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[agency Review] lead in Shanghai is in weakness in consolidation
Jul 5,2019 16:33CST
translation
Source:Wenhua Finance and Economics
The content below was translated by Tencent automatically for reference.

SMM News: internal and external trends: LME lead concussion fell slightly today, falling into consolidation, as of 15-30 Beijing time, LME lead was at US $1878 per ton, down 0.21 per cent on the day. The Shanghai lead main 1908 contract also continued consolidation, trading in 16195 15975 yuan / ton, closing 16010 yuan / ton in late trading, down 0.87% from the closing price of the previous trading day; trading volume 31498 hands, a daily decrease of 9128 hands; positions 50750 hands, a daily increase of 1036 hands. The base difference narrowed to-35 yuan / ton, and the Shanghai lead price difference slightly expanded to 5 yuan / ton from 1908 to September.

Market focus: the Asian dollar index fluctuated higher and is now trading at 96.841, up 0.11% on the day. The market data was light today, focusing on U. S. non-farm payrolls data in the evening.

Spot market: July 5 SMM spot 1 # lead offer is 15900 to 16050 yuan / ton, the average price is 25 yuan / ton lower than the previous trading day. SMM reported that the quotation of the holder is in line with the market, the price rise discount changed little compared with yesterday, and the downstream demand is low, the bulk order market transaction has not improved for the time being.

Inventory: today's Shanghai lead warehouse receipts totaled 23520 tons, a daily increase of 1101 tons; as of July 4, LME lead stocks were 64325 tons, an increase of 70 tons a day, ending the sixth consecutive decline. At the same time, the lead stock in Shanghai was 30756 tons, a decrease of 213 tons per week, as of June 28.

Main position: Shanghai lead main 1908 contract top 20 long position 17568 hands, short position 19997 hands, net position 2429, daily increase 37 hands, more short increase.

Market research and judgment: July 5 Shanghai lead main contract shock decline, into consolidation. During the period, it was partly weighed down by the volatility of the dollar index. And LME lead inventory refresh 10 years low for lead prices constitute a certain support, but due to poor downstream demand, upward weakness. On the spot, the quotation of the holder follows the market, the price rises the discount water to change little than yesterday, and the downstream demand is low, the bulk order market transaction has not improved for the time being. Technically, the main Shanghai lead contract continues to be blocked in the 30-day moving average, below pay attention to 16000 support. In operation, it is suggested that the main lead 1908 contract in Shanghai can be high and low between 16000 yuan and 16200 yuan / ton, with a stop loss of 100yuan / ton. (source: Rida Futures)

Shanghai lead
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inventory

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