Home / Metal News / Copper / July 5 SMM basic Metals spot Trading Day Review
July 5 SMM basic Metals spot Trading Day Review
Jul 5,2019 19:14CST
July 5 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

SMM, July 5 / PRNewswire-Asianet /-

Copper: Yapanlun Copper opened as high as US $5925 / ton today, and fell back after the opening session. As the market maintained a good forecast for the upcoming non-agricultural data, the US dollar fluctuated higher, curbing the trend of copper prices, taking advantage of the high position to enter the market, and in the European trading period, LME copper stocks returned to more than 30, 000 tons, after stimulating copper prices straight line as low as US $5858.5 / ton, and then recovered slightly, but the overall center of gravity was basically maintained at about US $5880 / ton. At 17-30, bronze was down 0.68% at $5874.5 a tonne, the dollar index at 96.928 and crude at $56.49 a barrel. The evening focused on the 160000 changes in non-farm payrolls in the United States after the June quarter adjustment, which is expected to be positive for the dollar, which is currently at 97, pending guidance on non-farm data, which will also provide instructions for the Fed's monetary policy operations this month. At present, the center of gravity of Lun Copper has fallen to the middle rail position of Brin, the trend of expansion under the opening of KDJ has not changed, and the red energy column of MACD is about to be exhausted. Wait for guidance from the dollar and crude oil at night to test whether Lun Copper can hold $5870 a tonne at night.

Today, the Shanghai Copper 1908 contract opened at 46430 yuan / ton in the morning and fluctuated around 46420 yuan / ton in the short term, followed by a decline in copper prices, with a center of gravity around 46370 yuan / ton, and continued to maintain its center of gravity at 46370 yuan / ton in the afternoon. After short-term consolidation, it continued to fall to the lowest level of 46240 yuan / ton in the day, closing at 46280 yuan / ton, down 170 yuan / ton, down 0.37%. Today, Shanghai Copper's main contract changed from 1908 contracts to 1909 contracts. Shanghai Copper 1908 contract position increased by 962 hands to 210000 hands today, while trading volume decreased by 25000 hands to 71000 hands. The Shanghai Copper 1909 contract increased its position by 9092 to 217000 today, while trading volume decreased by 13000 to 66000. Today, the main contract of Shanghai copper 1909 opened at 46480 yuan / ton in the morning, and the center of gravity was maintained at about 46500 yuan / ton in the short term after the opening of trading, and then the short position actively entered the market. The market surface all the way down to 46420 yuan / ton, and the center of gravity was basically maintained around 46420 yuan / ton. After the opening of afternoon trading, the center of gravity remained in this position. After a short period of stability, copper prices continued to decline, and all the way down to the lowest level of 46270 yuan / ton in the day, closing at 46320 yuan / ton at the end of the day, down 180 yuan / ton. It fell by 0.39%. The Shanghai Copper Index increased its positions by 12000 to 620000 today, while capital inflows into the non-ferrous sector stood at 178 million today. Today, Shanghai copper as a whole showed a downward trend, mainly due to the fact that the market is looking forward to the US non-agricultural data, the trend of the US dollar is strong, and the copper price is under pressure. The market will judge whether the Federal Reserve is willing to cut interest rates in July according to the non-agricultural results. Will also guide the trend of copper prices; the basic copper market continues to remain light, not conducive to copper prices; Today, Shanghai copper closed negative, below the loss of all EMA support, KDJ indicators continue to expand under the negative, the technical side does not support copper prices. In the evening, we waited for the US non-agricultural data and the guidance of the outside market to test whether Shanghai Copper could hold the 46300 yuan / ton mark.

Today, the spot price of electrolytic copper in Shanghai is 60 yuan / ton to 140yuan / ton, the transaction price of flat water copper is 46380 yuan / ton ~ 46480 yuan / ton, and the transaction price of copper is 46440 yuan / ton ~ 46550 yuan / ton. Shanghai copper to maintain low shock, weak down to 46300 yuan / ton line. In the morning, the market continues the high water price of 80 to 140 yuan / ton, the market willingness to receive goods is obviously lower than the previous two days, the transaction stops, the holder takes the initiative to adjust the quotation, flat water copper is generally 60 to 70 yuan / ton, good copper is concentrated in rising water 120 to 130 yuan / ton; downstream to maintain rigid demand to buy, but the supply of wet copper is not much, to maintain stability in the discount 20 yuan / ton ~ flat water. Weekend market buying is not enough, the holder's willingness to cash has been significantly improved, although the inquiry is positive, but the transaction is still difficult, this week's rising water day by day rising mode may be difficult to continue. In the afternoon, market holders slightly loosened their willingness to push up prices, as it is expected that the rising water will be difficult to rise next week. In the afternoon, copper water 60-70 yuan / ton, good copper 120-130 yuan / ton, transaction price in the range of 46330 yuan / ton-46450 yuan / ton.


