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[SMM Daily Review]
Jul 3,2019 16:39CST
translation
Source:SMM
Most of the non-ferrous metals closed down, Shanghai aluminum fell 0.22%, Shanghai nickel fell 0.93%, Shanghai zinc rose slightly, Shanghai copper, Shanghai lead fell more than 1%, Shanghai tin fell 3.8%. Black majority fell, iron ore rose nearly 2.5%, coke fell slightly, thread fell 0.81%, hot roll fell 0.48%, coking coal fell 1.86%.
The content below was translated by Tencent automatically for reference.

SMM7 month 3 news: most non-ferrous metals closed down, Shanghai aluminum fell 0.22%, Shanghai nickel fell 0.93%, Shanghai zinc rose slightly, Shanghai copper, Shanghai lead fell more than 1%, Shanghai tin fell 3.8%. Black majority fell, iron ore rose nearly 2.5%, coke fell slightly, thread fell 0.81%, hot roll fell 0.48%, coking coal fell 1.86%.

Today, Shanghai Copper main 1908 contract pressure fell slightly, the price fell to a low of 46220 yuan, closing at 46250 yuan, down 0.77%. LME three-month contract volatility weakened, the price fell to $5865.5, the Asian market closed at $5871, down 0.39 per cent. SMM spot copper trading price at 46340 46480 yuan / ton, down 240 yuan / ton compared with the previous trading day, spot copper discount to 1908 contract quoted to c20-b120 yuan / ton, rising discount water rose 30 yuan / ton. Today, copper prices fell, rising water continued to rise, downstream consumption in general, traders shipped flat, the overall trading is OK. Tin prices on the Shanghai Futures Exchange fell sharply on Wednesday and are expected to fall for the sixth day in a row. Although analysts say fundamentals have not changed, investors continue to sell short. Tin is used to make tin cans and lead-acid batteries. Overnight, shanghai tin hit a three-year low, falling 7.7 per cent this week and about 9 per cent so far in 2019.

International crude oil prices held steady on Wednesday after tumbling last day, with (OPEC) and allies of the Organization of Petroleum Exporting countries deciding to extend production cuts to support the oil market, despite fears that the global economic slowdown could stifle demand. OPEC and Russia and other allies agreed on Tuesday to extend the crude oil production reduction agreement until March 2020.

SMM analyst's brief comment on July 3:

Copper: today, Shanghai Copper main contract 1908 opened at 46400 yuan / ton in the morning, and opened at the highest level of 46460 yuan / ton. After a small probe, the market lacked confidence in copper prices, and then long positions were reduced. Copper prices fell to 46300 yuan / ton, and then the market continued to pull up slightly, and settled between 46300 yuan and 46390 yuan / ton. In the afternoon, the center of gravity was maintained around 46340 yuan / ton, and the center of gravity was maintained around 46340 yuan / ton in the afternoon, the price of copper fell to 46300 yuan / ton, then continued to rise slightly, and settled between 46300 yuan and 46390 yuan / ton. In the afternoon, the center of gravity remained around 46340 yuan / ton. After a short period of consolidation, it continued to fall to the lowest level of $46220 per tonne for the day, closing at $46250 per tonne at the end of the day. It fell 480 yuan per ton, or 1.03 percent. Today, the main contract of Shanghai Copper reduced its position by 986 to 218000, and the trading volume decreased by 40, 000 to 118000. Recently, Shanghai Copper 1908 and 1909 contract positions are close to each other, and they are concerned about the change of months of the main contract. Today, Shanghai Copper 1909 contract increased its position by 11000 hands to 208000. Shanghai Copper 1910 contract increased its position by 7002 to 72000. The Shanghai Copper Index increased its position by 11000 to 620000, while trading volume fell by 67000 to 289000. Today, Shanghai copper in the non-ferrous plate capital inflow bright eye, reached 106 million. Recently, the good news from China and the United States has been gradually digested by the market, and the macroeconomic environment and the basic impact on copper prices have increased. Today, the PMI of China's new financial services industry in June was not as expected, the downward pressure on the economy has increased, and it is difficult to support copper prices at the macro level. Fundamental copper consumption has entered the off-season, supply-side pressure has also increased, fundamentals are still bearish copper prices. Today, Shanghai Copper closed at the physical Dayin column, has fallen below the Brin middle rail, below the loss of all EMA support. The MACD index red column is greatly shortened, the KDJ index increases the negative downward expansion trend, the technical aspect is difficult to support the copper price to rise. In the evening, wait for the guidance of the outside market to test whether Shanghai copper can hold the 46000 yuan / ton gate.

Lead: within a day, the Shanghai lead 1908 contract opened at 16105 yuan / ton. At the beginning of the day, Shanghai lead was under pressure at the daily average and ran along the 16065 yuan / ton line. Near the end of trading, the short position increased the code, and the Shanghai lead concussion fell to 16010 yuan / ton. Finally, it closed at 16015 yuan / ton, down 170 yuan / ton, down 1.05%, and the position was reduced by 778 hands to 50696 hands. Shanghai lead closed the small negative line, multi-head panic departure mood warmed up, opened the downward channel, Shanghai lead once again hit the 10,000 mark, considering that the short-term moving average shows a downward trend, pay attention to whether Shanghai lead can keep the 10, 000 integer barrier at night.

Nickel: Shanghai nickel 1908 opened at 97460 yuan / ton today. During the day, Shanghai nickel was supported by the daily average of 97200 yuan / ton, and the upper pressure was 97600 yuan / ton. The overall range fluctuated, closing at 97270 yuan / ton. Compared with the previous trading day, the settlement price fell 910 yuan / ton, down 0.93%, the position volume decreased 7000 hands to 140000 hands, and the trading volume decreased 152000 hands to 508000 hands. After two consecutive days of sharp declines, the Shanghai Ni 08 contract closed at the Xiaoyin line today, fluctuating slightly above the 97000 yuan / tonne barrier during the day. In the evening, we will pay attention to whether Shanghai nickel can continue to fluctuate and hold the 97000 yuan / ton gate.

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