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July 1 SMM basic Metals spot Trading Day Review
Jul 1,2019 18:17CST
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Source:SMM
July 1 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

SMM, July 1 / PRNewswire-Asianet /-

Copper: today, Yapan Lun Copper was disturbed by the macro positive mood, copper prices jumped as high as US $6046.5 / ton, at the beginning of the day, the high short positions were forced out of the market, and the copper prices went straight to the high level of US $6075 / ton, but the impulse power fell on the high level, the bulls made a profit and reduced their positions, and the copper price fell back to the opening position again. In the afternoon, guided by crude oil breaking through the 60 mark today, copper prices again tried to shake up. At the end of the Asian trade, it was blocked to rise above US $6070 / ton again. Then, after entering the European market, the US dollar rebounded sharply. Copper prices quickly fell back to fill the short gap this morning. As of 17-30, Lun Copper was at US $6025 / ton, up 24 US dollars / ton, the US dollar index was at 96.565, and US crude oil was at US $60.008 / barrel. In the evening, we pay attention to the final value of the US Markit manufacturing PMI in June and the US ISM manufacturing PMI expected to be in the expansion range in June. At present, due to the gradual digestion of the interest rate cut, the US dollar index has rebounded, the pressure above the copper price has increased, and the phenomenon of weakening consumption in the copper market has become more and more obvious, and the copper price has continued to rise slightly. At present, Lun Copper overcast entity elongates on the shadow line, above blocked Brin on the track, KDJ curve to form a bad dead fork, although the technical side of the impulse can not be enough, but Lun Copper below the 5-day moving average of $6000 integer clearance is still supported, pay attention to the dollar and crude oil guidelines at night.

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, then fell to 47280 yuan / ton, and then the center of gravity 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 back, and between 47320 and 47390 yuan / ton, the narrow range concussion finishing between 47320 yuan and 47390 yuan / ton, and closed at 47360 yuan / ton at the end of the day, the center of gravity continued to fall back, and between 47320 and 47390 yuan / ton, the copper price rushed up and reached 47420 yuan / ton, and then closed at 47360 yuan / ton. It rose 360 yuan per ton, or 0.77 percent. 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 facing the pressure of copper prices. 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.

Today, the spot price of electrolytic copper in Shanghai is 30 yuan / ton to 100 yuan / ton, the transaction price of flat water copper is 47280 yuan / ton ~ 47320 yuan / ton, and the transaction price of copper is 47320 yuan / ton ~ 47370 yuan / ton. The results of the consultations at the Sino-US meeting were positive, with copper rising and copper opening as high as 47200 yuan per ton in Shanghai. In July, the enterprise capital is too loose, the transaction enters the new trading cycle, the morning market holder opens the report in the rising water 50 100 yuan / ton range, the strong price intention is obvious, but the transaction reaction is not positive enough, under the transaction hindrance, the flat water copper can press the price to the rising water 30 to 40 yuan / ton range, the good copper cargo source accounts for less, it is difficult to have the pressure price space, the transaction is concentrated in the rising water 80 to 100 yuan / ton range, downstream maintains the rigid demand to buy, Wet method stalemate in the discount 50 ~ discount 30 yuan / ton quotation. The disk surface is high, the market can circulate the source of goods has not seen a large number of outflows, today's mainstream transactions are mostly concentrated in traders, holders across the first day of the month strong willingness to push up the price, the same strong characteristics are more obvious. In the afternoon, as the market price is still strong and high, restrain the market transaction, and at the beginning of the month, the holder has no selling pressure, firm quotation, market trading to maintain a stalemate. In the afternoon, copper water 40-50 yuan / ton, good copper 90-water 100 yuan / ton, transaction price in the range of 47310 yuan / ton-47420 yuan / ton.

 

Aluminum: Lun Al opened at US $1799 per ton in the morning. Asian session, after the opening low hit $1796 / ton quickly rebounded, concussion run afternoon high over the 5-day moving average reached $1810 / ton, after entering the European session, Lun aluminum continued a strong high refreshed to $1810.5 / ton, and then fluctuated around the range near the 5-day moving average, as of 17: 26, the aluminum was reported at $1807.5 / ton. Compared with Shanghai Aluminum, which has clearer weaker demand, overseas aluminum consumption has not weakened significantly, coupled with the recent increase in US interest rate expectations, the trend of London Aluminum is significantly stronger than that of Shanghai Aluminum.

