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[SMM Daily Review] Black system iron ore is up nearly 4 per cent. Hot volume is up more than 2 per cent.
Jun 20,2019 17:15CST
Today, non-ferrous metals rose and fell, by the end of the day, Shanghai tin fell 0.13%, Shanghai aluminum rose nearly 0.5%, Shanghai lead fell 0.92%, Shanghai copper rose slightly, Shanghai nickel rose 0.5%, Shanghai zinc fell 1%; black series rose across the board today, iron ore rose nearly 4%, hot roll rose more than 2%, thread rose 1.67%, coke increased 0.39%, coking coal rose 0.7%, crude oil futures rose nearly 2% during the day.
The content below was translated by Tencent automatically for reference.

SMM6 20 month news: today's non-ferrous metals rose and fell, by the end of the day, Shanghai tin fell 0.13%, Shanghai aluminum rose nearly 0.5%, Shanghai lead fell 0.92%, Shanghai copper rose slightly, Shanghai nickel rose 0.5%, Shanghai zinc fell 1%; black system rose today, iron ore rose nearly 4%, hot roll rose more than 2%, thread rose 1.67%, coke rose 0.39%, coking coal rose 0.7%; crude oil futures rose nearly 2% during the day.

Global copper dominant stocks are on the low side, 19 Lun copper stocks of 248375 tons,-2375 tons, continue to decline. As of June 14, stocks on the Shanghai Stock Exchange were 139556 tons,-6070 tons, which continued to decline. The dollar has weakened sharply, and the overall trend has weakened. According to (WBMS), the World Bureau of Metal Statistics, the global copper market had a glut of 43000 tons from January to April 2019, compared with a shortfall of 19000 tons for the whole of 2018. On the spot side, SMM electrolytic copper quoted 46780 to 46880, with an average price of 46830, 50. Liter discount rose 30-80, + 55, 0, spot market supply is still abundant, with the rise in copper prices, traders actively ship, market transactions are OK, spot rising water continues to hold steady. Today, Shanghai Aluminium's main 1908 contract fluctuated early in the morning, closing at 13910 yuan, an increase of 0.32 per cent. The three-month contract opened higher today, closing up $1796, or 0.96 per cent, from $1781.5. SMM spot aluminum trading price quoted at 13880 to 13920 yuan / ton, compared with the last trading day flat, spot to 1907 contract c20-b20 yuan / ton, the market mobile supply is abundant, the holder shipping willingness to maintain, the firm price began to loose, the middleman lowers the quotation to receive the goods, the market overall trading is general.

Us crude oil stocks fell 3.106 million barrels to 482.4 million barrels in the week ended June 14, expected to fall 481000 barrels and Cushing crude stocks increased by 642000 barrels, according to data released by the US Energy Information Administration (EIA). The international crude oil futures price was volatile, with a sharp rise in Asian trading, with Brent crude trading at $63.40 a barrel and WTI crude at $53.30 a barrel.

SMM analyst's brief comment on June 20:

Copper: today, Shanghai copper main contract opened at 46880 yuan / ton in the morning, after the opening of the decline, the center of gravity in the vicinity of 46830 yuan / ton shock finishing, during the period of exploration during the lowest position of 46790 yuan / ton. Subsequently, bulls entered the market actively, copper prices opened all the way high, and continued to maintain a high trend in the afternoon. After reaching the highest level of 46990 yuan / ton in the day, the end of the day fell slightly, and closed at 46930 yuan / ton, up 46990 yuan / ton, an increase of 0.21 per cent. Today, the main contract of Shanghai Copper increased its position by 936 hands to 245000 hands, while trading volume decreased by 104000 hands to 137000 hands. The Shanghai Copper 1909 and 1910 contracts added 7748 positions to 153000, the Shanghai Copper Index increased its positions by 2426 to 591000 today, and trading volume decreased by 166000 to 252000. Today, the US dollar was affected by the increase implied by the Federal Reserve's expectations of interest rate cuts in the second half of the year. The US index fell all the way, forming a positive support for copper prices. Copper prices rose as a whole today, closing at the physical pillar, the KDJ index continued to expand, the MACD index was lengthened, and the technology was supported by copper prices. However, at the macro level, the market is waiting for the G20 summit to be held, and the uncertainty of the economic and trade atmosphere makes the market still cautiously bullish on copper prices. In the evening, waiting for the guidance of the outside market, test whether Shanghai copper can continue to explore and stand at the level of 47000 yuan / ton.

