Home / Metal News / Copper / June 25 SMM basic Metals spot Trading Day Review
June 25 SMM basic Metals spot Trading Day Review
Jun 25,2019 18:13CST
June 25 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

Copper: today, Yapanlun copper opened at US $5969.5 / tonne. Due to positive trade sentiment, the performance of copper prices was somewhat higher in the morning, but the shift of the center of gravity to the position of US $5997 / ton was blocked, and then copper prices began to give up their gains. After short-term sales of US $5952 / ton, short-term traders were afraid to rise and actively close their positions, and copper prices began to show a strong performance. In European trading, copper prices rose even stronger, directly above the 40-day moving average position, up 6018.5 US dollars per ton, as of 16 to 40, Lun Copper was at 6017.5 US dollars / ton, down 0.84%, the US dollar index was 96.013, and US crude oil was at 57.97 US dollars per barrel. Evening attention to the United States Conference Board consumer confidence index in June is expected to be lower than the previous value, is expected to continue to have a certain suppressive effect on the dollar, combined with today's better trade sentiment, copper prices are more likely to rise. At present, Lun Copper breaks through the 40-day moving average pressure level, the third line of KDJ index shows high and parallel upward, and the technical aspect is optimistic. Wait for guidance from the dollar and crude oil at night to test whether the copper can break through $6020 a tonne at night.

Today, Shanghai Copper main contract 1908 opened in the morning at 46890 yuan / ton, after the opening of short positions quickly reduced, the disk quickly rose to the highest level of 47120 yuan / ton, but the market risk aversion sentiment is still in, high difficult to maintain stability, the disk then quickly slipped to the lowest level of 46820 yuan / ton, and then the disk continued to rebound, concussion upward. After the opening of afternoon trading, the market was up 46980 yuan / ton, then fell back to 46900 yuan / ton, and then steadily pulled up to the end of the day, and closed at 47090 yuan / ton, up 260yuan / ton, up 0.56 per cent. Today, Shanghai Copper's main contract position was basically maintained at 245000 hands, indicating that long and short trading was frequent, but the strength was evenly matched; trading volume increased by 13000 hands to 151000 hands. Shanghai Copper 1909 contract position increased by 14000 hands to 136000 hands, while trading volume increased by 24000 hands to 63000 hands. Today, the Shanghai Copper Index increased its position by 7836 hands to 594000 hands, while trading volume increased by 47000 hands to 294000 hands. This morning, the leaders of the Sino-US economic and trade consultations spoke on the phone. The two sides agreed to continue to communicate, and the macro mood improved slightly, but we still need to pay attention to the deterioration of US-Iraq relations, and the market risk aversion mood still exists. The market awaits the G20 negotiations and continues to guide copper prices. Today, the overall performance of copper prices up, closed at Dayang column, below by Brin middle rail support, KDJ index showed positive upward expansion, MACD index red column elongated, technology in the face of copper prices also formed a small support. In the evening, waiting for the guidance of the outside market, test whether Shanghai copper can continue to explore and stand firm at 47200 yuan / ton.

Today, the spot price of electrolytic copper in Shanghai is 20 ~ 80 yuan / ton, the transaction price of flat water copper is 46840 yuan / ton ~ 47030 yuan / ton, and the transaction price of copper is 46880 yuan / ton ~ 47070 yuan / ton. Copper in Shanghai rose slightly to 46900 yuan per ton today. On the last day of delivery of today's long order, the market is still dominated by the demand for invoice sources for the current month, and the transaction continues to show a stalemate. Spot invoice prices for that month are 40 yuan per ton, and good copper is quoted at 60 yuan per ton for 80 yuan / ton. Pingshui copper holders quote water 20 to 40 yuan / ton, and the invoice source transactions for that month are still slightly improved, and rigid demand is still maintained downstream. Wet copper maintains a discount of 40 yuan to 20 yuan per ton. Today, market transactions still revolve around the demand for bills issued in the current month, but most of the holders have quoted the invoice price for next month, the difference between the invoice price and the invoice price for the current month is about 20 yuan / ton, and the invoice price for copper next month is about 50 yuan / ton. Flat water copper quoted price flat water ~ liter water 20 yuan / ton around. The price quoted by the holder is stable, the willingness to hold the price remains unchanged, and the actual transaction market conditions are still deadlocked; the spot rise will be significantly loosened tomorrow, and the price difference between the current month's invoice and the next month's invoice will not be narrowed. In the afternoon, the market holders are increasingly willing to sell goods, so the quotation has been reduced. In the afternoon, copper water 20-30 yuan / ton, good copper 50-70 yuan / ton, transaction price in the range of 46850 yuan / ton-47060 yuan / ton.