Shanghai Aluminum main contract 1908 opened in the morning at 13830 yuan / ton. After the opening of the market, the long small increase in Shanghai aluminum high touch 13855 yuan / ton, has not yet reached the 5-day moving average. After that, with the announcement of social aluminum ingot inventory, the decline in aluminum ingot inventory decreased, and aluminum prices entered the downward channel. More flat into aluminum prices hit 13720 yuan / ton, at the end of the day short profit-taking, aluminum price shock closed at 13750 yuan / ton, located below all averages. The position decreased by 1392 hands to 242686 hands, while the Shanghai Aluminum Index increased its positions by 988 hands to 695042 hands. Short-term aluminum prices are still relatively weak, mainly because the third quarter is the traditional off-season of aluminum downstream consumption, and the decline in social aluminum ingot stocks is a perfect reflection of market expectations, aluminum prices are still expected. Aluminum prices are expected to remain weak and volatile in the evening, waiting for further verification of expectations by market consumption.

Aluminum opened high and low that month. The spot transaction price in Shanghai is between 13730 and 13750 yuan / ton, between 10 yuan / ton and 10 yuan / ton, which is about 50 yuan / ton lower than last Friday. The spot price in Wuxi is between 13740 and 13760 yuan / ton, and the spot price in Hangzhou is between 13770 and 13790 yuan / ton. Today, the shipowner shipment is active, because the price falls, the middleman has certain replenishment under the low price, the overall transaction is better. However, downstream Monday did not show an obvious willingness to receive goods, basic on-demand procurement, traders are feedback downstream consumption signs of weakness, on the near future downstream consumption expectations are pessimistic. The overall transaction today was mediocre. In the afternoon aluminum maintained a narrow range of fluctuations, the Shanghai transaction price was between 13730 and 13750 yuan / ton, the rising discount was maintained at around 10 yuan / ton, and the Wuxi price was between 13740 and 13760 yuan / ton. Only a small number of transactions were made between traders, but there were few downstream transactions.

 

Lead: within a day, Lun lead opened at 1940 US dollars / ton, Asian session, the United States index slowly recovered, short take the opportunity to crack down on Lun lead, Lun lead shock down to 1928 US dollars / ton, but 1930 US dollars / ton line has strong support, Lun lead homeopathic rise, but 1940 US dollars / ton platform pressure is strong, Lun lead upward pace is slow, as of 16: 38, Lun lead temporarily closed 1937 US dollars / ton, up 4 US dollars / ton, an increase of 0.21%. Lun lead temporarily closed the Xiaoyin line, to break through the US $1940 / ton suppression platform is more difficult, but the medium-and short-term EMA upward trend does not change, and multi-head arrangement, it is expected that the night Lunlead downward space is limited, or test the 10-day EMA support strength.

During the day, the Shanghai lead 1908 contract opened at 16070 yuan / ton. At the beginning of the day, Shanghai lead basically revolved around the 16130 yuan / ton line above the daily average. In the afternoon, the center of gravity of Shanghai lead slowly moved up, and once climbed to 16275 yuan / ton, finally reported at the daily 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.

Shanghai market Sands, southern lead 16150 16160 yuan / ton, 1907 contract water 50 60 yuan / ton; import Harbin lead 16050 yuan / ton, 1907 contract discount 50 yuan / ton; Jiangsu and Zhejiang area Jijin, Wanyang, copper crown, double Yan lead 16100 16150 yuan / ton, 1907 contract liter water 0 50 yuan / ton, of which the white price is 1020 yuan / ton for 1608016090 contract. By the positive macro news, the initial lead shock upward, the holder actively quoted the goods, but the downstream delivery caution, after some of the holders turned to lower the quotation to rise to near Pingshui, the bulk order market just slightly traded.

Guangdong market Nanhua lead 16125 yuan / ton, the average price of SMM1# lead flat water to water 50 yuan / ton quotation; southern storage south 16150 yuan / ton, 1907 contract water 50 yuan / ton quotation; macro environment improvement, lead price shock upward, some storage enterprises to rigid demand procurement, market transactions have not been improved. Henan Yuguang and other smelters mainly to long single transaction; Jinli 15995 yuan / ton, the average price of SMM1# lead discount 80 yuan / ton quotation; Wanyang 16005 to 16025 yuan / ton, SMM1# lead price discount 50 to 70 yuan / ton quotation; refineries to maintain discount shipment, downstream today wait-and-see, the market transaction is general. Other areas such as: Jiangtong 16105 yuan / ton, the average price of SMM1# lead 30 yuan / ton quoted; Yunnan small plant lead 15775 15825 yuan / ton, the average price of SMM1# lead discount 250 300 yuan / ton; refineries to 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 high at US $2511 / tonne, boosted by the warming macro mood at the beginning of the day. After the opening, the daily moving average rose smoothly, touching up US $2538 / ton. However, the upper 40-day moving average was strongly suppressed. Lun Zinc failed to stand firm and gave up all its gains. It found support in the integer position of US $2500 / ton, and then arranged around it along the US $2515 / ton line. Close to the European trading period, the US finger rose, and the basic metals were generally under pressure. Zinc fell back to $2492.5 a tonne and then rose slightly to close to the integer position. As of 17 to 20, zinc was flat at $2493 a tonne. During the day, macro-positive boost mood gradually digested, Lun Zinc rushed high after the rapid decline, the United States Index higher to give the basic metal suppression of the case, pay attention to the integer support strength.

