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June 24 SMM basic Metals spot Trading Day Review
Jun 24,2019 19:04CST
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Source:SMM
June 24 SMM basic Metals spot Trading Day Review
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Copper: Yapan Lun copper opened high at US $5966 / ton today, with its focus on the daily average concussion, slightly higher than US $5974.5 / ton before noon, but then the overall center of gravity remained stable near the daily moving average until it entered the European market. Disturbed by crude oil, copper prices quickly fell US $5945 / ton. As of 15 / 00, Lun Copper was at US $5948 / ton, down 0.08%. The US dollar index was at 96.152, and US crude oil at US $58.15 / barrel. The price of copper was rapidly lower by US $5945 / tonne, as of 15. 00, down 0. 08%. The US dollar index was at 96.152 and the US crude oil at US $58.15 / barrel. Economic data are light in the evening, as markets wait for developments in the dispute between the United States and Iraq and official statements from China and the United States, and macro developments will guide prices. At present, the 5-day moving average below Luntong will be broken, the high level of KDJ index will turn, and the technical support will be weaker. Wait for guidance from the dollar and crude oil at night to test whether the copper can hold steady at $5940 a tonne.

Today, the main contract of Shanghai Copper 1908 opened at 46830 yuan / ton in the morning, and then fell to the lowest of 46750 yuan / ton in the day. Subsequently, the market showed a trend of pulling up, but there was not enough momentum to rise. Copper prices rose many times and fell back. Finally, they reached the highest level of 46880 yuan / ton in the day. After a small probe, the market continued to decline. After the opening of afternoon trading, bulls actively reduced their positions. Copper prices fluctuated all the way down and gave up all their gains in the morning. The end of the day closed at the lowest level of 46750 yuan per ton. It fell 140 yuan per ton, or 0.3 percent. Today, the main contract of Shanghai Copper reduced its position by 612 hands to 245000 hands, and the trading volume decreased by 27000 hands to 138000 hands. Shanghai Copper 1909 and 1910 contracts increased by 5722 hands to 162000. The Shanghai Copper Index contract lost 2600 hands to 586000 today. Trading volume fell by 54000 hands to 247000. The lack of confidence in the copper price rally today is mainly due to the further deterioration of the situation in the United States and Iraq, resulting in a strong atmosphere of risk aversion in the market, the superposition of economic slowdown in Europe, the spread of overall macro weakness, and concerns with the market about the outcome of the G20 negotiations. it is difficult for many factors to support the copper price to stand firm. At the technical level, the KDJ index of Shanghai copper shows a negative trend today, the red column of MACD index is shortened, and the technology is lack of support in the face of copper price. At night, we wait for the guidance of the outside market to test whether Shanghai copper can hold the 46700 yuan / ton gate.

Today, the spot price of electrolytic copper in Shanghai is 30 ~ 90 yuan / ton, the transaction price of flat water copper is 46790 yuan / ton ~ 46840 yuan / ton, and the transaction price of copper is 46830 yuan / ton ~ 46880 yuan / ton. Shanghai copper continued last week concussion pattern, still around 46800 yuan / ton near shock. The holder quoted a price of 40 to 90 yuan / ton in the morning market, the transaction still shows the characteristics of a saw, flat copper can be reduced to 30 yuan / ton of water, and good copper can also be reduced to 70 yuan / ton of water, the transaction has improved slightly; downstream still maintain rigid demand, wet copper maintain discount 40 yuan / ton to discount 30 yuan / ton quotation; In today's market, there are quotations and transactions for invoices for the next month, with a difference of about 20 yuan per ton from the current month, but most major traders and smelters will still hold firm quotations for the current month's invoices. Futures market is temporarily difficult to get rid of the interval concussion pattern, the last two days of this month long single delivery day is also a rising spot factors, supply and demand will still be stuck in a stalemate. In the afternoon, the market still maintains a stalemate pattern, and at present, the market has already appeared the supply of next month's tickets, and the market demand is light. In the afternoon, copper water 20-30 yuan / ton, good copper 70-80 yuan / ton, transaction price in the range of 46750 yuan / ton-46900 yuan / ton.

