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June 26 SMM basic Metals spot Trading Day Review
Jun 26,2019 18:33CST
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Source:SMM
June 26 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

Copper: after opening at US $6015 / tonne today, the center of gravity moved down below the daily average and continued to move slowly, despite a brief attempt to recover, but all showed a pressure daily average after opening up at US $6033.5 per tonne for a short period of time in the opening session of the trading day, the center of gravity moved down below the daily average, and continued to move down slowly, despite a brief attempt to recover in the middle. Subsequently, after entering the European trade, after the short-term exploration of 6000 US dollars / ton, the short position took advantage of the opportunity to close the position, the copper price stopped falling at the integer level, and after the RMB performance in the short term rose above 6.87, the copper price rushed straight up to a high of US $6063.5 / ton, but quickly fell back to its high level, as of 17-20, Lun Copper was at US $6017.5 / ton, down 0.84%. The US dollar index was at 96.013, and US crude oil was at US $57.97 / barrel. In the evening, the initial monthly rate of durable goods orders in the United States in May is expected to be better than the previous value, and the expected reduction in EIA crude oil inventory movements in the week ended June 21 is lower than the previous value. Evening data are expected to help the dollar continue to recover, as markets wait for an improvement in the trading environment during the G20 meeting, and copper prices remain volatile in the short term. At present, the 5-day and 40-day moving average below the Lun Copper Yang entity forms a good cross support, and the KDJ index continues to maintain a strong upward trend. Wait for guidance from the dollar and crude oil at night to test whether the copper can break through $6050 a tonne at night.

Today, Shanghai Copper main contract 1908 opened in the morning at 47360 yuan / ton, today the market trend is stable, basically maintain a high small shock trend, the center of gravity maintained at 47270 yuan / ton, the afternoon as a whole to maintain the morning high shock pattern, although there is a slight decline, but the center of gravity is still in the vicinity of 47230 yuan / ton, closing at 47210 yuan / ton at the end of the day. It rose 300 yuan per ton, or 0.64 percent. Today, Shanghai Copper's main contract reduced its position by 3152 hands to 242000, trading volume increased by 39000 hands to 190000 hands, and Shanghai Copper 1909 contract position increased by 11000 hands to 147000 hands today. The Shanghai Copper Index increased its position by 594000 hands today, while trading volume increased by 62000 hands to 356000 hands. Fed officials spoke today, hinting at the uncertainty of interest rate cuts, the dollar has been slightly boosted, copper prices are slightly under pressure, but with the G20 summit approaching, the market is still optimistic about the summit leaders negotiations, the overall mood is still supporting copper prices, copper prices today showed a high shock to maintain stability, the market is waiting for the G20 summit to further guide the trend of copper prices. Today, Shanghai copper closed slightly, on the lead straight to Brin on the track, MACD red column continued to grow, the technical side is still slightly positive for copper prices. In the evening, waiting for the guidance of the outside market, test whether Shanghai copper can stand firm and rush 47500 yuan / ton.

Today, the spot price of electrolytic copper in Shanghai is 80 yuan / ton, the transaction price of copper is 47220 yuan / ton ~ 47280 yuan / ton, and the transaction price of copper is 47270 yuan / ton ~ 47340 yuan / ton. Shanghai copper rebound completely stood on 47000 yuan / ton, around 47250 yuan / ton line. The inquiry of the early trading merchant is active, after the long single delivery basically ends, the invoice holder's quotation proportion increases next month, the early market invoice quotation rises 10 to 60 yuan / ton, the good copper quotation maintains in the rising water 50 to 60 yuan / ton range, the flat water copper quotation may depress the price to the flat water nearby, the low price source transaction is OK, if the discount transaction performance is positive, the wet copper quotation is reduced to the discount 60 yuan / ton or so, the flat water copper quotation may press the price to the flat water nearby, the low price source transaction is OK, if the discount transaction performance is positive, the wet method copper quotation is reduced to the discount 60 yuan / ton or so. There is still some demand for invoices before the end of the month, and due to the recent copper spot market risks, the price of the invoice for that month is stronger, and the difference between the invoice price and the invoice price for the next month is 20 to 30 yuan per ton. Today, in addition to the invoice performance of low-priced goods next month, the overall performance of the market is still deadlocked. On the one hand, after some large enterprises have completed long orders, enterprises gradually enter the mid-year and month-end settlement, and the trading performance is cautious. Moreover, because of the sharp rebound in copper prices, the downstream is afraid of high, consumption is weak, and very few enter the market. Traders are also due to the end of the month to trade activity has also been reduced. After a week trading activity may still be difficult to show active, spot is also inevitably easy to show a small discount state. In the afternoon, it is difficult to improve the activity of the market, the holder has no choice but to lower the quotation in order to attract the receipt of goods, the market trading is flat. In the afternoon, Pingshui copper discount 10-liter 10 yuan / ton, good copper reported 30-liter water 50 yuan / ton, the transaction price is in the range of 47140 yuan / ton-47260 yuan / ton.