Shanghai zinc main 1908 contract opened at 19995 yuan / ton, initially boosted by the high opening of the outside disk, short positions fled, Shanghai zinc quickly upward touch high 20095 yuan / ton, then kinetic energy is slightly insufficient, jump off the daily average, around 19920 yuan / ton slightly struggle, after 19835 yuan / ton, 10-day moving average support strength appeared, Shanghai zinc rose slightly, broke through the daily average pressure but did not stand stable, 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.

Shanghai 0# zinc mainstream transaction 20040-20130 yuan / ton, Shuangyan, Chihong transactions in 20090-20150 yuan / ton, 0 # ordinary July discount 30-20 yuan / ton; Shuangyan, Qihong discount 10-liter 10 yuan / ton. 1 # the mainstream transaction was between 19950 and 20040 yuan per ton. At the beginning of the month, the capital pressure of traders eased, the intention of market price adjustment and shipment weakened obviously, and the market quotation was more cautious after zinc futures rebounding, with net average price as the benchmark quotation more, only a small amount of discount 30-20 yuan / ton, but the transaction was more limited, only a small number of long orders rose by 10 yuan to 15 yuan / ton, the overall market wait-and-see mood was stronger. Enter the second trading period, zinc further down to give up all the gains, the market mood to pick up goods, the transaction has improved, discount 30-discount 20 yuan / ton have been traded, but the trading between traders is more active, downstream participation is relatively cautious, the overall transaction is slightly less than last Friday.

Guangdong 0 # zinc mainstream trading in 20020 to 20120 yuan / ton, Shanghai zinc 1908 contract rose 110 to 120 yuan / ton, Guangdong stock market than Shanghai stock market from Friday near Pingshui to discount 30 yuan / ton. Refinery shipment is normal, the market supply of goods is abundant. In the morning, the holders were more confused about the offer, mostly in a wait-and-see state, and reported on the average price of-10 yuan / ton, but the downstream was still more wait-and-see; enter the second trading period, the market quotation concentrated on the 08 contract liter water 110 to 120 yuan / ton, the market transaction situation has improved, today Guangdong overall transaction situation is slightly better than last Friday. 0# Kirin, Cishan, Tiefeng, Mengzi mainstream transactions in 20020 to 20120 yuan / ton.

Tianjin market 0 # zinc ingot mainstream transaction in 20120 21250 yuan / ton, 0 # ordinary brand mainstream transaction in 20120 20220 yuan / ton, 1907 contract water 40 100 yuan / ton, Tianjin market than Shanghai stock market rose water 100 yuan / ton to rise water 90 yuan / ton. Refinery normal shipment, the market supply circulation is more abundant. In the morning, the market quotation focused on the 07 contract rising water 80 to 100 yuan / ton, but the downstream waiting willingness is strong, the macro sentiment brought about by the disk rally has been digested in the morning, the market is still in a wait-and-see state. Subsequent holders once again downgraded the rising water to 07 contract quoted in the rising water 40 to 100 yuan / ton, but the market transaction has not been significantly boosted, the willingness to receive goods downstream is not good, mainly by inquiry and wait-and-see. Trading in Tianjin today was weaker than last Friday. 0 # Zijin, Hongye, laring, Chihong, West Coal Mine, etc., were sold in 20120 to 20220 yuan / ton, and 1 # Zijin, Chihong, Hongye, etc., were sold in 20070 to 20170 yuan / ton.

 

Tin: the Lunxi electronic disk rose slightly to $18970 a tonne between early trading and midday trading after opening at $18930 a tonne today. Asian afternoon to early European trading, due to the low recovery of the US dollar suppressed Lunxi showed a wave-like downward trend, as low as US $18800 / ton, and then Lunxi rose slightly, as of 17 to 30, Lunxi overall showed a high open and low trend, showing a small negative line, the latest price is US $18855 / ton, the physical part is near the 5-day moving average, the upper shadow line is under pressure on the 10-day moving average, and the support below Lunxi is expected to be near the early low of 18600 US dollars / ton. The new price is 18855 US dollars / ton, the latest price is 18855 US dollars / ton, the physical part is near the 5-day moving average, and the upper shadow line is pressed on the 10-day moving average. This evening, you can focus on the final value of the US Markit manufacturing PMI in June and the ISM manufacturing PMI in the US in June.

Shanghai tin main 1909 contract last Friday night after the opening of 143080 yuan / ton, all the way down, the lowest down to 141850 yuan / ton after the return. After the opening of 142290 yuan / ton in early trading this morning, the overall trend of low consolidation was maintained, and finally closed at 142300 yuan / ton, down 810 yuan / ton, or 0.57 per cent. The trading volume was 18526 hands, and the position volume was 45748 hands, an increase of 1948 hands. Today, due to a large number of short positions led to Shanghai tin pressure down, to close to the Changyin line, the upper shadow line pressure on the 5th moving average, Shanghai tin is expected to support around 141500 yuan / ton.

Spot market, today's mainstream transaction price of 141700 to 143000 yuan / ton, there is a low price of 141500 yuan / ton small brand supply. Some downstream enterprises have replenishment due to the downward tin price, and the overall transaction in the spot market is general. Set Yunxi liter water 300 yuan / ton, ordinary cloud word sticker 500 yuan / ton, small brand sticker 600 yuan 800 yuan / ton.

 

Nickel: the sub-market opened at $12780 a tonne today. At the beginning of the day, the daily average under pressure fluctuated all the way down, falling to $12550 per tonne to support the 5-day moving average. In the middle of the day, the nickel was arranged horizontally at $12600 a tonne. After entering Europe in the afternoon, the dollar rallied and nickel fell to $12380 a tonne as of 17. 00. At the end of the G20 summit, expected to materialize, long profit-taking, Lennie shock down, today has fallen below the 5-day moving average, the evening focus on whether Lennie can be supported by the 10-day moving average below. Tonight, we should pay attention to the monthly rate of US construction expenditure in May, the final value of Markit manufacturing PMI in June, and the ISM manufacturing PMI in June.

Shanghai nickel 1908 opened at 101770 yuan / ton today, at the beginning of the day, briefly pushed up 102330 yuan / ton, long position reduction, Shanghai nickel all the way down, fell to the 10-day moving average near 99700 yuan / ton line to get support. Subsequently, Shanghai nickel pressure 100000 yuan / ton gate, repeatedly failed to break through, the center of gravity around 99900 yuan / ton horizontal market shock operation, closed at 99670 yuan / ton, compared with the previous trading day settlement price fell 2150 yuan / ton, down 2.11%, trading volume increased by 31700 hands to 800000 hands, position decreased by 33900 hands to 169000 hands. Shanghai nickel main contract rose for a few days, expected to cash, capital withdrawal, long positions, today with the external market nickel fell, down more than 2%, shanghai nickel index capital outflow of 321 million yuan. Throughout the day, the Shanghai Ni 1908 contract closed at the Zhongyin line, below the 10-day EMA, at night to focus on whether Shanghai Ni can get 10-day EMA support, holding the 99000 yuan / ton barrier.

SMM1# electrolytic nickel 99500 101800 yuan / ton. Russian nickel than Shanghai nickel 1908 discount 600-500 yuan / ton. Jinchuan nickel than Shanghai nickel 1908 contract generally reported a water rise of 1000 yuan / ton. In early trading, prices rose sharply after falling back, fell to the 100000 level near the concussion concentrated transaction, Russian nickel general report discount 500yuan / ton, the transaction is limited. Individual traders reported a discount of 600 yuan / ton, which stimulated the transaction and was relatively active, but then due to the leakage of the disk, the spot shippers raised the quotation to 500 yuan / ton of discount. Jinchuan nickel basically rose 1000 yuan / ton, although the trading is light, but the holder has a strong willingness to lift water, No. 1 Jinchuan nickel supply is tight. The second trading period, the price continues to fluctuate near the 100000 pass, some wait and see downstream procurement, but the quantity is limited, Jinchuan nickel factory price is 99700 yuan / ton, but can be delivered Jinchuan nickel supply is less, this price for Electrodeposited nickel, the market is still traded by traders, the mainstream transaction at 99400 to 100800 yuan / ton. Afternoon nickel price narrow range shock, the market buying enthusiasm is not as good as in the morning, mainly wait and see, cautious procurement, trading all day than last week slightly improved, the mainstream transaction in 99400 100800 yuan / ton.

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