 

Aluminum: Lun Aluminum opened at US $1769 / ton in the morning, close to the daily average and rising to an intraday high of US $1776.5 / ton. Due to the fact that there is no obvious bullish orientation in the macro news within the day, Lun Aluminum has a greater upward pressure when its fundamentals are weak. After two upward struggles failed during the period, the end of the Asian disk fell back, and after entering the European trading session, it was lower than the intraday low of US $1766.5 / ton, as of 17:50. Lun aluminum rose above the daily average from a low to close at $1774.5 / ton, up $6.50 / ton, or 0.37%, and closed today at the small positive line, where the center of gravity is still below all averages, focusing on evening macro data and changes in the US index, which is expected to continue to run under pressure below $1800 per tonne in the evening.

The Shanghai Aluminum main Company 1908 contract opened at 13770 yuan / ton in the morning, briefly up 13810 yuan / ton, but the upper pressure was obvious, then fell back to the intraday low of 13760 yuan / ton, hovered at 13795 yuan / ton in the afternoon to maintain a narrow concussion, began to float above the daily average in the afternoon, climbed higher along the 5-day moving average, hit an intraday high of 13845 yuan / ton all the way up, and closed slightly back at 13830 yuan / ton, down 5 yuan / ton in the afternoon. Trading volume fell 28974 hands to 123000 hands, positions fell 2448 hands to 266000 hands, and the daily K line closed at the Xiaoyang line, but the overall center of gravity remained below all averages. Today's release of electrolytic aluminum inventory data, the decline is narrower than last week, while taking into account the cost and consumption side of the lack of new bullish news, Shanghai aluminum is expected to remain below the Wansi pass in the evening, pay attention to long short positions and market atmosphere changes.

Aluminum trading in the month before noon to maintain range volatility. The spot price in Shanghai is between 13820 and 13840 yuan / ton, and the flat water in that month is 10 yuan / ton, which is nearly 40 yuan / ton lower than that on Friday. The spot price in Wuxi is between 13830 and 13850 yuan / ton, and the price in Hangzhou is between 13860 and 13880 yuan / ton. Today, the holder is still actively shipping, the price is strong, at the same time, due to the fall in aluminum prices, low prices, some traders middleman buying enthusiasm is also significantly enhanced, the two sides active trading, inquiry quotation is positive. But the performance of the downstream side is average, Monday return downstream basic on-demand replenishment, the willingness to purchase is flat. To sum up, the overall transaction in East China today is average. Afternoon aluminum shock upward, the market transaction price of 13840 to 13860 yuan / ton, flat water to 10 yuan / ton, due to the rapid rise of the market, market sentiment more wait-and-see, only a small number of transactions between traders, there are few downstream.

 

Lead: within a day, Lun lead opened at US $1894 / ton. In the Asian session, at the beginning of the day, due to the continued weakness of the US Index, the center of gravity of Lun lead slowly moved up. In the afternoon, the overall strength of the outer disk of non-ferrous metals weakened, and Lun lead also fluctuated. In the European period, Lun lead once reached US $1892 / ton, and later accepted low entry. Lun lead returned to US $1899.5 / ton line operation, as of 17 / 03, Lun lead temporarily received US $1899.5 / ton. It fell $9 a tonne, or 0.4%. Lun lead temporarily close on the film Xiaoyang line, continue the horizontal shock market, and the medium-and short-term moving average upward trend does not change, pay attention to whether Lun lead can stand on the 5-day moving average at night.

Within a day, the Shanghai lead 1908 contract opened at 15975 yuan / ton, at the beginning of the day, Shanghai lead was consolidated along the 15995 yuan / ton line, and then affected by Henan pollution control, affecting part of the lead smelting production. Shanghai lead shock platform moved to 16130 yuan / ton, finally reported at 16160 yuan / ton, up 115 yuan / ton, up 0.72%, and the position increased 3256 hands to 48912 hands. Shanghai lead to accept Dayang line, reverse package of the previous negative line, and the 5-day EMA turn up, but the above 60-day EMA resistance is greater, Shanghai lead at night may be supported by the 20-day EMA, and test the pressure of 16250 yuan / ton platform.

