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[SMM Daily Review] Black majority rose iron ore rose more than 2 per cent and the non-ferrous majority closed down
Jun 28,2019 16:47CST
translation
Source:SMM
Most of the non-ferrous metals closed down, Shanghai aluminum fell 0.5%, Shanghai nickel rose 0.4%, Shanghai zinc fell more than 1%, Shanghai lead fell 0.71%, Shanghai copper fell slightly, Shanghai tin fell 0.26%. Black majority rose, iron ore rose more than 2%, coke fell 1.13%, screw thread rose 0.74%, hot roll rose 0.33%, coking coal rose 0.69%.
The content below was translated by Tencent automatically for reference.

SMM6 28 news: most non-ferrous metals closed down, Shanghai aluminum fell 0.5%, Shanghai nickel rose 0.4%, Shanghai zinc fell more than 1%, Shanghai lead fell 0.71%, Shanghai copper fell slightly, Shanghai tin fell 0.26%. Black majority rose, iron ore rose more than 2%, coke fell 1.13%, screw thread rose 0.74%, hot roll rose 0.33%, coking coal rose 0.69%.

LME copper fell back on Friday, falling 0.17 per cent to $5992.50 a tonne in the three months to 15: 00 Beijing time. Shanghai Copper main 1908 contract low opening shock, the highest in the day 47210 yuan / ton, the lowest 46840 yuan / ton, closing price 47010 yuan / ton, compared with the previous trading day closing price fell 0.17%; trading volume 157200 hands, a daily increase of 20596 hands; position 222100 hands, a daily decrease of 7394 hands. The base spread was expanded to 40 yuan per ton. June 28 SMM spot 1 # electrolytic copper quotation 46980 to 47120 yuan / ton, the average price is 50 yuan / ton lower than the previous trading day. SMM reported that today is the final settlement date in June of the half-year, the market activity is low, fully showing the characteristics of settlement at the end of the month, and most of the active consignors are traders with funds and downstream customer groups, receiving goods at a low price to prepare for next week's cross-month transactions. At present, the supply of imported copper stored by enterprises in the market is not very sufficient. Next week, after entering July, the shackles of funds will be lifted, and the spot rising water may remain firmly at the current rising water level. LME zinc remained weak today, falling 0. 08 per cent to $2484 a tonne as of 15 / 08 Beijing time. On the other hand, the Shanghai Zinc main 1908 contract opened low and fell, trading in 19980-19745 yuan / ton, closing at 19775 yuan / ton in late trading, down 0.8 percent from the closing price of the previous trading day, trading volume of 421000 hands, a daily decrease of 276.52 million hands, and a daily reduction of 259000 hands, a daily decrease of 6358 hands. The base difference was expanded to 265 yuan / ton, and the Shanghai zinc price difference narrowed to 100 yuan / ton from 1908 to September. June 28 SMM spot 0 # zinc offer is 19990 to 20090 yuan / ton, the average price is down 70 yuan / ton compared with the previous trading day. SMM reported that refineries shipped normally, and the market circulation of goods was relatively abundant. Downstream mainly to inquiry and wait-and-see, superimposed disk downlink, most of the holders do not have a strong willingness to adjust prices, slightly cherish the sale, the overall transaction situation is weaker than yesterday.

It is reported that Asian oil imports from Iran fell to their lowest level in at least five years in May as China and India were less affected by US sanctions, while Japan and South Korea suspended imports altogether.

SMM analyst's brief comment on June 28:

Copper: today, Shanghai copper main contract 1908 opened at 47090 yuan / ton in the morning, immediately hit a daily high of 47210 yuan / ton, due to lack of market confidence, copper prices fell rapidly to 47110 yuan / ton, and then rose to around 47150 yuan / ton after small consolidation. Then bulls left the market rapidly, copper prices all the way down to 47030 yuan / ton, and the center of gravity maintained near 47030 yuan / ton. After the opening of noon, the price of copper continued to rise to 47150 yuan / ton, and the center of gravity remained at 47030 yuan / ton. After the opening of the afternoon, the price of copper continued to rise to about 47150 yuan / ton, and then the bulls left the market rapidly, and the copper price fell all the way to 47030 yuan / ton. The market quickly fell to the lowest level of 46890 yuan / ton in the day, fell below the 47000 yuan / ton mark, and then bounced back to settle between 46910 and 46990 yuan / ton. At the end of the day, it rose slightly to 47010 yuan / ton, down 90 yuan / ton, down 0.19%. Today, Shanghai Copper's main contract position decreased by 7394 hands to 222000 hands, while trading volume increased by 21000 hands to 157000 hands. The position of Shanghai Copper 1909 increased by 9636 to 174000, while the position of Shanghai Copper 1910 increased by 7100 to 59000. The Shanghai Copper Index contract today reduced its position by 1298 hands to 594000, while trading volume increased by 29000 hands to 301000. Today, the overall market showed a downward trend, lack of momentum, mainly because the market is worried about the outcome of the G20 summit negotiations, copper prices lack of momentum, the market waiting for the G20 release of news to guide the direction of copper prices, Shanghai copper above the pressure on the 5-day moving average and 40-day moving average today, KDJ indicators showed negative cross, technology in the face of copper prices lack of further support. Waiting for the guidance of the outside market at night, whether Shanghai Copper can stand at the 47000 yuan / ton gate at this time.

Aluminum: Shanghai Aluminum main Company 1908 contract opened in the morning at 13840 yuan / ton, at the beginning of the day slightly rose to explore a high intraday high of 13860 yuan / ton, but the above 60-day moving average resistance is stronger, Shanghai aluminum upward powerless to fall back, all the way down to 13780 yuan / ton within the day low point, and then hovered slightly in the 13790 yuan / ton line, from the low and upward in the afternoon, but rose back to 13835 yuan / ton after the performance again hesitant, today's Japanese trading closed at 13830 yuan / ton, down 70 yuan / ton, and then hovered slightly in the 13790 yuan / ton line, and then hovered slightly from the low level in the afternoon, but hesitated again after rising to 13835 yuan / ton. Fell 0.5% to close at the Xiao Yin line, the center of gravity sank from yesterday, the day K line fell below the 5 / 10 moving average, trading volume increased 28802 hands to 150000 hands, position volume decreased 3212 hands to 244000 hands, daily KDJ third line down. After the digestion of the early macro good news, aluminum prices began to return to fundamentals, give up most of the early gains, is expected to continue in the evening below the weak shock, pay attention to the G20 summit news on the market trading atmosphere guidance.

Lead: within a day, the Shanghai lead 1908 contract opened at 16055 yuan / ton, Shanghai lead all day under the 5-day moving average, and concussion below the daily average, and with the gradual increase in short, the Shanghai lead shock platform slowly moved down to around Wan6. during this period, it was once as low as 15985 yuan / ton, and finally reported at 16020 yuan / ton, down 115 yuan / ton, down 0.71%, and the position increased by 2728 hands to 56460 hands. Shanghai lead closing Xiaoyin line, running along the downward channel, fell below the middle track of Brin Road, but the six integer gate is still supported. Considering that the trend of lead in Shanghai is weak after entering the European period, it is more difficult for Shanghai lead to hold the gate at night.

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