Aluminum: Lun Al opened at US $1807.5 per ton in the morning. In the Asian session, Lun Al maintained a narrow range of volatility, and in the afternoon tried to break through the 60-day moving average, touching a high of $1810.5 / ton, and then entered the European session, the dollar volatility strengthened, Lun lead pressure fell back, spit out the increase within the day, once as low as $1799 / ton, and then got integer support to recover, as of 18-44, Lun Al was at $1801.5 / ton. Pay attention to the evening US non-agricultural data, the strength of the US finger will put pressure on the top of the aluminum, to maintain a strong shock.

Shanghai Aluminum main contract 1908 opened in the morning at 13880 yuan / ton. Mainly due to the overnight closing of a large number of short positions at the end of the Shanghai aluminum market, Shanghai aluminum rose sharply, and the bulls took the initiative to close their positions after the opening of the market today. Shanghai aluminum quickly gave up its gains the night before, and then moved around the 10-day moving average, touching 13780 yuan / ton at the end of the day and closing at 13790 yuan / ton. Positions fell 7576 hands to 214708 hands, while Shanghai Aluminum Index positions fell 14480 hands to 676080 hands. At the same time of weakening demand, the resumption of production in supply-side aluminum plants is not active, showing a trend of weak supply and demand. However, from the social aluminum ingot inventory, the speed of storage has not slowed down significantly, the aluminum price is still supported, in addition, alumina, electricity price, anode and other costs still have room to decline, aluminum prices are expected to show weak shock.

The aluminum period maintained a narrow range of fluctuations before noon of the current month. The transaction price between Wuxi and Shanghai was between 13790 and 13810 yuan / ton, up 10 to 20 yuan / ton for the current month, about 30 yuan / ton from yesterday, and between 13820 and 13840 yuan / ton in Hangzhou. The transaction price between Shanghai and Wuxi was between 13790 and 13810 yuan / ton, up 10 to 20 yuan / ton, about 30 yuan / ton from yesterday, and 13820 to 13840 yuan / ton in Hangzhou. There is an adequate supply of goods in the market today, as the price of aluminum has risen for two days in a row, and the holder has started the supply at a low level a few days ago, so the shipment is active today. Some middlemen who signed the weekly or monthly average purchase order picked up the goods actively today. Resale spot is also more active, and trading enthusiasm with traders. Due to the demand for stock near the weekend, there is a significant increase in the willingness to receive goods today, and the buying status is significantly better than that of the previous two days. East China as a whole is better today than yesterday. Afternoon market trading price of 13790 to 13800 yuan / ton, flat water on the plate-up 10 yuan / ton, but the market transaction heat has become light, the actual transaction is not much.


Lead: within a day, Lun lead opened at US $1881.5 / ton. In the Asian session, at the beginning of the day, some bulls panicked and left the market, and the center of gravity of Lun lead moved down to US $1877 / tonne. In the afternoon, Lun lead attempted to rise again. How could the 5-day moving average be suppressed strongly? Lun lead stopped at US $1886.5 / ton. In the European period, the US finger continued to strengthen, suppressing the trend of non-ferrous metals on the outer plate, and Lun lead also fell to US $1870 per ton under pressure. At 17 to 25, lead temporarily closed at $1870.5 a tonne, down $11.50, or 0.61 per cent. Lun lead closed barefoot small negative line, continue to explore the market, causing bulls of concern, coupled with the weekly level, the upward channel of Lun lead has been broken, is expected to run lead at night or test below the 40-day moving average support.