Shanghai market southern lead 16075 16095 yuan / ton, 1907 contract water 30 50 yuan / ton, Sands 16095 16125 yuan / ton, 1907 contract water 50 80 yuan / ton, Jiangsu and Zhejiang Jijin, Wanyang, copper crown, Shuangyan lead 16065 16095 yuan / ton, 1907 contract water 20 50 yuan / ton. The futures market is low, the quotation of the holder is in line with the market, and the demand downstream is weak, and there are few inquirers, coupled with the fact that the reclaimed lead maintains the shipment of deep water, and then recovers slightly with the futures market, and some of the holders cut their quotations and rise, but there is still no sign of improvement in the bulk market.

Guangdong market Nanhua lead 16050 yuan / ton, the average price of SMM1# lead flat water to liter water 50 yuan / ton; southern storage south 16075 to 16095 yuan / ton, 1907 contract water 30 50 yuan / ton; southern storage and Mongolia from 16030 yuan / ton, SMM1# lead average price 30 yuan / ton. Lead prices rose rapidly, but consumption has not improved, the purchase of enterprises to wait and see, the transaction is very light. Henan Yuguang and other smelters mainly to long single transaction; Jinli 15900 yuan / ton, the average price of SMM1# lead discount 100 yuan / ton quotation; Wanyang 15930 to 15950 yuan / ton, SMM1# lead price discount 50 to 70 yuan / ton quotation; refineries maintain discount shipment, downstream is still low procurement, market trading is bleak. Other areas such as: Jiang copper 16030 yuan / ton, the average price of SMM1# lead 30 yuan / ton. Refinery to long single transaction, bulk order shipping enthusiasm is not high, but the terminal consumption is relatively low, the market transaction is still light.

 

Zinc: Geneva zinc opened at US $2436.5 / tonne. At the beginning of the day, the storage capacity rose to US $2440 / ton, and then the daily average support was briefly measured under pressure. After finding the support, the operating center of zinc moved up to US $2445 / ton, with an operating range of no more than US $5 / ton. into the European trading session, boosted by the downward US finger, the shock of Len Zinc reached US $2456 / ton, which was as high as US $2456 / tonne, after finding the support, the center of gravity of the operation moved up to US $2445 / ton, with an operating range of not more than US $5 / ton, which was boosted by the downward US finger. However, unable to stand firm, the pressure fell back and down $2433.5 / ton, and then the bulls came in to lift Zhenlun zinc up, closing at $2451.5 / tonne, up $18.5 / tonne, or 0.76 per cent, as of 16 to 43. Geneva zinc stopped falling and turned red, but the operating range is still under pressure at all averages, in addition, LME zinc stocks fell another 1675 tons, to some extent to give zinc price support, night observation of Brin Road off-track support.

Within a day, the main 1908 contract of Shanghai zinc opened at 19480 yuan / ton, and at the beginning of the day, Shanghai zinc stepped back on 19350 yuan / ton, and then short left the market to boost Shanghai zinc up and touch as high as 19520 yuan / ton, and arranged a narrow concussion near this position. Subsequently, the short position left the market again, the Shanghai zinc operation center of gravity moved up to 19580 yuan / ton line, the overall operation was near the lower rail of Brindao, and then the Shanghai zinc operation center of gravity sank slightly to 19550 yuan / ton. At the end of the day, it rose again to 19580 yuan per ton, closing up 19585 yuan per ton, up 115 yuan per ton, or 0.59 percent, from the previous transaction. Trading volume increased by 24900 hands to 562000 hands, and position volume decreased by 25576 hands to 307000 hands. During the day, Shanghai zinc stopped falling and closed in the positive, but Shanghai zinc fell still smoothly, technically bearing pressure on each moving average, while the MACD index formed a dead fork, still giving a signal of short selling in the market. During the day, domestic inventories in Shanghai, Guangdong and Tianjin recorded a slight decline, and there was a constant expectation of supply-side increment in the market, and a small decline in inventory gave zinc prices momentum to stop falling. However, the market still has expectations for subsequent accumulations. Under the condition that there is still no big improvement on the consumer side, the back-up kinetic energy of zinc prices still needs to be considered and operated at night or under pressure.

