Home / Metal News / Copper / July 8 SMM basic Metals spot Trading Day Review
July 8 SMM basic Metals spot Trading Day Review
Jul 8,2019 18:09CST
translation
Source:SMM
July 8 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

Copper: Yapan Lun Copper opened high at US $5907 / ton today. After the opening of trading, as the US dollar smoothly stood at a high of 97, copper prices were under pressure and slowly fell, until before European trading, the center of gravity of copper prices was maintained at US $5895 / ton, and then entered the European market, initially lower than US $5878.5 / ton, but soon due to the slight decline in the US dollar, copper prices smoothly gained impulse energy, long positions increased into the market, and copper prices rushed up quickly, reaching US $5946.5 / ton. At 17-20, bronze was up 0.49% at $5931.5 a tonne, the dollar index at $97.225 and crude at $57.53 a barrel. Evening economic data is light, Lun Copper temporarily maintain a high concussion pattern, the current Lun Copper by Brin middle rail support, KDJ index performance low upward expansion, the technical side is looking forward to a rebound. Wait for guidance from the dollar and crude oil at night to test whether Lun Copper can hold on to a rally of $5940 a tonne at night. Today, the main contract of Shanghai Copper 1909 opened at 46430 yuan / ton in the morning, reached the highest level of 46500 yuan / ton in the day after opening, and then fell to 46400 yuan / ton immediately after a small probe. Subsequently, the center of gravity continued to move up, and the center of gravity continued to move up between 46370 yuan and 46460 yuan / ton. In the afternoon, the opening day of trading fell, all the way down to the lowest level of 46290 yuan / ton in the day, falling below the 46300 yuan / ton mark. Subsequently, the disk immediately rebounded, and the center of gravity maintained around 46350 yuan / ton. The end of the plate closed at 46390 yuan per ton. It fell 30 yuan per ton, or 0.06 percent. Today, the main contract of Shanghai Copper increased its position by 4120 to 221000, and the trading volume increased by 30, 000 to 96000. Today, the position of Shanghai Copper 07 and 08 contracts decreased by a total of 16000 hands, while the Shanghai Copper Index contract reduced its position by 8632 hands to 612000 hands today, while trading volume increased by 50 000 hands to 232000 hands. Today, the Shanghai copper index in the non-ferrous plate capital outflow reached 129 million. Today, the overall trend of Shanghai copper showed a concussion and decline, mainly because the market was still worried about the trend of macroeconomic slowdown, while oil prices also showed a volatile trend, mainly because the impact of the slowdown in macro demand overshadowed the pressure of production reduction on the supply side. Today, continue to pay attention to China's social and financial data, will affect the trend of copper prices. Today, copper prices closed slightly positive, above the pressure on the 5-day moving average, MACD indicators green column continued to rise, the technical side is difficult to support copper prices. 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 quoted for 50 yuan / ton to 120 yuan / ton, 46340 yuan / ton ~ 46430 yuan / ton and 46390 yuan / ton ~ 46480 yuan / ton respectively. Shanghai copper remained low shock, hovering at 46300 yuan / ton line. In the morning, there is still a strong price sentiment in the market, the holder quoted 80 to 130 yuan / ton, the market buying performance is cautious, difficult to deal, good copper and flat water copper holders give up the high price, appear the situation of active price reduction, flat water copper adjustment down to 60-70 yuan / ton, still weak trading, good copper strong in the vicinity of 110 yuan / ton. Entering the second trading stage, the buyer was forced to lower the quotation, flat copper has been reduced to 50 yuan / ton, good copper quotation to 100 yuan / ton, the downstream market is rare, wet copper quotation with the market slightly reduced to 30 yuan / ton discount to 10 yuan / ton discount. Spot consumption is weak, high rising water to inhibit market transactions, holders in order to actively reduce shipments, there are still some traders in the market price replenishment, but the purchase volume has shown a significant decline. In the afternoon, the market can depress the price to receive good copper, good copper transaction water down, but flat water copper does not want to continue to reduce water shipment, in the afternoon flat water copper water 40-liter water 50 yuan / ton, good copper report 80-liter water 100 yuan / ton, transaction price in the range of 46280 yuan / ton-46400 yuan / ton.