Aluminum: Lun Aluminum opened at US $1800 / ton in the morning, fell to a shock around US $1795 / ton in the morning, and ran close to US $1800 / ton in the Asian session. After entering the European trading session, the macro atmosphere of the market improved. Bulls pushed aluminum prices higher by US $1809 / tonne. In view of the greater pressure above and the continued strength of the US dollar, Lun Aluminum continued to be unable to go up and began to fall back, falling all the way to around US $1799 per ton. As of 17:30, Lun closed at $1800 a tonne at Cross, with a center of gravity above the 40-day moving average, a lengthened daily MACD red line and an upward KDJ three-line. As a result of the sharp fall in the US Index overnight, it basically runs near Gate 96 today, boosting the outer disk metal, and the trend of the day is stronger than that of yesterday, but considering that the supply and demand side of foreign aluminum ingots has not obviously improved, if there is no new macro good news stimulus, it is expected that Lun Al will continue to have limited upward space and continue to pay attention to the relevant macro data in the evening.

Shanghai aluminum main company 1908 contract trend today first suppression and then rise, the overall volatility is not large. In the morning, the cross star was recorded at 13900 yuan / ton, and at the beginning of the day, it slightly reached 13910 yuan / ton, and then fell below the daily average, and the low level fell to 13850 yuan / ton, but the macro atmosphere within the day was better. Under the background of almost all the metal turning red in the inner plate, part of the short position confidence was not enough to leave the warehouse. Shanghai Aluminum got strength exploration in the low position, climbed all the way to a high level of 13915 yuan / ton, and finally closed in Erlianyang, with its center of gravity obviously higher than yesterday and jumping above the 5-day moving average. It closed at 13910 yuan per ton, up 110 yuan per ton, or 0.8 percent. The trading volume increased by 9934 hands to 133000 hands, and the position increased by 1150 hands to 267000 hands. The daily MACD was significantly shortened, and the third line of KDJ was opened upward. As the leaders of China and the United States once again agreed to maintain communication, release good signals, superimposed the background of the fall of the US Index, aluminum prices rose in the footsteps of other metals, but the news is expected to boost the role of limited, the upper four pressure levels are still difficult to break through, in the evening continue to pay attention to the long short position changes and the release of relevant macro news.

Aluminum trading in the month before noon concussion, the second phase of the transaction slightly sank. The spot price of Shanghai Wuxi region is between 13880 yuan / ton and 13900 yuan / ton, which is nearly 50 yuan / ton higher than yesterday's price. A small amount of aluminum is traded at 13870 / 13880 yuan / ton, and the ticket price next month is 13870 / 13890 yuan / ton. Hangzhou spot price is between 13920 / 13940 yuan / ton and 13920 / 13940 yuan / ton, respectively. the spot price in Hangzhou area is between 13920 yuan and 13940 yuan / ton, and the spot price in Hangzhou area is between 13920 yuan and 13940 yuan / ton. The spot price in Hangzhou area is between 13920 yuan and 13940 yuan / ton. Today, aluminum prices rose back, the holder actively shipped, the month ticket prices are relatively strong, traders and middlemen trading enthusiasm, active inquiry offer, the actual transaction is OK. However, the downstream performance is average today, after the rise in aluminum prices to rigid demand delivery-based, flat receipt of goods. Today, the overall transaction in East China is average. In the afternoon aluminum floated, a small number of holders quoted prices concentrated in 13890 to 13900 yuan / ton, for the month near Pingshui, the actual transaction is scarce.

Lead: within a day, Lun lead opened at US $1911 / ton. In the Asian session, Lun lead basically ran along the daily moving average. In the European session, the US Index strengthened. Coupled with the fact that Lun lead hovered at the US $1900 / ton integer gate for several days, it was still difficult to have upward momentum. The bears began to try to crack down on the market. Lun lead concussion reached US $1906.5 / ton. As of 16 / 48, Lun lead temporarily closed at US $1908 / ton, down US $6.50 / ton, a drop of 0.34%. Lun lead temporarily closed the Xiao Yin line, continued to consolidate the trend, but the 5-day EMA showed signs of turning down, and is expected to test the support of the 60-day EMA at night.