 

Aluminum: London Aluminum opened at US $1813 / ton today. The Asian trading session revolved around the daily average width, the price difference was only US $10 / ton, and the low price stopped at US $1806.5 / ton. After entering the European trading session, the market continued to enjoy a high atmosphere. After the market rumors clearly eased Sino-US relations, the short positions concentrated and left the market. Lun Aluminum continued to make profits and rose 1838 US dollars / ton along the 5-day moving average, but the pressure above was greater. Lun aluminum briefly touched high and then fell back slightly, as of 17:40, Lun aluminum closed at $1831.5 / ton, up $17 / ton, up 0.94%, at the Zhongyang line, recording Sanlianyang, the center of gravity began to reach up to the 60-day moving average, and the opening of the third line of the daily KDJ continued to face up. In recent days, there has been one after another of the good macro news, the market is looking forward to the G20 summit meeting at the end of the month, and the low position of Lun Al is expected to rise, and it is expected to continue to be tested slowly in the evening, but at the same time, it is also necessary to be vigilant that the short factors in the fundamentals have not disappeared, and continue to pay attention to macro data such as the dollar index and US durable goods orders in May.

The Shanghai Aluminum main Company 1908 contract was opened at Cross Star in the morning, and began to drill down at the beginning of the day, sinking step by step from around 13910 yuan / ton, and finally probing into the lowest point of 13880 yuan / ton within the day. However, under the condition of improving macro atmosphere, the surrounding metals showed red, fat, green and thin. Shanghai Aluminum then began to rise from the low level and climbed back above the daily average along the 5-day moving average. The end of the day was a narrow concussion of 13905 yuan / ton, and the price difference between high and low was no more than 10 yuan / ton. Today, it closed at 13910 yuan / ton, up 35 yuan / ton, or 0.25%, to close at the Xiaoyin line, with trading volume down 32630 hands to 99984 hands and positions down 7910 hands to 260000 hands, with the third line of the daily KDJ facing up sharply. During the day, Shanghai aluminum as a whole maintained a wide range of shocks, in the early macro good news laid the groundwork, today's short confidence is not enough, aluminum prices have not fallen sharply, is expected to continue to maintain fluctuations at the four levels in the evening, waiting for the release of relevant news to seek short-term trading logic.

Aluminum futures in the opening month of the performance of shock sinking, the second trading phase stabilized narrow fluctuations. The spot transaction price of Wuxi in Shanghai is between 13910 and 13930 yuan / ton, and the price is about 30 yuan / ton higher than yesterday, and the difference between the monthly ticket and next month's ticket price is only about 10 yuan / ton. The spot price of aluminum ingots is concentrated to maintain flat water ~ rise 10 yuan / ton, and the price in Hangzhou is between 13940 and 13960 yuan / ton. The supply of goods in Hangzhou is tight, and the supply of goods in Wuxi and Shanghai is very abundant. In the case of two consecutive days of rising aluminum prices, the shippers are very active. Today, there are obviously more shippers than consignors in the market. In the case of a large household receiving nearly 10,000 tons in East China, it is still difficult for the market to fully digest the supply of aluminum ingots, and the trading between traders is more active, but the actual transaction is slightly deadlocked. Downstream today is still on-demand procurement, the receipt of goods is flat and there is not much bright spot. Today, the overall transaction in East China is average. Afternoon aluminum to maintain range fluctuations, although the spot market holders quoted around 13900 yuan / ton, but the actual transaction is rare.

 

Lead: within a day, Lun lead opened at US $1934 / ton. In the Asian session, the US Index strengthened at the beginning of the day, suppressing the concussion of US $1929 / ton, and in the afternoon, Lun lead attempted to rush up to US $1940 / ton. However, the platform had a large pressure, and the pressure of Lun lead fell back. After entering the European period, after a short period of consolidation, Lun lead was briefly suppressed by short positions, and once leaked to US $1919 / ton, but there was strong support for the 5-day moving average. Lun lead returned to the range of $1930 to $1935, and as of 17 to 27, it temporarily closed at $1931 a tonne, down $4 a tonne, or 0.21 per cent. Lun lead temporarily closed the Xiaoyin line, running along the 5-day EMA, and the medium-and short-term EMA still maintained an upward trend, and is expected to test the support strength of the 5-day EMA at night.

Within a day, the Shanghai lead 1908 contract opened at 16280 yuan / ton, at the beginning of the day, Shanghai lead briefly consolidated, after some bulls chose high risk aversion to leave the market, the Shanghai lead concussion platform moved down to 16150 yuan / ton ~ 16200 yuan / ton range, and finally reported at 16185 yuan / ton, down 35 yuan / ton, down 0.22%, and the position increased by 912 hands to 51786 hands. Shanghai lead up and down the shadow line is longer, the upper 60-day moving average shows pressure, and the lower 5-10 and 40-day moving average stick together, forming the lower 16100 yuan / ton line of technical support, Shanghai lead is expected to test the support strength of 16100 yuan / ton line at night.

Shanghai market sands, southern lead 16240 yuan / ton, 1907 contract water 50 yuan / ton quotation; Jiangsu and Zhejiang area Jijin, copper crown, double Yan lead 16210 to 16240 yuan / ton, 1907 contract water 20 50 yuan / ton, of which the white goods 19170 19180 contract discount 10 20 yuan / ton quotation. The futures market is weak, the quotation of the holder follows the market, and a few begin to downgrade the quotation to rise the water, and the regenerated refined lead maintains the deep discount (the average price of SMM1# electrolytic lead is about 150yuan / ton), the downstream is not optimistic about the future market, continue to wait and see, bulk market transactions are still not significantly improved.

Guangdong market Nanhua lead 16250 yuan / ton, the average price of SMM1# lead flat water to liter water 50 yuan / ton, southern storage southern 16220 to 16240 yuan / ton, 1907 contract water 30 50 yuan / ton, Mongolia 16185 yuan / ton, 1908 contract flat water quotation. Lead price shock is weak, storage enterprises are still mainly wait-and-see, the rigid demand of individual enterprises to replenish the warehouse, the overall market transaction is light.

Henan Yuguang and other smelters mainly to long single transaction; Jinli 16100 yuan / ton, the average price of SMM1# lead discount 16100 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. (trader) Jiang Copper 16200 yuan / ton, the average price of SMM1# lead flat water quotation. Yunnan small factory lead 15900 15950 yuan / ton, the average price of SMM1# lead discount 250 300 yuan / ton; refineries mainly 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 $2535 / tonne. At the beginning of the day, the daily average of LME zinc fell by US $2520.5 / tonne, and then Len Zinc rose at a low level, moving up to US $2530 / ton to find support. Again, Xu Li went up to US $2545 / ton in a narrow range, with an operating range of not more than US $5 / tonne, which coincided with two consecutive increases in zinc stocks in Geneva. Shanghai zinc was thwarted and rapidly lowered to US $2523 / ton. Temporarily stop the fall to repair the recovery, another $2550 line. As of 17 to 50, it closed at $2544 a tonne, up $10, or 0.39 per cent. Geneva zinc temporarily got rid of the recent operating platform range, the bottom center of gravity moved up, and the overall operation in the middle and upper track channel of Brin Road, LME zinc inventory recorded an increase of more than 5000 tons in two days, which can suppress the action on zinc price to a certain extent, however, LME zinc inventory is still in a certain degree of support under the relatively low level in history, follow-up attention to macro news guidance, night Lun zinc may still be running in the middle track channel of Brin Road.

The main 1908 contract of Shanghai zinc opened at 20110 yuan / ton at the beginning of the day, opened high and low at the beginning of the day, and went down to 20020 yuan / ton. The operating range did not exceed 30 yuan / ton, and then the short position left the market neatly. Shanghai zinc was boosted and touched 20170 yuan / ton, and ran at 20140 yuan / ton. The short position at the end of the plate dragged down Shanghai zinc slightly, closing up 20085 yuan / ton, up 150 yuan / ton from the previous transaction. It rose 0.75%, with trading volume up 2126 to 257000 and positions down 11922 to 269000. Shanghai zinc jumped on the 20-day EMA operation, within the day capital move far month, 09, 10 contracts cumulative increase of more than 14600 hands, 08 contract reduction of more than 10, 000 hands, mostly short departure, macro sentiment moderated, shanghai zinc uplink temporarily high adjustment, however, due to the Shanghai zinc fundamentals do not have a big bright spot, the spot market transaction is dull, does not reflect the strong consumer demand. At night, Shanghai zinc may still run around the middle rail of Brin Road.

Shanghai 0 # zinc mainstream transaction 2010 20230 yuan / ton, Shuangyan, Chihong 20250 20270 yuan / ton, 0 # ordinary July discount 40-10 yuan / ton; Shuangyan, Chi Hong flat water-30 yuan / ton. 1 # the mainstream transaction was between 20160 and 20180 yuan per ton. After the rise of zinc in Shanghai, the market is still dominated by shipment, but the demand of traders is weak, at the same time, there is also a small amount of wait-and-see inquiry downstream, and the imbalance between supply and demand in the market is aggravated. The quotation has been rapidly lowered from 10-flat water to 30-10 yuan / ton, but the transaction is unusually limited. The average net price of about 15 to 20 yuan / ton is relatively preferred, and there is no price difference between that month and the next month. Follow-up quotation further reduced by about 10 yuan / ton, the transaction is still dull part of the holder temporarily left the market, the overall market transaction is weak, the transaction is gradually weakening this week.

Guangdong 0 # zinc mainstream trading in 2010 20270 yuan / ton, Shanghai zinc 1908 contract water 200 to 210 yuan / ton, Guangdong stock market than Shanghai market from yesterday posted level water near 10 yuan / ton. Refinery normal shipment, the market supply circulation is more abundant. The early quotation of the holder focused on the flat water of the contract of the current month to about 10 yuan / ton, but the willingness of the market to receive the goods was not boosted, entering the second trading period, the quotation of the holder mostly focused on the increase of 200 yuan to 210 yuan / ton of 08 contract, and the market transaction was slightly improved. Yesterday more long orders expired, today more enterprises do settlement, the willingness to receive goods is not good, superimposed disk uplink, the willingness to receive goods in the market is more limited. Overall, the Guangdong market today is flat, slightly worse than yesterday. 0# Kirin, Cishan, Tiefeng, Mengzi mainstream transactions in 2010-20270 yuan / ton.

Tianjin market 0 # zinc ingot mainstream transaction in 20330 21490 yuan / ton, 0 # ordinary brand mainstream transaction in 20330 20450 yuan / ton, 1907 contract water 100 200 yuan / ton, Tianjin market increased from 80 yuan / ton yesterday to 150 yuan / ton. Refinery normal shipment, the market supply is more abundant than yesterday. The holder is active in shipping, the quotation is concentrated on the 07 contract rising water 100 200 yuan / ton or so, the market is mainly inquiry and wait-and-see, the willingness to receive goods is not good, mainly because the price fell more last week, downstream every fall to make up for the warehouse more, basically to the next week or two reserve demand is overdrawn, so today's price rebound, the market is mainly wait-and-see. The overall transaction atmosphere is flat, the transaction situation is basically the same as the day before, and has not been significantly improved due to the increase in the arrival of goods. 0 # Zijin, Hongye, lark, Chihong, Xiyan, etc., were sold at 20330 to 20450 yuan / ton, and 1 # Zijin, Chihong and Hongye were sold at 20280 to 20400 yuan / ton.

 

Tin: after the opening of the Lunxi electronic disk today at US $19065 / ton, the Asian disk was slightly higher than US $19100 / ton at the beginning of the day, and its high level was blocked and lowered as low as US $18870 / ton. After the opening of the European market, there was further good news from the Sino-US trade negotiations, with the basic metals generally turning red and the low level of Lunxi rising, wiping out most of the previous losses and returning to the US $19100 / ton line. As of 17-30, the latest price is $19035 / ton, which is supported by the 5-day moving average below the solid part of the small negative line, and the upper shadow line is near the 10-20 moving average. The resistance above Lunxi is expected to be around $19200 / ton above the 40-day moving average, and the lower support is located near the high point of the previous platform at $18800 / ton. This evening can be watched for the week ended June 21 in the United States EIA crude oil inventory changes (10,000 barrels).

Shanghai tin main 1909 contract last night after the opening of 144100 yuan / ton, the overall shock situation, the lowest fell to 143860 yuan / ton after bottoming up, returned to the opening price near. After the opening of 144040 yuan / ton in early trading this morning, due to the influence of long positions and short pressure factors, Shanghai tin all the way down, and finally closed at 143480 yuan / ton, down 610 yuan / ton, down 0.42 per cent. The trading volume was 11428, an increase of 342. The number of positions was 42962, an increase of 530. Today, the tin center of gravity in Shanghai has moved down obviously, closing with the negative line, and the solid part is located near the 5-day moving average, and the upper part is suppressed by the 10-20 EMA. It is expected that the lower support of Shanghai tin will be located at the high point of 143500 yuan / ton in the early stage. If it falls below, the next support will be located near the integer gate of 143000 yuan / ton, and the upper resistance will be located near 144400 yuan / ton in the middle rail of Brin Channel.

Spot market, today's mainstream transaction price 142500 144000 yuan / ton, there is a small amount of 142300 yuan / ton low price small brand supply. Due to the decline in tin prices, downstream enterprises wait and see a strong mood to buy light. Today, the overall trading atmosphere of the spot market is light. Set Yunxi liter water 100 to 200 yuan / ton, ordinary cloud character sticker 500 to 800 yuan / ton, small brand discount 900 to 1100 yuan / ton.

 

Nickel: the Lennie sub-plate opened at US $12305 / ton today. At the beginning of the day, the pressure-bearing daily average fluctuated down to US $12240 per ton. At midday, the center of gravity fluctuated slightly around $12260 a tonne. In the afternoon, the nickel concussion all the way up and extended to the European session. LME stocks fell 3414 tons to 164838 tons today, after the release of the inventory data, and the news of further improvement in the Sino-US trade negotiations, Lennie rose $12450 per tonne. As of 17 to 30, it was quoted at US $12420 per ton. Evening focus on whether Lennie can stand on the 5-day moving average.

Shanghai nickel 1908 opened today at 100300 yuan / ton, early in the day, shock down to 99800 yuan / ton low, below by 99800 yuan / ton first-line support, pressure 100000 yuan / ton first-line range narrow range shock operation. In the afternoon, Shanghai nickel recovered slightly to the daily average of 100300 yuan / ton, closing at 100070 yuan / ton, up 1020 yuan / ton, or 1.03 percent, from the previous day's settlement price, trading volume fell 18700 hands to 724000 hands, and position volume decreased 15000 hands to 202000 hands. All day, Shanghai nickel main contract closed in the upper shadow line Yang cross star, below by a number of moving average support, the upper shadow line is about to touch boll line on track. In the evening, we will pay attention to whether Shanghai nickel can hold the 100000 yuan / ton gate.

SMM 1 # electrolytic nickel 99900 101200 yuan / ton. Russian nickel than Shanghai nickel 1907 discount 400-300 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 1300 yuan per ton compared with the Wuxi 1907 contract. Early trading hours, the lower reaches of the high continue to wait and see, cautious procurement into the market. Subsequently, the high price fell, the Shanghai nickel 1907 contract fluctuated around a narrow range of 100200 yuan / ton, due to the sufficient supply of nickel in the spot market, the holder continued to downgrade the rising water, and the Russian nickel posted 500yuan / ton to the Shanghai nickel 07 contract. However, due to the lack of actual consumption participation, and the recent lack of enthusiasm of traders to take goods, the stimulation to the spot market transaction is limited. Jinchuan nickel strong, although the transaction is weak, but electrolytic nickel supply is slightly tight, supply and demand is weak. Jinchuan nickel ex-factory price of 101000 yuan / ton, up 1000 yuan / ton from yesterday, the mainstream transaction at 99900 to 101200 yuan / ton. Afternoon trading rose slightly, market transactions are still pessimistic, nickel pig iron and nickel beans to replace some of the pure nickel demand, trading flat all day, the mainstream transaction at 99850-101200 yuan / ton.

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