[SMM Black Futures Daily Review] 20190 704: market rumors and regulatory action triggered a collapse in ore, and coke led the rise.

In terms of volume and price, RB1910 closed down 6 yuan / ton to 4024 yuan / ton compared with the previous trading day; HC1910 closed down 18 yuan / ton to 3892 yuan / ton compared with the previous trading day; I1909 closed down 40.5yuan / ton compared with the previous trading day to close at 868yuan / ton; J1909 closed 52.5yuan / ton higher than the previous trading day, closing at 2154.5 yuan / ton. In terms of position data, RB1910 sold 4.18 million transactions, a decrease of 4252 to 2.48 million; I1909, 3.5 million, with a decrease of 142000 to 1.49 million; in terms of capital flows, a net outflow of $25.6 million from RB1910 today; and a net outflow of $1.515 billion from I1909. Viewpoint: differentiation and operation. Black commodity ice and fire two days, coke rebounded sharply, and the early strong iron ore was abandoned by 1.5 billion funds, intraday once fell to 856yuan / ton, closed slightly back up. Today, the market frenzied regulators visited Yongan futures research, resulting in its control of iron ore, PTA plummeted, PTA sealed limit. Iron ore high today's sharp decline is mainly due to prices rose to more than 900 high, the market fear of higher sentiment, long funds are also more cautious, a little bad news disturbance will lead to a large number of early long positions out of the market and the influx of funds to short. However, after the market, a reporter asked Yongan for confirmation, the other side clear response, there is no supervision to investigate the situation in the near future, tomorrow the market is more likely to stop falling and stabilize. Coke after many days of consolidation, today finally ushered in the outbreak, wear a number of moving averages, the upward trend may open. After three rounds of downgrades, the profits of coke enterprises have been seriously compressed, and some coke enterprises have fallen into losses. On the one hand, coke enterprises are very resistant to continuing to raise and fall, on the other hand, coke enterprises are affected by environmental protection, and the expectation of contraction on the supply side supports the rebound in coke prices. In terms of timber, in the near future, it is still the trend of interval shock, which is impacted by the relaxation of environmental protection and production restrictions, coupled with the fact that the current base difference is not large, which restricts prices, and is still the stage of building a rising relay platform. Shock operation may continue for a period of time, but there may still be room for upward growth in the later period. Strategy: RB1910 contract to see the interval (3950, 4200); I1909 contract to look at the interval (800950), the middle line multiple single holding, short-term can be reduced on the high, after falling back, rolling operation. Disclaimer: this information comes from a statistical arbitrage model based on historical data, and all conclusions are based on reliable and publicly available information. The SMM quantification team is not responsible for any losses that may be caused by all information. We recommend that investors independently evaluate specific investments and strategies. Investors are also encouraged to seek advice from professional financial advisers. This information does not provide a tailored investment strategy.