 100000 yuan / ton today and rose in a straight line to 100990 yuan / ton in late trading, and closed at the highest point of the day, 100550 yuan / ton, up 590 yuan / ton, or 0.59 per cent. The settlement price is 99970 yuan per ton. The position was reduced by 48 to 16392, and the actual delivery was 8196 tons.

SMM1# electrolytic nickel 99900 100500 yuan / ton. In the morning, Russia and nickel reported 300 to 400 yuan of water per ton compared with Wuxi 1907. Jinchuan nickel than Wuxi 1907 contract generally reported a water rise of 900 yuan-1000 yuan / ton. This week, traders moved their positions to Wuxi 1907 contracts. Due to the back price difference of about 350 yuan / ton between 1906 and 1907 contracts in the morning, Russian nickel and Jinchuan nickel rose one after another. However, the transaction on Monday is not ideal, the recent profit from domestic imports continues to be large, the domestic supply continues to increase, and the downstream procurement is cautious in the case of high absolute prices. Jinchuan nickel recent transactions have been relatively light, water 900 yuan / ton shipment is more difficult. Today, the volatility of the disk is relatively narrow, at 99500 yuan / ton position, there are a small number of transactions. Jinchuan nickel ex-factory price of 100600 yuan / ton, down 400 yuan / ton from Friday, the mainstream transaction at 99800100600 yuan / ton. In the afternoon near the close of the previous period, nickel prices fell sharply, falling to 99200 yuan / ton after some concentrated transactions, but the volume is less. The mainstream transaction is 99200 100400 yuan / ton.

 

 

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