Shanghai 0 # zinc mainstream transaction 19830 19900 yuan / ton, Shuangyan, Chihong transactions in 19870 19940 yuan / ton, 0 # ordinary July 40 to 80 80 yuan / ton; Shuangyan, Chi Hong reported 80 to 120 yuan / ton. 1 # the mainstream transaction was between 19760 and 19840 yuan per ton. The zinc exploration in the period has returned to rise, and the shipment of the smelter has been controlled, but the supply of zinc in the market is relatively abundant, traders are mainly shipping, and the Shanghai stock market is still in the buyer's market. The quotation has been quickly adjusted from 80 to 100 yuan per ton in the morning market to about 50 to 70 yuan per ton, but at the same time, the low price has been quoted to 30 to 40 yuan per ton, and the price difference between the current month and the next month is 0 to 10 yuan per ton, and there is no big gap. Rise paste water down too quickly so that the receiver is a little cautious, the net average price rose by 10 to 30 yuan / ton or so relatively active. In the second trading session, the market quotation was generally reduced to about 40 yuan / ton, but the long single trading was closed, and the lower reaches of zinc futures returned to the lower reaches to wait cautiously again, and the overall market had more and less transactions to cool down. the transaction is not much different from last Friday.

Guangdong 0 # zinc mainstream trading in 19760 19860 yuan / ton, Shanghai zinc 1908 contract water 240 250 yuan / ton, Guangdong stock market than Shanghai market discount 80 yuan / ton narrowed to 40 yuan / ton discount. Plate down, refineries slightly cherish the sale, the holder actively shipped, the morning period mostly focused on the 08 contract price rising water 270 300 yuan / ton, just when the plate surface has a small upward, the holder saw the trend of downward water rise to 240 250, 07 contract basically maintained in the discount 10 yuan / ton-10 yuan / ton water, the market transaction situation has improved obviously after the water rise down. The market transaction situation has improved obviously after the downgrade of the water supply, and the holding company saw the downward trend of the rising water to about 240 to 250, and the 07 contract was basically maintained at the discount of 10 yuan / ton to 10 yuan / ton, and the market transaction situation improved obviously after the downgrade of the rising water. Today, the trading atmosphere in Guangdong market is relatively warm, and the transaction situation is basically flat on Friday. 0# Kirin, Cishan, Tiefeng, Mengzi mainstream transactions in 19760 19860 yuan / ton.

The mainstream of 0 # zinc ingots in Tianjin market was traded at 19900-21150 yuan / ton, the mainstream of 0 # ordinary brand was sold at 199000-20160 yuan / ton, and the rising water of 1907 contract was about 150,290 yuan / ton. Tianjin market changed from 60 yuan / ton to 110 yuan / ton compared with Shanghai stock market. Disk down, refineries have to cherish the sale, the market supply of goods circulation is tight. Therefore, the holder's willingness to push up the price is stronger, and in the morning, it was reported that the rising water of the 07 contract was around 150 to 380 yuan / ton, and some of the subsequent holders quoted the supply of high-priced brands such as Zijin at about 250 yuan / ton for the 07 contract. Zijin brand supply fell back. The follow-up market basically traded around 150 to 290 yuan / ton of rising water for the 07 contract. Due to the tight circulation of goods in Tianjin market today, the willingness to push up the price of the market is higher, the overall market trading atmosphere is heating up today, and the willingness to receive goods downstream is positive. The overall market transaction is better than last Friday. 0 # Zijin, Hongye, Bailing, Chihong, Xiyan, etc., were sold in the vicinity of 1990020160 yuan / ton, and 1 # Zijin, Chihong, Hongye, etc., were sold in 19850 to 20110 yuan / ton.

 

Tin: after the opening of the electronic disk of US $19060 / ton today, the sub-market period was generally arranged horizontally around the opening price. After the opening of European trading, as the dollar index rallied, Lunxi quickly fell to $18685 a tonne before bottoming out, wiping out nearly half of its previous losses. As of 17 / 00, Lunxi's latest price is US $18885 / ton, which is negative, the lower shadow line is longer, the physical part is near the 5-day moving average, and the upper part is suppressed by the 20-day moving average. Lunxi this round of decline is more smooth, the trend has not changed the short arrangement, there is still the possibility of further downward exploration in the short term, but at the same time, due to the weak trend of the US dollar, it can be supported to some extent, and it is expected to be mainly volatile in the short term; the data today is light. Recently, we can pay attention to Tuesday's June consultation Consumer confidence Index and the total number of new home sales (10,000 households) adjusted for the May quarter in the United States.

After the opening of 143880 yuan per ton of tin in Shanghai this morning, the overall operation did not break away from the range of 143540 to 143845 yuan per ton. Near the close, the Shanghai tin broken platform went down, once as low as 143220 yuan per ton, and finally closed at 143380 yuan per ton, down 920 yuan per ton, down 0.64 per cent. The trading volume was 12328, an increase of 1636. The position was 42584 hands, an increase of 1052 hands. Shanghai tin down, mainly short to increase positions, Shanghai tin today Dayin line to increase the degree of pessimism about future prices, the technical point of view, the Shanghai tin market still has the possibility of falling.

Shanghai tin 1909 contract due to short positions increased Shanghai tin overall downward trend. In the spot market, the mainstream transaction price is 142200 to 144000 yuan / ton. Today, there is a small amount of 142200 to 142500 yuan / ton low price small brand source outflow, more favored by the market, downstream enterprises a small amount of replenishment, but the overall trading atmosphere in the spot market is still maintained at the general level. Set Yunxi liter water 200 yuan / ton, ordinary cloud word sticker 400 to 600 yuan / ton, small brand discount 800 to 1100 yuan / ton.

 

Nickel: nickel opened at US $12120 / tonne today. at the beginning of the day, Lennie was supported by the daily average and rose slightly, falling back near the opening price after touching as high as US $12180 / ton. In the afternoon, nickel was supported by $12100 per tonne, with a center of gravity fluctuating around the daily average of $12140 per tonne, trading at $12155 per tonne as of 17-30. The data were light tonight. On the technical level of nickel, the short-term index points to the multi-head arrangement, but the 60-day moving average above forms the greater pressure, the short-term want to break through needs to cooperate with the effective release of the trading volume, otherwise prevents the inducement to appear.

Shanghai nickel 1908 contract opened today at 98480 yuan / ton, early in the day, shanghai nickel quickly fell to 98050 yuan / ton, then stopped falling and stabilized, and gradually rose, once as high as 99000 yuan / ton, but above pressure at 5, 10 days moving average, shanghai nickel concussion fell back, after the basic operation near the daily average, finally reported at 98670 yuan / ton, down 530 yuan / ton, down 0.53%, position reduced 13680 hands to 228938 hands. Shanghai nickel main contract closed at the small positive line, has fallen below the 5-day moving average, below by the 20-day moving average short-term support. In the evening, we will pay attention to whether Shanghai nickel can be supported by the 20-day EMA and hold the 98000 yuan / ton gate.

SMM 1 # electrolytic nickel 98700 to 99900 yuan / ton. Starting this week, traders mostly bid up the Shanghai nickel 1907 discount, Russia and nickel than Shanghai nickel 1907 discount 200 to 100 yuan / ton. Jinchuan nickel than Shanghai nickel 1907 contract generally reported a water rise of 1000 yuan / ton. The Russian nickel contract is generally flat compared with the Wuxi 1907 contract, and Jinchuan nickel is generally reported to have increased the water by 1100 yuan per ton compared with the Wuxi 1907 contract. Early trading hours, the overall market price is still high, individual traders in Shanghai nickel 98800 yuan / ton position to discount 200yuan / ton transaction. However, procurement sentiment is still cautious, only on-demand procurement, sufficient supply of goods in the spot market, strong wait-and-see sentiment downstream. Jinchuan company recently reduced water sales, but traders feedback that the supply of goods in Shanghai is not abundant, according to Jinchuan company factory price to pick up the goods, but Jinchang headquarters can pick up the goods. Jinchuan nickel ex-factory price of 99200 yuan / ton, up 400 yuan / ton from Friday, the mainstream transaction at 98500 to 99600 yuan / ton. Afternoon nickel prices continue to revolve around 99600 yuan / ton shock, as a result of light trading, traders slightly reduced Russian nickel gold Sichuan rising water, but the effect is very small, the whole day trading is still not optimistic, the mainstream transaction in 98400 to 99500 yuan / ton.

 

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