During the day, the Shanghai lead 1908 contract opened at 16205 yuan / ton, Shanghai lead continued overnight concussion market, running around the daily average, finally reported at 16235 yuan / ton, up 200 yuan / ton, up 125%, and the position increased 1962 hands to 50874 hands. Shanghai lead closed Xiaoyang line, continuing the upward market, but the upper 60-day moving average is strong, if there is no sudden news stimulation, it is difficult for Shanghai lead to break through the suppression platform in the near future, considering that the medium-and short-term moving average still maintains the upward trend, it is expected that Shanghai lead will run in the range formed by the average of 60 and 10 days at night.

Shanghai market sands, southern lead 16245 yuan / ton, 1907 contract water 50 yuan / ton quotation; Jiangsu and Zhejiang area Jijin, Wanyang, copper crown, Shuangyan lead 16215 to 16245yuan / ton, 1907 contract water 20 50 yuan / ton, of which the white goods quoted for 1907 contract flat water. Boosted by the Henan production restriction news, the futures market is strong upward, the holder actively ships the goods, the quotation is more, but the quotation rising water situation does not have the big change compared with yesterday, at the same time, the downstream battery market consumption has not improved temporarily, the storage enterprise waits for carefully to pick up, there is little inquiry, it is difficult to deal at a high price in the bulk order market.

Guangdong market Nanhua lead 16250 yuan / ton, the average price of SMM1# lead flat water to liter water 50 yuan / ton quotation; southern storage south 16245 yuan / ton, 1907 contract water 50 yuan / ton quotation; Mongolia 16180 yuan / ton, 1908 contract flat water quotation. Lead price high shock, but store enterprise procurement mood is not high, more worried about the future weakness, so to wait and see, the transaction is light. Henan Yuguang and other smelters mainly to long single transaction; Jinli 16120 yuan / ton, the average price of SMM1# lead discount 80 yuan / ton quotation; Wanyang 16130 to 16150 yuan / ton, SMM1# lead average price discount 50 to 70 yuan / ton quotation; refineries maintain discount shipment, downstream today wait-and-see, the market transaction is bleak. Other areas such as: Hunan Shuikoushan 16250 yuan / ton, the average price of SMM1# lead 50 yuan / ton. Jiang copper 16230 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.

Geneva zinc opened at US $2491 / ton, and at the beginning of the day, the daily average of zinc rose to US $2498 / tonne, but failed to stand firm and its operating center of gravity moved down to US $2485 per tonne. During the period, it tried to detect the suppression of the daily average, but failed to do so. During the European trading period, the reserve capacity of Len Zinc reached US $2530 / ton and was sorted out nearby, just as LME zinc stocks recorded an increase, and Len Zinc was thwarted and down. The center of gravity fell back to around $2520 a tonne, up $2522, or 1.29 per cent, at $2522, or 1.29 per cent, as of 16 to 39. Geneva zinc runs around the middle rail of Brin Road as a whole. Although more than 2000 tons of LME zinc inventory increased to a certain extent, however, due to the continuous decline of LME zinc inventory the day before yesterday, the inventory increase has not given Len zinc greater downward momentum, and the support of the 20-day EMA was observed at night.

Zinc: the main 1908 contract of Shanghai zinc opened at 19810 yuan / ton at the beginning of the day. At the beginning of the day, Shanghai zinc ran in a narrow range of 19800 yuan / ton, followed by a small departure. Shanghai zinc was frustrated and down the daily average. After finding support on the 19770 yuan / ton line, it went up 19950 yuan / ton, finishing slightly at the end of the day. It closed up 19935 yuan / ton, up 350 yuan / ton from the previous transaction, an increase of 1.79%, and the trading volume decreased 107000 hands to 454000 hands. Reduce your position by 25972 to 281000. Shanghai zinc recorded two Lianyang in the day, jumped on the lower track of Brin Road as a whole, and reduced its position by more than 25000 hands within the day, most of them left the market with short positions, mainly due to the strong trend of short-term zinc in the near future. Short-term speculative short-term speculation slightly led to the repair of Shanghai zinc short-term, but short positions down, bulls still do not have sufficient confidence for Shanghai zinc to provide strong action energy. At night or still running in the middle and lower rail range of Brin Road.

