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July 3 SMM basic Metals spot Trading Day Review
Jul 3,2019 19:01CST
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Source:SMM
July 3 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

SMM, July 3 / PRNewswire-Asianet /-

Copper: today, Yapanlun copper opened at US $5902 per tonne. After the opening, copper prices fluctuated within a narrow range around the daily average, and the overall amplitude was small. Until European trading, due to the high level of the US dollar, bulls took the opportunity to close their positions out of the market, copper prices began to come under pressure, and after LME copper stocks returned to 32000 tons, copper prices plummeted by US $5840 / ton, but the low price failed to hold steady, quickly recovered to the position of US $5880 / ton, and continued to make a narrow range concussion. As of 17 to 40, Lun Copper was at US $5881 / ton, down 0.23 per cent, and the US dollar index was at 96.736, Us crude oil was at $56.68 a barrel. Evening attention to the U. S. June ADP employment forecast of 140000 people lower than the previous value, the United States EIA crude oil inventory change in the week ended June 28 is expected to fall 2.56 million barrels higher than the previous value. At present, Lun Copper has completely lost all its recent EMA support, and the center of gravity has fallen down the middle rail of Brin, the MACD red column has almost been eliminated, and the technical side has become weak. Wait for guidance from the dollar and crude oil at night to test whether Lun Copper can hold $5800 a tonne at night.

Today, the main contract of Shanghai Copper 1908 opened at 46400 yuan / ton in the morning, and the highest position in the day was 46460 yuan / ton at the start of the day. After a small probe, the market lacked confidence in the copper price, and then the copper price fell to 46300 yuan / ton. 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 near 46340 yuan / ton, and after a short period of consolidation, it continued to fall to the lowest level of 46220 yuan / ton in the day. The end of the plate closed at 46250 yuan per ton. 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.

Today, the spot price of electrolytic copper in Shanghai is 60 yuan / ton to 130yuan / ton, the transaction price of flat water copper is 46360 yuan / ton ~ 46400 yuan / ton, and the transaction price of copper is 46410 yuan / ton ~ 46460 yuan / ton. Shanghai copper fell continuously to 46300 yuan per ton line. Copper futures plummeted, attracting traders to enter the market, positive inquiry atmosphere, holders to maintain a strong desire to carry water, early market holders quoted water 60 to 110 yuan / ton, flat copper low price transaction is OK, good copper difficult to have pressure space, high price up to 120 yuan / ton, transactions have been significantly improved, traders to enhance their willingness to collect goods difficult to depress the price; The lower reaches of the low replenishment also improved, wet copper quotation increased to 20 yuan / ton ~ flat water. Good copper still shows the characteristics of low price rise, the current holder will continue to rise the price of the trading pattern. In the afternoon, the market price maintained a volatile pattern, the holder's attitude of rising water remained unchanged, and the market initiative to buy a high position was suppressed. In the afternoon, copper water 60-70 yuan / ton, good copper 120-130 yuan / ton, transaction price in the range of 46320 yuan / ton-46430 yuan / ton.

Aluminum: Lun Al opened at US $1770 per ton in the morning. In Asia, Lundai maintained a narrow range of volatility, before noon Lunal tried to repair the previous day's decline, above the 20-day moving average to stop the high touch of $1787 / ton, has not yet reached the 5-day moving average. Afternoon pressure fell back to $1776.5 a tonne at 15:00. After entering the European session, Lun Aluminum accelerated back down, hitting a low of $1774 / ton, and rebounded slightly under the fall of the US dollar, reporting $1780 / tonne as of 17: 48. Recently, after a continuous low rebound in the US Index, the upper part of the Lun Aluminum is under pressure. It is expected that the Lun Aluminum will maintain a concussion in the interval at night and try to break through the 20 moving average upward.

Shanghai Aluminum main contract 1907 opened in the morning at 13640 yuan / ton. After the opening of the Shanghai aluminum to maintain a weak shock, low touched 13620 yuan / ton. Low led to a long increase in positions, before noon Shanghai aluminum shock upward high touch 13670 yuan / ton. After Shanghai aluminum maintained a narrow range of concussion, closing at 13650 yuan / ton at the end of the day. Positions increased by 888 to 236534, while Shanghai Aluminum Index positions fell by 4832 to 694222. After the weakening of consumer expectations in the third quarter and the concentrated release of sentiment, the market is still focused on waiting for actual consumption to verify expectations. Shanghai aluminum is expected to continue to maintain a narrow range of shocks in the evening, but also need to pay attention to tomorrow's social aluminum ingot inventory decline, the decline is still flat Shanghai aluminum still maintain a weak shock.