 

Aluminum: London Aluminum opened at $1805 a tonne in the morning and fluctuated around a narrow range before $1800 to $1805 a tonne in Asia and hit near its 10-day moving average of $1800.5 a tonne in the afternoon, trading at $1806 a tonne as of 15: 00. After entering the European session, the United States Index fell slightly, Lun Aluminum tried to break through the 60-day moving average above the barrier, touching a high of $1810 / ton, as of 17: 54 Lun Aluminum was at $1807.5 / ton. With the gradual narrowing of each EMA, the amplitude of Lunal operation continues to narrow, compared with the weakening trend of domestic consumption, Lunal is expected to continue to try to suddenly block the 60-day EMA in the evening.

Shanghai Aluminum main contract 1908 contract opened in the morning at 13795 yuan / ton. After the opening of a small number of short flat warehouse departure, Shanghai aluminum upward break through the 10-day moving average barrier, high touch 13820 yuan / ton. The high position led to the short position to take the initiative to increase the position, Shanghai aluminum weakened, low before noon touched 13735 yuan / ton of the 5-day moving average. Low lead to multiple positions, Shanghai aluminum rebound slightly, Shanghai aluminum shock rebound in the afternoon, to funds out of the market to move positions. It closed at 13770 yuan per ton at the end of the day. The position was reduced by 8324 to 205698, the Shanghai Aluminum 1909 contract increased by 6014 to 189992, and the Shanghai Aluminum Index increased by 2386 to 678488. Social aluminum ingot stocks narrowed to 6000 tons today, northern aluminum ingot sales are more prominent, market information further confirmed the previous forecast for weaker consumption in the third quarter, but did not exceed previous market expectations. In addition, some of the previously planned resumption of electrolytic aluminum production capacity has been delayed, the overall supply and demand is still weak. Shanghai aluminum is expected to remain vulnerable in the short term.

Aluminum futures opened the month that concussion down, a larger decline. The spot price in Shanghai is between 13740 and 13760 yuan / ton, and the rising water on the plate is between 10 and 20 yuan / ton, which is about 50 yuan / ton lower than last Friday. The spot price in Wuxi is between 13740 and 13760 yuan / ton, the average price is slightly higher than that in Shanghai, and the transaction price in Hangzhou is between 1378 and 13800 yuan / ton. Today, there is an adequate supply of goods in the market, and the holders are actively shipping, but the market prices have fallen sharply in the morning, showing slightly higher prices, and the trading between middlemen and traders is still active. Downstream today, there is no obvious procurement of hospitals, the receipt of goods is flat. The overall transaction in East China today is average. The afternoon aluminum rose slightly, the market transaction price concentrated in 13750 to 13770 yuan / ton, the market rose 10 to 20 yuan / ton, the afternoon market activity declined, the transaction is rare.

 

Lead: within a day, Lun lead opened at US $1883 / tonne. In the Asian session, at the beginning of the day, Lun lead basically ran along the daily moving average. In the European session, the US dollar briefly fell back, and some of the bulls entered the market at a low price. As of 17 to 10, Lun lead temporarily closed at US $1891.5 per ton, up 14.50 US dollars per ton, or 0.77 per cent. Lun lead closed Xiaoyang line, temporarily fell and rose, and the 5-day moving average slowed down, but considering that the outer disk Lun Zinc continued to weaken, to a certain extent or drag on the trend of Lun lead, it is expected that it is still difficult for Lun lead to break through the suppression platform formed by the above 10-20 EMA at night.

Within a day, the Shanghai lead 1908 contract opened at 15985 yuan / ton. At the beginning of the day, Shanghai lead ran along the 16025 yuan / ton line. In the afternoon, the non-ferrous metals weakened as a whole, and the Shanghai lead also shook down to 15910 yuan / ton. Finally, it closed at 15960 yuan / ton, down 95 yuan / ton, down 0.59%, and the position increased by 1092 hands to 51842 hands. Shanghai lead received Xiaoyin line, initially formed a downward channel, and the 5-day moving average turned down, and suppressed the upward pace of Shanghai lead, it is expected that Shanghai lead at night may test the lower 15800 yuan / ton platform support.