Shanghai 0 # zinc mainstream transaction 20030-20060 yuan / ton, Shuangyan, Chihong transactions in 20030-20060 yuan / ton, 0 # ordinary July flat water-30 yuan / ton; Shuangyan, Qihong reported rising water 40 to 50 yuan / ton. 1. The mainstream transaction was between 19950 and 19980 yuan per ton. Today, zinc futures return to rise, market shipments are dominant, morning market cargoes report rising water 20 yuan / ton or so more persistent, but the transaction is relatively light, the average net price to discount 20 yuan / ton trading is relatively active, affected by this, some traders quote down to rising water 10 to 20 yuan / ton, the transaction stimulus is still relatively limited, and downstream every rise to continue to wait and see, lack of actual consumption participation, the impact of this, some traders down to 10 to 20 yuan / ton, the transaction stimulus is still relatively limited, and the downstream every rise to continue to wait and see, lack of actual consumption participation, The market quotation is further reduced to a stable near Pingshui, the follow-up quotation is very few, the market trading is obviously light, the transaction has heard little, the overall transaction is slightly less than yesterday.

Guangdong 0 # zinc mainstream transaction in 19980 20080 yuan / ton, Shanghai zinc 1908 contract water 220 240 yuan / ton, Guangdong stock market than Shanghai stock market from yesterday discount 40 yuan / ton to Pingshui nearby. Refinery normal shipment, the market supply circulation is more abundant. In the morning, the holders concentrated their quotations around 10 yuan / ton for the current month's contract, but the market transaction situation was mediocre. Some of the subsequent holders changed their quotations for the 1908 contract to around 220 yuan / ton, which coincided with a slight downward trend on the market and a slight improvement in market transactions. But overall, due to yesterday's downstream every fall to make up for the warehouse more, today's demand for receiving goods is weaker, the overall transaction situation is flat, slightly worse than yesterday. 0# Kirin, Cishan, Tiefeng and Mengzi mainstream were sold in the vicinity of 19980-20080 yuan / ton.

Tianjin market 0 # zinc ingot mainstream transaction in 20150 21390 yuan / ton, 0 # ordinary brand mainstream transaction in 20150 20300 yuan / ton, 1907 contract rising water 150 to 260 yuan / ton, Tianjin market than Shanghai market rose 110 yuan / ton yesterday to 80 yuan / ton. Refinery normal shipment, but more volume on the way, the market supply of goods is tight. Most of the shippers shipped more goods last week and yesterday, and today they are generally mainly receiving the goods. In the morning, individual holders quoted prices for high-priced brands such as Zijin, about 260 yuan per ton for 07 contracts, and 150 yuan per ton for low-priced brands such as West Mine. Today, Tianjin market circulation is less, the overall transaction is not as good as yesterday. 0 # Zijin, West Mine and other transactions in 20150 20300 yuan / ton, 1 # Zijin, Chi Hong, Hongye and other transactions in 20100 20250 yuan / ton.

Tin: after the opening of the Lunxi electronic disk at US $18960 / ton today, there was little trading between early trading and noon trading in the Asian market. In the afternoon of the Asian trading session, Lunxi Chong hit as high as US $19030 / ton before falling back, and reached as low as US $18890 / tonne before bouncing back again. European trading continued after the opening of the Asian session of the volatile trend, as of 17-00, Lunxi's latest price of $19015 / ton. At present, Lunxi is generally volatile, showing a small positive line, and the upper part of the entity is suppressed by the 5-day EMA. The resistance above Lunxi is expected to be around the 10-day EMA of US $19000 / tonne, and the lower support is located at the high point of the previous platform of US $18800 / ton. Recently, we can pay attention to the consumer confidence index of the United States consultation in June this evening, the annualized total number of new home sales in the United States after the May quarter (10,000 households), and the speech made by Federal Reserve Chairman Powell in the early morning of the next day, and the change in API crude oil stocks in the United States in the week ended June 21 (10,000 barrels).

