Home / Metal News / Copper / [SMM Daily Review] Shanghai nickel fell more than 2 per cent, Shanghai lead rose 1.5 per cent, non-ferrous iron ore rose 4.7 per cent, and the black system fluttered red across the board.
[SMM Daily Review] Shanghai nickel fell more than 2 per cent, Shanghai lead rose 1.5 per cent, non-ferrous iron ore rose 4.7 per cent, and the black system fluttered red across the board.
Jul 1,2019 16:54CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 month 1 news: today's non-ferrous metals market has ups and downs, by the end of the day, Shanghai nickel fell nearly 2.1%, Shanghai tin fell nearly 0.8%, Shanghai aluminum fell nearly 0.6%, Shanghai zinc rose weakly, Shanghai copper rose nearly 0.8%, Shanghai lead rose nearly 1.5%; on the news side, the Minister of the Interior of the Congo said recently that all illegal miners in Glencore (Glencore) 's KOV open-pit copper and cobalt mine would be expelled by Sunday. On 27 June, the KOV open-pit copper and cobalt mine owned by Glencore (Glencore) in (KCC), Kamoto Copper Mining area, in the Democratic Republic of the Congo, partially collapsed, killing at least 43 illegal miners. The mine is one of Zambia's largest copper mines, with KCC producing 152400 tons of copper and 11100 tons of cobalt last year. "the Government of the Congo: all illegal miners at Glencore Mine will be driven out this week

The black system is all red, iron ore is up nearly 4.7%, coke is up nearly 3.2%, thread is up nearly 1.6%, hot coil is up nearly 1.3%, coking coal is up nearly 1.1%; Tangshan to strengthen environmental protection and production restrictions triggered expectations of a comprehensive environmental upgrade, superimposed weekend Sino-American summit meeting results exceeded expectations, the iron and steel market atmosphere is better. In addition, billet enterprises have a plan to resume production, Tangshan billet weekend cumulative increase of 50 yuan / ton, today up 30 to 3700 yuan / ton, a nearly 8-month high. After the rebar 1910 contract reached a maximum of 4148 yuan, the shock fell back, and finally closed up 1.56 percent above 4100 points, while the hot coil failed to stand firm at 4000 yuan, closing at 3983 yuan per ton. As production restrictions have not yet had a significant impact on actual output, total steel output has remained stable, and iron ore futures prices have continued to soar by nearly 5 per cent, rising as high as 874.5 yuan, a recent five-and-a-half-year high. Port iron ore dry base offer rose slightly, the basis narrowed to a new low in more than a month.

Crude oil rose nearly 0.8% in the last period, and the three major energy agencies, the International Energy Agency (IEA), the US Energy Information Agency (EIA) and the Organization of Petroleum Exporting countries (OPEC), all cut their forecasts for oil demand growth for the rest of 2019.

Capital flow today

 

A brief comment by SMM analyst on July 1st

Copper: today, the main contract of Shanghai Copper 1908 opened at 47330 yuan / ton in the morning, and the short position was quickly reduced at the beginning of the day. Copper prices rushed up and reached 47420 yuan / ton, and then fell to 47280 yuan / ton. Then the center of gravity of the disk moved up slightly to 47320 yuan / ton. After the opening of afternoon trading, it rushed up to the highest level of 47440 yuan / ton in the day. After a small probe, the center of gravity continued to fall, and between 47320and 47390 yuan / ton, the center of gravity continued to drop. At the end of the day, it closed at 47360 yuan per ton, up 360 yuan per ton, or 0.77 per cent. Today, Shanghai Copper's main contract position decreased by 2222 hands to 220000 hands, while trading volume decreased by 33000 hands to 124000 hands. The Shanghai Copper 1909 contract increased its position by 7764 to 181000 today, the Shanghai Copper Index contract reduced its position by 4212 to 590000 today, and trading volume decreased by 34000 to 268000. Today, as a result of the easing of trade relations between China and the United States and the trend of macroeconomic recovery, market sentiment was boosted, and copper prices rose in the morning and then remained volatile at a high level, while copper prices were boosted by Saudi Arabia's agreement with Russia to extend the OPEC production reduction agreement. However, as a result of today's Guangdong inventory surge of 8000, inventory inflection point has appeared, basically in the face of copper prices to form a negative signal. Today, Shanghai Copper closed in the physical Dayang column, the shadow line is close to Brin on the track, KDJ indicators open to expand, the technology in the face of copper prices have also been supported. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can stand at the 47200 yuan / ton gate.

Lead: within a day, the Shanghai lead 1908 contract opened at 16070 yuan / ton. At the beginning of the day, Shanghai lead basically ran around 16130 yuan / ton above the daily average. in the afternoon, the center of gravity of lead in Shanghai slowly moved up, and once climbed to 16275 yuan / ton, finally reported at the intraday high of 16275 yuan / ton, up 2445 yuan / ton, an increase of 1.53%, and the position was reduced by 5118 hands to 51342 hands. Shanghai lead closing Dayang line, has stood on the 10,5, 60-day moving average, and medium-and short-term averages turn upward, but in the afternoon, Shanghai lead pull up is mostly caused by short departure, coupled with the above 16300 yuan / ton platform has a strong suppression, Shanghai lead uplink space is limited, pay attention to whether Shanghai lead can hold the 60-day moving average at night.

Zinc: Shanghai zinc main 1908 contract opened at 19995 yuan / ton, initially boosted by the high opening of the external disk, short positions fled, Shanghai zinc quickly upward touch high 20095 yuan / ton, then the kinetic energy is slightly insufficient, jump off the daily average, around 19920 yuan / ton slightly struggle, after the lower 19835 yuan / ton, 10-day moving average support strength appeared, Shanghai zinc rose slightly, broke through the daily average pressure but did not stand steady, return to the 10-day moving average near. It closed up 19860 yuan per ton, up 85 yuan per ton, or 0.43 percent, from the previous trade, with trading volume down 33696 hands to 387000 hands and positions down 11248 hands to 248000 hands. During the day, the funds moved to the warehouse to change the month, Shanghai zinc received the Xiaoyang line, in the 20th EMA temporarily looking for support, but the reduction of the upward kinetic energy is limited, the fundamental weakness has not been alleviated, the evening observation of the 20th EMA support strength.

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