Shanghai market sands, southern lead 16020 yuan / ton, water 50 yuan / ton for 1907 contract; 16025 yuan / ton, 10 yuan / ton for 1908 contract; Jijin, Wanyang, Minshan, copper crown lead 15990 to 16020 yuan / ton in Jiangsu and Zhejiang areas, 20 yuan / ton for 1907 contract. The futures order was consolidated near Wanliu, and the holder quoted with it, and as delivery approached, some of them began to quote for the 1908 contract, while the demand of the downstream battery market has not improved significantly for the time being. Most enterprises only purchase with rigid demand, and the bargaining price is more, and the transaction in the bulk order market is general.

Guangdong market Nanhua lead 16025 yuan / ton, the average price of SMM1# lead to 50 yuan / ton; Southern Reserve South 16020 to 16030 yuan / ton, 1907 contract water 50 to 60 yuan / ton; lead price returned 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 15975 yuan / ton, SMM1# lead average price flat water quotation; the price of lead returned to the vicinity of Wanliu, some storage enterprises to rigid demand procurement-based, market transactions in general; Henan Yuguang and other smelters mainly to long single transaction; Wanyang, Jinli 15975 yuan / ton, the average price of SMM1# lead is quoted at the average price. Lead price shock weakness, downstream on-demand procurement, market transactions in 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 $2402.5 / tonne. At the beginning of the day, the daily average of zinc was as high as US $2414 / ton, and then rose to a narrow range near the daily average after being under pressure of US $2395 / tonne. The daily average pressure showed that the center of gravity of the operation of zinc in Geneva fell to US $2390 per ton, just as LME zinc stocks recorded a continuous decline, and Shanghai zinc was boosted to US $2400 per ton, as of 16 to 54, the center of gravity of the operation fell to US $2390 per ton, which coincided with a continuous decline in zinc stocks in Geneva, and Shanghai Zinc was boosted to US $2400 per tonne by the end of 16 to 54, It closed down US $2394, or 0.64 per cent, at US $15.5 per tonne. Geneva zinc temporary negative line, the overall pressure of each EMA operation. The LME zinc 0-3 liter discount fell to $3 per ton from $9.50 per tonne in the last trading day, mainly due to the continued decline in trading volume of cash contracts in overseas markets, the repair and easing of market supply contradictions, the temporary weakness of basic support for zinc, and the night attention to the suppression of Brindao's off-track.

At the beginning of the day, the main 1909 contract of Shanghai zinc opened at 19345 yuan / ton, and at the beginning of the day, Shanghai zinc was supported by the daily average of 19320 yuan / ton. With the sharp entry of short positions, the zinc price fell by 19135 yuan / ton, and then the support strength of Brindao was shown. Shanghai zinc failed to stand firm after falling and rising, and fell again to 19110 yuan / ton. After a small return, it fell back to 19135 yuan / ton, down 180 yuan / ton from the previous transaction. It fell 0.93 percent, with trading volume up 37128 to 231000 and positions up 9948 to 247000. Within the day, Shanghai zinc received three negative, attached long on the film line on the 5-day EMA suppression, within-day short significantly hit zinc prices, domestic Shanghai, Guangdong and Tianjin social inventory again recorded a small decline, but also strengthened the market for the follow-up accumulation of the degree of expectation, the current basic support is weak, Shanghai zinc at night or still under pressure 5-day EMA weak operation.

Shanghai 0 # zinc mainstream transaction is 19500-19580 yuan / ton, Shuangyan and Chihong is 1853019600 yuan / ton, 0 # ordinary July is 30-60 yuan / ton, Shuangyan and Qihong reported 50-80 yuan / ton of rising water. The main current transaction of Shanghai 0 # zinc is 19500-19580 yuan / ton, Shuangyan and Chihong is 1853019600 yuan / ton, 0# ordinary July water is 3060 yuan / ton. 1 # the mainstream transaction was between 1920 and 19500 yuan per ton. Zinc low consolidation, the monthly difference shows a narrowing trend, the market circulation is relatively loose, the quotation slightly moved up to 30 to 40 yuan / ton, the low price is more active, the high price shipment is more persistent, and there are differences between the two sides. Based on the net average price, there is also a difference between the average price discount / flat water, the market with the net average price transaction is relatively concentrated, the rise discount transaction is slightly insipid, the net average price as the benchmark also has the average price discount / flat water difference, the market with the net average price transaction is relatively concentrated, the rise discount transaction is slightly insipid. Entering the second trading period, the trading between traders is still dominant, the market is more and less driven by the demand for long orders, coupled with the lower downstream of zinc futures, there are also purchases on demand, the overall market transaction has warmed up, and the quotation has been raised to about 50 yuan / ton of rising water. The overall transaction gap is not large compared with last Friday, but the trading of traders still occupies a dominant position.