Aluminum in the month before the afternoon of the first trading phase to maintain low volatility, the second trading phase of the low back up. The first trading range is between 13610 yuan / ton and 13620 yuan / ton in Shanghai, and between 10 yuan / ton and 13670 yuan / ton in the second trading range. The spot prices in Guangdong and Wuxi began to concentrate between 13650 and 13670 yuan / ton, and the price rose slightly from yesterday. The price in Hangzhou was between 13650 and 13670 yuan / ton in the afternoon, and the spot price in Guangdong and Wuxi began to concentrate between 13650 and 13670 yuan / ton. The price was slightly higher than yesterday. The price in Hangzhou was between 13650 and 13670 yuan / ton before noon, and the spot price between Guangdong and Wuxi began to concentrate between 13650 and 13670 yuan / ton. At the end of the day, the market rose, but the Hangzhou quotation was chaotic and the transaction was diluted. When the aluminum price is low in the morning, the willingness of traders to receive goods is greatly increased, and there are many recipients in the market, but there are fewer sources of goods in circulation in the market, and the holders cherish to sell slightly. After 10: 30, with the announcement of the online price, the market has also risen sharply, and the aluminum price has risen by nearly 30 yuan / ton in the morning price level. At this time, the shippers obviously increased, but due to the larger increase in aluminum prices, middlemen and traders hesitated to receive the goods, and the transactions between the two sides were not much. Due to the difficulty of indirect shipment by traders, the actual shipment is not much, at the same time, the downstream is still purchasing on demand, it can be seen that the supply and demand is weak, the overall transaction in East China today is poor. In the afternoon, the holder quoted between 13640 and 13660 yuan / ton, and the rising water on the plate was around 10 to 20 yuan / ton, but the market performance was poor and there was almost no transaction.

Lead: within a day, Lun lead opened at US $1886 / ton. In the Asian session, at the beginning of trading, Lun lead ran along the daily moving average, and then accepted the entry at a low price. Shanghai lead shock platform moved to US $1893.5 / ton line, into the European session, Lun lead continued to consolidate the market, as of 16 to 42, Lun lead temporarily closed at US $1898 / ton, up US $9.50 / ton, or 0.5 per cent. Lun lead closed Xiaoyang line, stopped falling and stabilized, Brindao middle rail 1884 US dollars / ton has strong support, but above 5, 10 days EMA glued to form a suppression platform, or hinder the upward space of Lun lead, it is expected to be supported by the 60-day EMA at night, and test the suppression platform formed by the 5-and 10-day EMA.

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.

Shanghai Sands and Southern lead 16075 yuan / ton, 50 yuan / ton for 1907 contract, 16055 yuan / ton for Jijin and copper crown lead / ton in Jiangsu and Zhejiang, 30 $50 / ton for 1907 contract, of which the discount of 10 yuan / ton for 16015 contract is quoted by white goods. The futures market fell one after another, the quotation of the holder went with the market, some of the quotation rose slightly, at the same time, the downstream purchase was on the low side, the enthusiasm of inquiry was slightly better than yesterday, and the transaction of bulk order market was slightly improved.

Guangdong market Nanhua lead 16075 yuan / ton, the average price of SMM1# lead flat water to liter water 50 yuan / ton; Southern Storage 16075 to 16085 yuan / ton, 1907 contract water 50 to 60 yuan / ton; lead price returned to the vicinity of WanLiu, some storage enterprises to rigid demand procurement, market transactions slightly improved. Henan Yuguang and other smelters mainly to long single transaction; Wanyang, Jinli 15075 yuan / ton, the average price of SMM1# lead discount 50 yuan / ton quotation; refineries maintain discount shipment, downstream purchase on demand, the market transaction is general. Other areas such as: Jiangtong 16045 yuan / ton, the average price of SMM1# lead 20 yuan / ton quote; Yunnan small plant lead 15725 to 15775 yuan / ton, SMM1# lead price discount 250 to 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 at US $2465 / tonne. At the beginning of the day, after a small downward detection, it rose to US $2475 / tonne. However, the 5-day EMA showed that the center of gravity of Len Zinc operation quickly moved down to US $2460 / ton to find support, and then tried to get back up and fell again, falling again to US $2453 / tonne, just as LME zinc stocks recorded a slight decline again. Len zinc rebounded to run near the 10-day moving average at $2480 per tonne, closing at $2477.5, or 0.38 per cent, as of 16 to 48. Geneva zinc temporary collection of small Yang column, the upper pressure multi-channel moving average operation, overseas market back structure weakening, LME zinc inventory although the decline is relatively small, overseas supply contradiction has been slightly alleviated, follow-up Lun zinc action can be or is still limited, pay attention to macro data guidance at night, Lun zinc or pressure Brin road middle rail operation.