Aluminum: the 1908 contract of Shanghai Aluminum Company was first suppressed and then improved today. In the morning, it opened at 13915 yuan / ton, and the shadow line briefly touched an intraday high of 13920 yuan / ton. In the afternoon, the concussion slid as low as 13865 yuan / ton and fell below the daily average. However, due to the improvement in the macro atmosphere in the past two days, there was still some support below the aluminum price after falling back. Shanghai aluminum then began to turn upward from the low, and returned to the high level around 13910 yuan / ton, closing at 13910 yuan / ton, up 55 yuan / ton, an increase of 0.4%. Trading volume decreased by 32500 hands to 115000 hands, position increased by 1978 hands to 259000 hands, closed at the small positive line, the center of gravity rose back to above the 5-day moving average, recorded Sanlianyang, daily KDJ third line up, MACD green line shortened. As a result of the dove signal released by the Fed's interest rate resolution, the market trading atmosphere has improved, and aluminum prices have gone up slightly while the fundamentals are temporarily stable, but considering that the supply and demand side is still short, it is expected that the space above the follow-up will be limited. In the evening, we will continue to pay attention to the changes in long and short positions and the impact of relevant macro news on market sentiment.

Zinc: within days, the main 1908 contract of Shanghai zinc opened at 19865 yuan / ton, Shanghai zinc reached 19960 yuan / ton at the beginning of the day, and then the suppression of the integer position appeared. Shanghai zinc quickly fell to 19850 yuan / ton, followed by a large number of short positions. Shanghai zinc was frustrated and quickly went down to 19665 yuan / ton. After bottoming, it tried to go back to rise, but the rise was weak. The concussion went up to 19850 yuan / ton near the lower track of Bringdao, finishing slightly at the end of the day, closing down to 19865 yuan per ton.In the end of the day, the main contract for zinc in Shanghai was opened at 19865 yuan / ton, and at the beginning of the day, the zinc in Shanghai reached 19960 yuan / ton at the beginning of the day. Compared with the previous transaction, it fell 80 yuan per ton, or 0.4%. Trading volume increased by 38312 hands to 640000 hands, and position volume increased by 3380 hands to 298000 hands. During the day, Shanghai zinc recorded two consecutive overcast, attached under the shadow line to prick Bolin Road under the track support, mainly due to the overnight Shanghai zinc down to 20,000 yuan / ton integer gate, the market bearish mood increased sharply, during the day short significantly depressed zinc prices, although some short positions left the market in the afternoon to repair the decline in zinc prices, but zinc prices are still superior to action. Observe the support strength of the lower track of Brin Road at night.

Lead: the contract was opened at 16140 yuan / ton, at the beginning of the day, the bulls left the market, the center of gravity of lead in Shanghai moved down to 16095 yuan / ton, and finally closed at 16090 yuan / ton, down 16140 yuan / ton, down 0.92%, and the position was reduced by 2438 hands to 35206 hands. Another main contract to 1908 contract, within days, Shanghai lead main 1908 contract opened at 16125 yuan / ton, early in the day, short add code into the market, Shanghai lead shock down to 16060 yuan / ton, followed by 16090 yuan / ton platform shock, finally closed at 16095 yuan / ton, down 135 yuan / ton, down 0.83%, position increased 3748 hands to 39264 hands. Shanghai lead closed in the negative line, the upper impact is weak, the upper 16300 yuan / ton compression force is strong, coupled with the medium-and short-term moving average trend is flat, it is expected that Shanghai lead may wander around Wanliu at night.

Nickel: Shanghai nickel 1908 opened today at 99850 yuan / ton, at the beginning of the day, shock down, below 99500 yuan / ton first-line support after shock back up, touch high 100290 yuan / ton. Subsequently, Shanghai nickel as a whole received a daily average of 99700 yuan / ton first-line support, under pressure 100000 yuan / ton customs, range volatility, closed at 99880 yuan / ton, compared with the previous trading day settlement price rose 500yuan / ton, an increase of 0.50%, position volume increased by 13600 hands to 251000 hands, trading volume increased by 80000 hands to 700000 hands. Throughout the day, the Shanghai nickel main contract closed at the Xiaoyang line, completely standing above the 5-day moving average. The position of the Shanghai Ni 1907 contract was reduced by 15800 to 102000 today, resulting in a capital outflow of 122 million yuan. In the evening, we will pay attention to whether Shanghai nickel can stabilize above the 5-day moving average.


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