Within a day, the Shanghai lead 1908 contract opened at 16050 yuan per ton. At the beginning of the day, the short position continued to increase the pressure, and the Shanghai lead shock dropped to 15975 yuan per ton, and then recovered slightly to close at 16010 yuan per ton, down 40 yuan per ton, or 0.25 percent, and the position was reduced by 1036 hands to 50750 hands. Shanghai lead closing in the negative line, the trend of the EMA is flat, the million six support platform still exists, considering that the outer plate of lead continues to run along the downward channel, to a certain extent or affect the trend of the inner plate, it is expected that Shanghai lead will continue to test the ten thousand six support at night.

In Shanghai market, 15995-16005 yuan / ton of southern lead, 40-50 yuan / ton of 1907 contract, 16005-16035 yuan / ton of sands, 50-80 yuan / ton of 1907 contract, 15975-16005 yuan / ton of Jijin, Wanyang and copper crown lead in Jiangsu and Zhejiang areas, and 20-50 yuan / ton of 1907 contract. The futures market continued to weaken, the quotation of the holder went with the market, the price rose and the discount changed little compared with yesterday, and the demand downstream was depressed, coupled with the fact that the spot lead fell below 10,000 for the first time this year, the downstream waited and waited more carefully, and the inquiry was also less, and the transaction in the bulk market did not improve for the time being.

Guangdong market Nanhua lead 16025 yuan / ton, the average price of SMM1# lead to water 50 yuan / ton quotation; 16015 yuan / ton, for 1907 contract water 60 yuan / ton; lead price return to around Wanliu, some storage enterprises to rigid demand procurement-based, market transactions in general; Henan Yuguang and other smelters to long single transaction-based; Wanyang, Jinli 15925 yuan / ton, SMM1# lead price discount 50 yuan / ton; Refineries maintain discount shipment, downstream purchase on demand, the market transaction is general. Other areas such as: Jiang Copper 16000 yuan / ton, the average price of SMM1# lead rose 25 yuan / ton; Yunnan small factory lead 15675 to 15725 yuan / ton, SMM1# lead average price discount 250 to 300 yuan / ton; refineries to long single transaction, bulk order shipping enthusiasm is not high, but lead price dropped to about 10, 000 yuan, some storage enterprises showed signs of replenishing the warehouse at a low price; the average price of lead is 25 yuan / ton, the average price of lead in Yunnan area is 15675 yuan / ton, and the average price of lead in Yunnan province is 250 yuan / ton.


Zinc: Geneva zinc opened at US $2426 / tonne, the market was light at the beginning of the day, and Len Zinc was running around the daily average. Near the European trading session, the center of gravity of Lun Zinc operation moved up to 2430 yuan / ton to find support, and then up to US $2437 / ton, followed by the 5-day EMA. The pressure on the US finger rose rapidly, and the pressure on Len Zinc fell back. All the way down, it fell as low as US $2392.5 / ton. At a time when LME zinc stocks fell again, Len Zinc temporarily stopped falling at a low level, closing down $2405, or 0.90 per cent, at $2405, or 0.90 per cent, at 16-34. Geneva zinc closed again, overseas back structure gradually alleviated, LME0-3 zinc spot water rose rapidly to US $9.50 / ton from the beginning of last week, with the deterioration of overseas supply contradiction, the basic support of LME0-3 zinc weakened again, and the withdrawal of bullion led to a decline in zinc, and the zinc may still be running near the lower track of Brindao at night.

The main 1909 contract of Shanghai zinc opened at 19330 yuan / ton at the beginning of the day, and went as low as 19255 yuan / ton at the beginning of the day, and then rose to the opening price near the opening price. However, the suppression of the daily average appeared. Shanghai zinc pressure fell to 19260 yuan / ton to find support. Near noon, more into the air to boost Shanghai zinc upward touch as high as 29370 yuan / ton, and then short into the market to press zinc prices near the lower track of Brindao, closing down 19295 yuan / ton, down 225 yuan / ton, Trading volume increased by 40002 to 194000 and positions increased by 13502 to 237000. During the day, Shanghai zinc recorded two consecutive overcast, attached under the shadow line to stab Bolin Road down the track, the overall jump off the EMA operation, recently the world major economic macroeconomic data show that the overall pessimistic trend, superimposed Shanghai zinc fundamentals support is weak, short positions significantly increased zinc prices, but within the day Shanghai, Guangdong and Tianjin social inventory has not increased, or given Shanghai zinc a certain stop falling kinetic energy, night observation Bringdao off the track support strength, but within the day Shanghai Guangdong and Tianjin three places social inventory has not increased, or give Shanghai zinc certain stop falling kinetic energy, observe the strength of Bollinger Road off track support at night.

Shanghai 0 # zinc mainstream transaction is 19520 to 19600 yuan / ton, Shuangyan and Chihong is sold in 19550 to 19640 yuan / ton, 0 # ordinary pair of July water-liter water 20 yuan / ton; Shuangyan and Chihong reported rising water 30 to 50 yuan / ton. 1 # the mainstream transaction was between 1920 and 19520 yuan per ton. Zinc futures fell sharply, and at the same time, the price gap narrowed by nearly 100 yuan to 130 to 160 yuan / ton, and the enthusiasm for receiving goods in the spot market increased obviously. however, the quotation changed little from yesterday, and the premium water was still dominated by 10 yuan / ton, and the individual price was adjusted to 20 yuan / ton. There was little market feedback, because of the decline in zinc futures, there was a strong wait-and-see mood for receiving goods in the market, and the flat water-rising water 10 yuan / ton was traded. Enter the second trading period, zinc futures rebound, traders significantly enhanced the strength of receiving goods, coupled with the downstream buy-down order is also more active, rising water 20 yuan / ton market acceptance is higher, the overall market transaction is warmer than yesterday.

Guangdong 0 # zinc mainstream trading in 19510 to 19590 yuan / ton, Shanghai zinc 1908 contract rose 130 to 140yuan / ton, Guangdong stock market than Shanghai stock market from yesterday discount 50 yuan / ton to Pingshui near. Disk down, refineries slightly cherish the sale, but the market supply circulation is abundant, the impact is not great. In the morning, the holder focused on the next month's contract quotation at about 160-180 yuan / ton, followed by the following month-the contract monthly difference continued to narrow to 120-130 yuan / ton, the holder generally downgraded the next month's contract rise to 130-140 yuan / ton or so, after the price adjustment, the market transaction atmosphere improved obviously, the price fall superposition weekend is just around the corner, the downstream low reserve willingness appears, the market transaction is warmer than yesterday. 0# Kirin, Cishan, Tiefeng and Mengzi mainstream were sold in the vicinity of 19510 to 19590 yuan / ton.

Tianjin market 0 # zinc ingot mainstream transaction in 19550 to 20600 yuan / ton, 0 # ordinary brand mainstream transaction in 19550 to 19670 yuan / ton, 1907 contract water 50 to 120 yuan / ton, Tianjin market than Shanghai stock market rose 40 yuan / ton yesterday to 60 yuan / ton. The plate surface fell, the refinery slightly cherished the sale, the market source circulation slightly tightened. The holder quoted price in the morning concentrated on the 07 contract rising water 50 to 120 yuan / ton around, coincides with the disk surface to go down, downstream to take the goods replenishment warehouse willingness is stronger, the follow-up plate surface rebounds slightly, the absolute price quotation holder shipment situation improves, overall speaking, the plate surface downward, the superposition weekend is just around the corner, stimulates the downstream to take the stock warehouse willingness. The trading situation in Tianjin today is significantly higher than that of yesterday. 0 # Zijin, Hongye, lark, Chi Hong, West Mine, etc., were sold in 19550 to 19670 yuan / ton, and 1 # Zijin, Chi Hong, Hongye, etc., were sold in 19500 to 19620 yuan / ton.



Nickel: the nickel sub-plate opened at $12365 / ton today. Before noon, the daily average of nickel pressure fluctuated all the way down, and after a low of $12240 / ton, it rebounded slightly to repair it to $12320 / ton. the first line is under pressure, and the horizontal plate is finished. In the afternoon, the center of gravity of nickel fluctuated around the daily average of $12300 per tonne, reporting at $12325 per tonne as of 16-30. Lun Ni temporarily closed at the lower shadow line, above by the 10-day EMA resistance, the evening Lun Ni is expected to run in the 12200-12400 US $/ ton range. This evening, we focused on the non-farm payrolls after the June quarter and the unemployment rate in the United States in June.