Shanghai tin main 1909 contract last night after the opening of 143660 yuan / ton, overall maintained the consolidation situation, during the period fell to last night's low of 143550 yuan / ton hit bottom to rise, again returned to the previous horizontal range of 143600 yuan 143700 yuan / ton near shock finishing. After the opening of 143790 yuan / ton in early trading this morning, at the beginning of the day, due to the impact of short position reduction forces, the heavy heart of tin in Shanghai rose to the intraday high of 144230 yuan / ton, and then the long and short forces intertwined with the overall concussion of tin in Shanghai. Finally, it closed at 144090 yuan / ton, up 710 yuan / ton, up 0.5 per cent. The trading volume was 11086, a decrease of 1242. The position was reduced by 42432 hands. Today, Shanghai tin center of gravity moved up, and finally closed with the positive line, the physical part is located near the 5-day moving average, the upper shadow line is under pressure on the 20-day moving average. It is estimated that the lower support of Shanghai tin is located at the high point of 143500 yuan / ton in the early stage of the platform, and the upper resistance is near the 10-day moving average of 144500 yuan / ton.

Spot market, today's mainstream transaction price 142500 144200 yuan / ton, Shanghai area around 142500 yuan / ton low price small brand supply is more favored by the market, downstream enterprises for low price small brand buying slightly warmer, but the set price is relatively high trading light, the spot market as a whole trading atmosphere is general. Set cloud word rising water 100 to 200 yuan / ton, ordinary cloud character sticker 500 to 800 yuan / ton, small brand discount 900 to 1100 yuan / ton.

Nickel: nickel Asia opened at US $12200 / tonne today. At the beginning of the day, after rising US $12270 / ton, the shock fell back to the US $12150 / ton line. In the middle of the day, the nickel was supported by a first-line support of US $12150 per ton, under pressure of US $12200 per ton, and the range was volatile. In the European session, Lennie broke through the pressure line of $12200 / ton first-line concussion upward, as of 17 / 00, reported at $12245 / ton. Lun Ni broke through the 5-day moving average, above the pressure 60-day moving average, at night to focus on whether Len Ni can stand on the 5-day moving average, holding the US $12200 / ton barrier. Overnight attention should be paid to the annualization of the total number of new home sales in the United States in May; the Richmond Fed manufacturing index and the Conference Board consumer confidence index in June; and New York Fed Chairman William Williams delivered an opening speech at the Financial Forum.

Shanghai Ni 1908 opened at 99150 yuan / ton today, running above the daily average as a whole. At the beginning of the plate, Shanghai nickel won 99300 yuan / ton first-line support, pressure 99500 yuan / ton first-line, narrow range concussion operation. In the afternoon, it broke through the 99500 yuan / ton line, fell slightly after touching 99830 yuan / ton, and the center of gravity fluctuated slightly around the 99500 yuan / ton line, closing at 99650 yuan / ton, up 1070 yuan / ton, or 1.09 percent, over the previous day's settlement price. Trading volume increased by 62700 hands to 403000 hands, and position volume decreased by 12400 hands to 217000 hands. Throughout the day, the Shanghai nickel main contract closed at the Xiaoyang line, standing above the 20-day and 60-day moving average. In the evening, we will pay attention to whether Shanghai Ni can stand on its 60-day moving average.

SMM 1 # electrolytic nickel 99400 100600 yuan / ton. The discount of Russian nickel is 200yuan / ton compared with Shanghai nickel 1907. 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 1200 yuan per ton compared with the Wuxi 1907 contract. In the early trading period, the disk price continues to rise, the holder has basically shipped the goods, but the downstream due to the high price, the sentiment of purchasing into the market is not strong, rigid demand procurement, sufficient supply in the spot market. Jinchuan company recently reduced water sales, but traders feedback, Shanghai qualified supply is not abundant, according to Jinchuan company factory price is not easy. Jinchuan nickel factory price of 100000 yuan / ton, up from yesterday's 800 yuan / ton, the mainstream transaction at 98400 yuan / ton. Afternoon trading continued to high shock, due to light trading, traders continue to slightly downgrade Russian nickel gold Sichuan rising water, but downstream continue to choose to wait and see, for the future is generally pessimistic, the whole day trading is still not optimistic, basically flat yesterday, the mainstream transaction in 99600-100500 yuan / ton.

Daily review of SMM
daily review of basic metals

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn