Home / Metal News / Copper / [SMM Daily Review] Shanghai tin limit Shanghai nickel fell more than 3 per cent nonferrous iron ore rose more than 5 per cent hot coil thread fell more than 1 per cent
[SMM Daily Review] Shanghai tin limit Shanghai nickel fell more than 3 per cent nonferrous iron ore rose more than 5 per cent hot coil thread fell more than 1 per cent
Jul 2,2019 16:58CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 month 2 news: most of the non-ferrous metals fell today, as of the end of the day, Shanghai tin closed down 5.01% (down limit), Shanghai nickel closed down 3.48%, Shanghai zinc closed down 1.51%, Shanghai copper closed down 1.38%, Shanghai aluminum closed down 0.51%, Shanghai lead only fluttering red, closing up 0.22%. Among them, tin has increased its short position by 3568 hands in Shanghai today, and the Changyin line has fallen below the horizontal range of 140000 yuan / ton to 135310 yuan / ton since November 2016. it is initially predicted that the lower support will be around 135000 yuan / ton. Spot market, this morning the mainstream transaction price of 138500 yuan / ton-139600 yuan / ton. As a result of the sharp fall in the tin plate in Shanghai, the discount range of spot prices has been reduced and the rising range has been expanded, some traders have actively bought goods when the price has been discounted, and some downstream enterprises have also replenished goods at low prices. In the morning spot market buy Xing heating up, set Yunxi rising water 1100 yuan / ton, ordinary cloud character rising water 300 yuan 400 yuan / ton, small brand rising water 200 yuan / ton-flat water. This afternoon as a result of Shanghai tin plate continued to fall sharply, Shanghai tin spot market most businesses suspended shipments, holding goods wait-and-see mood intensified, the actual transaction weakened.

The black system daytime trend is two poles, the hot roll drops nearly 1.8%, the thread drops nearly 1.3%, the coke rises nearly 0.3%, the coking coal rises nearly 0.6%, the iron ore rises nearly 5.2%, the production limit is relaxed a little, and the trend of finished wood and iron ore is contrary to each other. The positive mood of the resumption of trade negotiations between China and the United States has gradually been released, and the air pollution prevention and control plan for July in Tangshan this morning was slightly looser than the previous policy, with rebar and hot rolled coils plummeting in early trading, falling more than 1 percent in the day. Multiple benefits have allayed previous concerns about iron ore demand, and even as last week's data showed that shipments of iron ore from Australia and Pakistan were up 10 per cent month-on-month and port shipments increased month-on-month, port inventories continued to hit new lows and iron ore supply and demand remained tight.

Last issue of crude oil fell nearly 0.7%, news, according to Wenhua Finance and Economics, as the Organization of Petroleum Exporting countries (OPEC) agreed to extend the production reduction agreement until March next year, but there are signs that the global economy is slowing and the market is worried that demand may fall, putting pressure on oil prices.

 

Capital flow today

 

In terms of capital flows, more than 5 billion of the funds flowed out of stock index futures, Chengcai and bifocal were also abandoned, and 1.372 billion of the funds fled from the black chain. Chemical plate has become the main force of new gold absorption, nearly 500 million capital inflows, of which PTA monopolized 526 million, becoming the largest inflow of futures varieties.

SMM analyst's brief comment on July 2nd

Copper: today, Shanghai copper main contract 1908 opened in the morning at 46550 yuan / ton, after the opening trend all the way smooth, the center of gravity maintained around 46640 yuan / ton, until close in the morning, the market rose slightly to 46690 yuan / ton; after the opening of afternoon trading, the market fell slightly to 46600 yuan / ton, followed by a slight rise to the highest level of 46750 yuan / ton in the day, followed by a high pullback, closing at 46610 yuan / ton, down 650 yuan / ton, down 1.38%. Today, Shanghai Copper's main contract reduced its position by 1300 to 219000, while trading volume increased by 34000 to 158000. At present, Shanghai Copper's position has moved back significantly, with Shanghai Copper 1909 contract increasing its position by 16000 to 197000 today. Shanghai Copper 1910 contract position increased by 5328 to 65000. The Shanghai Copper Index increased its position by 19000 hands to 609000 hands today, while trading volume increased by 88000 hands to 356000 hands. Today, the capital outflow of Shanghai copper in the non-ferrous plate reached 158 million. Today, the overall performance of Shanghai copper is a long reduction in positions, reflecting that the sentiment of easing Sino-US trade relations at the G20 summit has been gradually digested by the market, superimposed by the fact that the recent European economic data are not as expected, the global economic situation is still weaker, and there is a lack of macro support for copper prices; on fundamentals, as copper consumption enters the off-season, supply-side inventories increase, and fundamentals are still bearish on copper prices. Today, Shanghai copper closed the physical big Yin column, below fell below the Brin middle rail, the KDJ index opened under the expansion, MACD red column continues to shorten. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can stand at the 46600 yuan / ton gate.

Lead: during the day, Shanghai lead 1908 contract opened at 16140 yuan / ton, at the beginning of the day, more short, Shanghai lead once hit 16260 yuan / ton, but 16250 yuan / ton platform pressure is stronger, Shanghai lead pressure fell, and around the daily average below 16160 yuan / ton first line shock, during the period recorded intraday low 16110 yuan / ton, finally reported in the intraday high 16170 yuan / ton, up 35 yuan / ton, up 0.22%, position increased 132 hands to 51474 hands. Shanghai lead closed in the negative line, short again in the high plus code entry, 5-day moving average turn down, coupled with the European period, the trend of lead in the outer disk is weak, it is expected that Shanghai lead will be difficult to reverse the trend at night, or continue to decline.

Tin: Shanghai tin main 1909 contract yesterday night trading 142330 yuan / ton after the opening, the overall maintenance of shock finishing situation. After the opening of 142030 yuan / ton in early trading this morning, due to a large increase in short positions, Shanghai tin fell by the limit to 135310 yuan / ton, down 6990 yuan / ton, or 4.91 per cent. The trading volume was 56600, an increase of 38074. The position was 49316 hands, an increase of 3568 hands. Tin short positions increased significantly in Shanghai today, with the Changyin line falling below the horizontal low of 140000 yuan / ton to 135310 yuan / ton since November 2016. the preliminary forecast is that the lower support will be around 135000 yuan / ton.

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