At the beginning of the day, the main 1908 contract of Shanghai zinc opened at 19670 yuan / ton, and at the beginning of the day, Shanghai zinc briefly revolved around the first line of 19650 yuan / ton, and then the short position left the market neatly, boosting the upward touch of Shanghai zinc to 19775 yuan / ton. However, the suppression of the 10-day moving average showed that the pressure of Shanghai zinc fell back to 19670 yuan / ton. The operating range was not more than 20 yuan / ton, giving back most of the gains in the day. it closed at 19650 yuan / ton, 35 yuan / ton higher than the previous transaction. It rose 0.18%, with trading volume down 65608 to 304000 and positions down 10448 to 227000. During the day, Shanghai zinc stopped falling and turned red, the upper 5-and 10-day EMA double adhesion suppression is strong, the subsequent inventory accumulation expectations have not yet declined, superimposed the weak consumer demand situation, Shanghai zinc action can still be observed, pay attention to the upper 5-day EMA suppression at night.

Shanghai 0 # zinc mainstream transaction 19880 19950 yuan / ton, Shuangyan, Chihong transactions in 19920 19970 yuan / ton, 0 # ordinary July flat water-liter water 10 yuan / ton; Shuangyan, Qihong reported rising water 20 to 40 yuan / ton. 1 # the mainstream transaction was between 19820 and 19870 yuan per ton. The center of gravity of zinc futures operation has shifted upward, and market shipments have increased, but the overall circulation has been tightened to a certain extent, and the market quotation has been slightly raised to about 10 yuan / ton, or the net average price has been given priority to, all of them have transaction performance, but the market receiving force has weakened compared with yesterday, and the downstream consumption has warmed up every time it rises, and the market is dominated by inquiry, and the purchase is more cautious, and the quotation in the second trading period is basically stable. However, the market to shipment-based transactions have become lighter, the overall transaction is slightly less than yesterday.

Guangdong 0 # zinc mainstream trading in 19820 19940 yuan / ton, Shanghai zinc 1908 contract rising water 170 180 yuan / ton, Guangdong stock market than Shanghai market discount 40 yuan / ton yesterday narrowed to 30 yuan / ton discount. Refinery shipment is normal, the market supply of goods is abundant. In the morning, the market was more confused about the quotation, and the holder concentrated on the average price of-10 yuan / ton, and the atmosphere of market trading was relatively dull. After entering the second trading period, the market quotation focused on the rising water of about 170 yuan / ton for the 08 contract. However, after a small drop in the surface of the market, the rising water was adjusted upward, and the willingness to pick up the goods downstream was not good. The trading situation in Guangdong today is weaker than that of yesterday. 0# Kirin, Cishan, Tiefeng, Mengzi mainstream transactions in 19820 to 19940 yuan / ton.

The mainstream transaction of 0 # zinc ingots in Tianjin market was between 19920 and 21100 yuan / ton, and the mainstream of 0# ordinary brand was sold in 19920 to 20080 yuan / ton. The rising water of 1907 contract was about 100 yuan / ton. Tianjin market narrowed from 80 yuan / ton to 40 yuan / ton compared with Shanghai market yesterday. The refinery shipment is normal, the market supply circulation is more abundant. The carrier actively shipped the goods, and the early quotation focused on the 07 contract flat water to rising water 160 yuan / ton, but the willingness to pick up the goods downstream became weak, and the market trading atmosphere was cold. Follow-up holders cut water to 07 contract flat water to rising water 100 yuan / ton, after the price adjustment, the market transaction has not been significantly boosted. Today's market transactions are more concentrated in the supply of low-priced brands, the overall transaction situation is lighter than yesterday. 0 # Zijin, Hongye, lark, Chihong, Xiyan, etc., were sold in 19920-20080 yuan / ton, and 1 # Zijin, Chihong, Hongye, etc., were sold in 19870-20030 yuan / ton.

Tin: after the opening of 17730 yuan / ton today, the sub-market period was generally maintained at the daily average of US $17820 / ton. After the opening of European trading, due to the fall of the US dollar index and the rise in crude oil prices, Lunxi fluctuated all the way up. As of 18-00, the latest price of Lunxi was US $18000 / tonne, which was positive and below all EMA. The support below Lunxi is expected to be near the previous low of US $17600 / ton. This evening, we can focus on US ADP employment in June (10,000), US trade account for May (US $100 million), US Markit services PMI final value in June, US ISM non-manufacturing PMI in June, and May factory order monthly rate in the United States (%).

Shanghai tin main 1909 contract opened yesterday night 134980 yuan / ton, at the beginning of the day due to bulls stop loss left the market quickly fell to the intraday low of 127780 yuan / ton, and then Lunxi overall maintained below the daily average of 129600 yuan / ton pressure shock, late trading due to short departure rose. After the opening of 130780 yuan / ton in early trading this morning, under the double influence of short position reduction and long buying, Shanghai tin fluctuated all the way up, and finally closed at 132500 yuan / ton, showing a negative line, with a long shadow line, located below all the EMA. It is expected that Shanghai tin will gradually return to the situation close to the fundamentals in the future, supporting around 131500 yuan / ton below.

Spot market, today smelter and traders quoted price differentiation, due to yesterday's capital pressure Shanghai tin plate plummeted about 10000 yuan / ton, smelter limited by the production cost quoted price is higher than 140000 yuan / ton, some smelters receive goods at a low price in the market. Traders offered a lower mainstream price of 133500 to 135000 yuan per ton this morning due to the supply set, while the mainstream trading price changed from 134,000 to 135600 yuan per ton in the afternoon as a result of the higher market. Downstream enterprises as a result of Shanghai tin plate prices stabilized and rebounded actively into the goods, the spot market today to warm up the trading atmosphere. Set Yunxi liter water 3000 yuan / ton, ordinary Yunzi rising water 2000 to 2500 yuan / ton, small brand rising water 1500 to 2000 yuan / ton.

Nickel: the nickel sub-plate opened at $12125 / tonne. At the beginning of the day, Lennie fell $12080 / ton and fluctuated upward, with its center of gravity consolidated around $12040 / tonne in midday. In the afternoon, Lennie once again down the 20-day moving average of $12080 / ton line, after getting support to rebound. LME data reported that inventories fell 3156 tons to 158252 tons, due to a sharp decline in inventories and the high decline in the dollar, the nickel rose, as of 17-00, at $12240 / ton, temporarily closed at the small positive line, the evening focus on whether Lennie can break through the 60-day moving average resistance, up to the 10-day moving average. Overnight focus on June ADP employment in the United States; initial jobless claims for the week ended June 29; monthly factory order rate in May; and changes in EIA crude oil stocks for the week ended June 28.

Shanghai nickel 1908 opened at 97460 yuan / ton, during the day, shanghai nickel below the daily average of 97200 yuan / ton line support, the upper pressure 97600 yuan / ton line, the overall range concussion operation, closed at 97270 yuan / ton, compared with the previous trading day settlement price fell 910 yuan / ton, down 0.93%, position decreased 7000 hands to 140000 hands, 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.

SMM 1 # electrolytic nickel 97000 to 99600 yuan / ton. Russian nickel than Shanghai nickel 1908 sticker 450-sticker about 400 yuan / ton. Jinchuan nickel compared with Shanghai nickel 1908 contract generally reported rising water 2000 yuan / ton, early trading hours, the price around 9.74-97500 yuan / ton shock, following yesterday's substantial improvement in trading, today's Russian nickel transaction is slightly light, Jinchuan nickel transaction continued yesterday's positive mood, the second trading period, prices continue to fluctuate, some traders according to their own shipment situation, a small increase in Russian nickel water, Jinchuan nickel continues to liter 2000 yuan / ton shipment. The ex-factory price of Jinchuan Company was quoted at 99500 yuan / ton, up 300yuan / ton from yesterday, mainly due to the improvement of transaction, the supply of goods in Jinchuan is tight, and the mainstream transaction is 97000-99600 yuan / ton. Afternoon nickel prices continue the morning trend, the enthusiasm to wait and see in the afternoon, Russian nickel paste level is stable, Jinchuan nickel holders continue to raise water to 2500 yuan / ton, strong willingness to lift water, trading relatively active all day, but not as large as yesterday, the mainstream transaction at 96900 99700 yuan / ton.

 

 

 

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