Shanghai nickel 1908 opened today at 98280 yuan / ton, at the beginning of the day, shanghai nickel in the daily average above a slight shock, then, shanghai nickel fell below the daily average support, lower 97340 yuan / ton after rebounding to repair, forming a V trend. In the afternoon, the Shanghai nickel center of gravity fluctuated within a narrow range around the daily average of 98000 yuan per ton, and was finally quoted at 98030 yuan per ton, down 130 yuan, or 0.13 percent, from the previous day's settlement price, with trading volume down 37700 hands to 563000 hands and position volume down 14020 hands to 112136 hands. Shanghai Ni 08 contract ended at Xiaoyin line, facing multiple EMA pressure, and bearing pressure Brin line in the middle rail, night attention to Shanghai Ni 1908 can be stable at 98000 yuan / ton gate. Today, the Shanghai Ni 1909 contract increased its position by 334to 119666 hands, and the main position contract has been changed to 1909.

SMM 1 # electrolytic nickel 97600 to 100800 yuan / ton. Russian nickel than Shanghai nickel 1908 discount 400-300 yuan / ton. Jinchuan nickel than Shanghai nickel 1908 contract generally reported rising water 2600-2800 yuan / ton, early trading hours, the price around 98200 yuan / ton shock after the rapid decline, the spot market is calm, general feedback trading is light, even if the price is lower, the boost to spot transactions is limited. Jinchuan nickel rose slightly, but the response was equally flat. In the second trading period, the price continued to bottom out, and then stabilized and rebounded, and the transaction was slightly improved around 97600 yuan / ton. The rising water in Jinchuan was slightly reduced by about 97600 yuan / ton, although the ex-factory price of Jinchuan Company was 99000, down 1000 yuan / ton from yesterday, but the market welcome supply is tight, the mainstream transaction at 97400100700 yuan / ton. Friday afternoon market is basically calm, nickel prices around 98000 sets, buy Xing tend to dilute, Jinchuan Russian nickel discount is basically stable, the whole day transaction deviation, the mainstream transaction in 97600 to 100600 yuan / ton.



Tin: after the opening of the electronic disk of US $18380 / ton today, trading in the market was relatively light in the Asian session. During the period, Lunxi reached US $18400 / ton at one point, and then its high level was suppressed by short positions. Lunxi's high level fell back to US $18350 / ton. After the opening of the European market, Lunxi hit bottom and rose all the way up, during which time it reached US $16450 / tonne. As of 18 / 00, Lunxi's latest price was US $18430 / tonne, showing a small positive line, with the lower line supported by the 5-day moving average. Resistance above Lunxi is expected to be near the 10-day moving average of $18600 per ton. This evening, we focused on the changes in non-farm payrolls in the United States after the June quarter adjustment (10,000).

Shanghai tin opened in 133890 yuan / ton, the main force at the beginning of the day tried to pull up the price, Shanghai tin once rose to 134170 yuan / ton, but the short force was fierce, every high enter the market actively, Shanghai tin once reached 133460 yuan / ton, but because the Shanghai tin fundamentals did not deteriorate extremely, some speculative bulls still have the intention of bottom-copying game, so promote the Shanghai-tin shock higher, recover the early decline, after the market trading tends to be stable, but the Shanghai tin fundamentals did not deteriorate extremely, part of the speculative bulls still have the intention to copy the bottom game, so promote the Shanghai tin shock higher, recover the morning decline, and then the market trading tends to be stable. Shanghai tin finally closed at 134000 yuan per ton, up 420 yuan per ton, or 0.31 per cent. The trading volume was 32098 hands, and the position volume was 40768 hands, a decrease of 2936 hands. Today, Shanghai tin plate long and short both sides have reduced positions, long and empty force game Shanghai tin trend is more stable. The support below tin in Shanghai is expected to be around 132500 yuan / ton.

Spot market, today's mainstream transaction price 135000 to 135600 yuan / ton, due to the first two days downstream enterprises a large number of low-priced replenishment inventory saturation, today's spot market transactions weakened, the overall trading atmosphere is generally weak. Set Yunxi rising water 1500 to 1600 yuan / ton, ordinary cloud character rising water 1200 to 1300 yuan / ton, small brand rising water 1000 to 1100 yuan / ton.

Daily review of SMM
daily review of basic metals

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn