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[SMM Daily Review] Nonferrous metals rose generally, black system rose sharply, iron ore rose 5 per cent, and hot rolls rose by more than 2 per cent.
Jun 19,2019 16:40CST
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SMM6 19 news: non-ferrous metals rose today, by the end of the day, Shanghai tin rose 0.13%, Shanghai aluminum rose more than 0.5%, Shanghai lead rose 0.74%, Shanghai copper rose more than 1%, Shanghai nickel rose nearly 1%, Shanghai zinc rose slightly; black series rose sharply today, iron ore rose more than 5%, hot roll rose more than 2%, thread rose 1.62%, coke, coke coal rose nearly 1%; crude oil futures rose by more than 1% during the day.

Today, Shanghai Copper main 1908 contract concussion operation, closed at 46840 yuan, up 1.10%. The LME three-month contract opened slightly lower from $5967.5 in early morning trading, with the Asian market closing at $5945.5, down 0.18 per cent. Yesterday, Chinese and US leaders spoke on the phone, the market is expected to resume Sino-US negotiations, market sentiment improved. In addition, Chile's national copper strike escalated, the domestic copper concentrate TC fell below US $60 / ton, copper prices are supported by the latest Fed interest rate details and the G20 meeting of Sino-US relations, copper market caution still exists. Shanghai Aluminum main 1908 contract opened from a high of 13890 yuan to 13830 yuan, closing at 13865 yuan, an increase of 0.40 per cent. The three-month contract fell $1773.5 after the opening of the three-month contract today, and the Asian market closed at $1779, up 0. 06 per cent. Fears of an overnight trade dispute eased and positive sentiment prompted a rebound in non-ferrous metals, but supply pressure weakened the rebound in aluminium prices today.

Brent crude futures prices rose sharply, oil prices rebounded sharply as OPEC approached a meeting to extend the production reduction agreement, and the trade situation showed signs of positive developments, easing fears of slowing oil demand growth.

SMM analyst's brief comment on June 19:

Lead: within a day, Shanghai lead 1907 contract opened at 16280 yuan / ton, at the beginning of the day, Shanghai lead temporarily along the 16265 yuan / ton line operation, after the bulls worried about the pressure above the box, cut warehouse departure, and short into the market, Shanghai lead concussion platform moved down to 16210 yuan / ton, near the close, short-term profit, Shanghai lead compensation part of the day decline, finally reported at 16270 yuan / ton, up 120 yuan / ton, up 0.74%, position reduced 2576 hands to 37644 hands. Shanghai lead closed Zhongyang line, running along the uplink channel, and the short-term daily moving average showed an upward trend, but the rise was mainly due to short departure, persistent worry, coupled with the strong suppression of the above 60-day moving average, pay attention to whether Shanghai lead can keep the 40-day moving average at night.

Nickel: Shanghai nickel 1908 opened today at 99980 yuan / ton, at the beginning of the plate, the pressure of 100000 yuan / ton gate, below by the daily average support, concussion operation. Subsequently, Shanghai nickel shock down to below the daily average, during which many attempts to break through the daily average of 99500 yuan / ton first line failed, won 99000 yuan / ton first line support, range concussion. Near the end of trading, the Shanghai nickel center of gravity fluctuated in a narrow range around 99000 yuan per ton, closing at 99060 yuan per ton, up 960 yuan per ton, or 0.98 percent, from the previous trading day. The position increased by 5600 hands to 237000 hands, and the trading volume increased by 224000 hands to 620000 hands. Shanghai nickel is expected to operate at a concussion of 100000 yuan per ton in the evening.

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