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[SMM Review] Global primary aluminum production rebounded, nonferrous iron ore rose nearly 2 per cent.
Jun 21,2019 10:08CST
translation
Source:SMM
Shanghai nickel fell more than 1%, Shanghai tin rose slightly, Shanghai zinc fell nearly 1%, Shanghai aluminum fell nearly 0.5%, Shanghai lead fell 0.74%, Shanghai copper rose slightly. Black ups and downs are mixed, coke up 0.17%, iron ore up nearly 2%, hot roll up 0.35%, thread up more than 0.2%, coking coal down nearly 1%.
The content below was translated by Tencent automatically for reference.

SMM6 20 month news: early trading non-ferrous mutual ups and downs, fluctuations are not large, Shanghai nickel fell more than 1%, Shanghai tin rose slightly, Shanghai zinc fell nearly 1%, Shanghai aluminum fell nearly 0.5%, Shanghai lead fell 0.74%, Shanghai copper rose slightly. Black ups and downs are mixed, coke up 0.17%, iron ore up nearly 2%, hot roll up 0.35%, thread up more than 0.2%, coking coal down nearly 1%.

LME copper rose $6027 overnight before falling back to close at $5972, up 1.31 per cent. Overnight copper prices rose sharply down, the upper pressure still exists. After the inspection period of the basic copper market is over, the supply pressure is released, and the demand enters the off-season. Short-term market sentiment will affect copper prices, focusing on whether the progress of the Sino-US trade talks can provide a boost to optimism. The average daily production of primary aluminum in the world, excluding China, rebounded to 71000 tons a day in May, but remained at a low level for nearly a year, according to data released Thursday by (IAI), the international aluminium association. Global primary aluminium production, excluding China, rebounded to 2.201 million tons in May.

 

NYMEX crude oil futures soared more than 5 per cent on Thursday as Iran shot down US military drones, sparking fears of a military conflict between the US and Iraq. Expectations of a rate cut at the Fed's next meeting and a decline in dollar crude oil stocks also supported prices. The OPEC+ meeting of oil-producing countries, which had been scheduled to be held from June 25 to 26, confirmed the extension to July 1-2, when it would decide whether to extend production cuts until the end of the year.

Today's forecast:

Copper: the market expects the Federal Reserve to cut interest rates more likely recently, and is about to announce today that the latest manufacturing PMI, risk aversion sentiment in European countries has pushed gold to near the 1400 mark, market confidence is insufficient, and copper prices have limited room to rise. Spot today is expected to maintain the recent stalemate pattern, holders still insist on high water shipment, but downstream to maintain a wait-and-see attitude towards prices. It is expected that the amount of copper in London today will be US $5930 to 6000 US dollars / ton, Shanghai Copper will be 46500 to 47000 yuan / ton, and the spot water supply will be 20-80 yuan / ton.

Aluminum: overnight disk pullback, the four levels are difficult to break, the material Shanghai Aluminum main Company 1908 contract days running in 13700 to 14000 yuan / ton, spot to the current month in Pingshui to rise 20 yuan / ton.

Lead: the trend of lead in recent days is more strong, the moving average gradually revised up, recently pay attention to the trend of the dollar, and write off the warehouse receipt after the main force whether there is action. Shanghai lead closed the negative line for two days in a row, giving back the increase at the beginning of the week, the overall trend is still mainly concussion.

Zinc: the trend of zinc in the next day is volatile, although the Federal Reserve is expected to cut interest rates, but the future supply pressure, LME spot water rise has fallen, the action on zinc is more limited, observe the low support strength within the day, or run in the range of $2450 to $2500 / ton. Overnight, Shanghai zinc suffered short pressure, the monthly difference quickly narrowed the market follow-up consumption expectations are not good, but the direction of supply-side increase is set, the accumulation reservoir is expected to continue to strengthen, Shanghai zinc performance is weak, the day or weak operation in 19550-20050 yuan / ton. Material 0 # domestic to 1907 contract water 120 160, double Yan 140 180

Nickel: nickel has hit the Boll line on track and is expected to reach $12400 / ton today, focusing on whether Shanghai nickel can get a 5-day EMA to support a range of 99000-101000 yuan / ton, spot 99500-10100 yuan / ton.

Tin: the lower support is expected to be near the previous platform high of $18800 / ton and the upper resistance near the 40-day moving average of $19400 / ton. It is estimated that the lower support of Shanghai tin is located near the previous platform of 143500 yuan / ton, and the upper resistance is located at the integer gate of 145000 yuan / ton. Spot market, Shanghai tin prices rose again last night around 144500 yuan / ton, but due to the downstream enterprises to maintain a weak trend, today's mainstream trading price is expected to maintain 143000 to 1445500 yuan / ton.

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