[SMM Review] Colored Shanghai Zinc rose more than 1.5 percent overnight. Shanghai Aluminum opened slightly higher overnight.

Published: Jun 25, 2019 10:11 (GMT+8)

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Shanghai nickel rose 0.71%, Shanghai tin increased 0.25%, Shanghai zinc rose more than 1.5%, Shanghai aluminum rose more than 0.5%, Shanghai lead rose 1.28%, Shanghai copper rose 0.34%. Black ups and downs vary, coke dropped nearly 1.5%, iron ore fell 0.62%, thread, hot coil rose nearly 1.5%, coking coal fell nearly 0.5%.

SMM6, March 25: as of press time, the whole line of colored red in early trading, most of the fluctuations are small, Shanghai nickel is up 0.71%, Shanghai tin is up 0.25%, Shanghai zinc is up more than 1.5%, Shanghai aluminum is up more than 0.5%, Shanghai lead is up 1.28%, Shanghai copper is up 0.34%. Black ups and downs vary, coke dropped nearly 1.5%, iron ore fell 0.62%, thread, hot coil rose nearly 1.5%, coking coal fell nearly 0.5%.

The strike at the Chuquicamata copper mine has cost Codelco $17.5 million, and industry analysts say the strike at the Chuquicamata copper mine, owned by Chilean state copper company (Codelco), has caused the company $17.5 million in economic losses. According to PLUSmining, a Chilean mining consulting firm, for each extended day of the strike, the company will lose 500 tons of copper production, equivalent to US $2.5 million, which means that the company has now evaporated 3500 tons of copper production as a result of the strike, resulting in a loss of US $17.5 million. The spot price of electrolytic copper in Shanghai is 30 yuan / ton to 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 Aluminum opened slightly higher overnight, up 13895 yuan in late trading, up 0.65 percent after the close of the three-month contract, up $1802 at night, or 1.81 percent, to close at $1800. Overnight aluminum rise led to a rise in Shanghai aluminum prices, late attention to the specific situation of Sino-US negotiations. On the domestic side, the aluminum market maintained to go to the warehouse, but the decline narrowed, the aluminum bar inventory began to accumulate again, and the output of the market after entering the off-season was weaker than in previous years.

In addition to the geopolitical premium to the crude oil market, the US-Iraq conflict has also had a great impact on the shipping market in the Middle East. Insurance companies have charged a higher war insurance surcharge on ships entering and leaving the Persian Gulf.

Today's forecast:

Copper: this morning, the leaders of the high-level economic and trade consultations between China and the United States spoke on the phone, which is expected to be conducive to market sentiment. Lun Copper opened higher in the morning. In addition, the expected tightening of crude oil supply increased, pushing crude oil strong upward exploration, but also for copper prices to provide upward momentum. Spot today long order delivery of the last day, the market is still in demand for the current monthly ticket supply, so today's holder price situation is still unshakable, but the market next month ticket source quotation is difficult to continue to be strong. The bronze is expected to be $5960 to $6010 per ton today. Shanghai copper 46600 47050 yuan / ton. Spot water 20-80 yuan per ton.

Aluminum: macro and release warming signal, the material Shanghai Aluminum main Company 1908 contract days to run in 13800 14100 yuan / ton, spot to the current month in Pingshui up 20 yuan / ton.

Lead: Lun lead still maintain a strong high concussion pattern, there is a short-term breakthrough upward possibility, pay attention to the amount of 1950 platform breakthrough. The pressure on the top of the Shanghai lead box is great, many attempts to break down have been suppressed, to a certain extent, suppress the bulls buy confidence, at the same time, because the fundamentals have not fundamentally changed, there is the possibility of a high fall in the short term.

Zinc: Brin Road under the track support strength, Lun zinc stop negative turn red, LME zinc inventory again recorded a decline of 1675 tons, give zinc price certain support, observe the integer gate pressing strength within a day, or run in the range around $2470 to $2520 / ton. Overnight, Shanghai zinc jumped on the next track of Brin Road, social inventory accumulation expectations fell short, short positions fled, helping to push Shanghai zinc higher, but the spot market is light, follow-up action can be considered, or the range runs around 19650-20150 yuan / ton. Material 0 # domestic to 1907 contract up 80 to 120, double Yan up 120 to 160

Nickel: below the nickel is supported by the 5-day EMA, which is forecast to be 12150 to 12300 US dollars / ton today, while the Shanghai nickel is supported by the 20-day EMA, which is expected to fluctuate in the range of 98500 to 100000 yuan / ton.

Tin: the resistance above Lunxi is expected to be near the 20-day moving average of $19200 / ton, the lower support is located at the previous platform high of $18800 / ton, and if it falls below effectively, the next support is near the previous low of $18500 / ton. It is estimated that the lower support of Shanghai tin is located in the vicinity of 143500 yuan / ton, and the upper resistance is located in the vicinity of the 10-day moving average of 144000 yuan / ton. Spot market, it is expected that today's Shanghai and tin spot market may continue to maintain a weak and stable market, the mainstream trading price of 142500 to 1445500 yuan / ton.

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