Guangdong 0 # zinc mainstream trading in 1990 19650 yuan / ton, Shanghai zinc 1908 contract water 120 to 160 yuan / ton, Guangdong stock market than Shanghai stock market from Friday near Pingshui to discount 30 yuan / ton. Refinery normal shipment, the market supply of goods is abundant. In the morning, the quotation of the holder concentrated on the average price of-10 yuan / ton, and the quotation of the holder of the contract was concentrated around 180 yuan / ton of rising water for the 08 contract, followed by the continuous narrowing of the monthly difference from that month to the following month. The holder lowered the rising water to about 120 to 160 yuan / ton of rising water for the 08 contract. After the price reduction, the market transaction was not significantly boosted. The main reason is that there are more purchasing and replenishment warehouses downstream on Friday, and part of the follow-up consumption is overdrawn. Downstream today is mainly wait-and-see, today's transaction situation is weaker than last Friday. 0# Kirin, Cishan, Tiefeng, Mengzi mainstream transactions in 1990 19650 yuan / ton.

The mainstream of 0 # zinc ingots in Tianjin market was sold in 19570-20610 yuan / ton, the mainstream of 0 # ordinary brand was sold in 19570-19670 yuan / ton, and the rising water of 1907 contract was about 70,120 yuan / ton. Tianjin market narrowed from 40 yuan / ton to 30 yuan / ton compared with Shanghai market yesterday. The refinery shipment is normal, the market supply circulation is more abundant, in the morning period the shipowner quotation is concentrated in the 07 contract water 100-120 yuan / ton, but the downstream receiving intention has not been shown for the time being. In the follow-up period, some holders lowered the water supply of ordinary brands to around 60 to 70 yuan per ton, and the market turnover improved slightly. Today, Tianjin transactions are mainly low-priced brand goods, the market trading atmosphere continues light, mainly because the lower reaches of Friday to buy a strong willingness to replenish the warehouse, or overdrawn part of the follow-up consumption, the transaction volume is slightly weaker than last Friday. 0 # Zijin, Hongye, lark, Chihong, West Mine, etc., were sold in 19570 yuan / ton, and 1 # Zijin, Chihong, Hongye, etc., were sold in 19520 yuan / ton.

 

Tin: after the opening of the Lunxi electronic disk today at US $18385 / ton, the Asian disk edged up to US $18500 / ton at the beginning of the day and then fell back to around US $18470 / ton for consolidation. After the opening of the European market, due to the departure of the bulls, Lunxi was under pressure and shock, as of 17-15, the latest price of Lunxi is US $18295 / ton, showing a small negative line, and the upper shadow line is under pressure at the 10-day moving average of US $18500 per tonne. The upper resistance is expected to be near the 10-day moving average of US $18500 / ton, and the lower support is located at about US $18150 per ton of the 5-day moving average. Recent changes in API crude stocks in the United States (10,000 barrels), EIA crude stocks in the United States (10,000 barrels) and China's monthly PPI rate in June can be watched in the near future.

Shanghai tin main 1909 contract last night after the opening of 133900 yuan / ton, the overall maintenance of low consolidation. After the opening of 134000 yuan / ton in early trading this morning, due to a large number of short positions significantly pushed up the Shanghai tin market price trend, as high as 136980 yuan / ton, and then until the close of Shanghai tin maintained at 136500 yuan / ton horizontal finishing, and finally closed at 136580 yuan / ton, up 2580 yuan / ton, up 1.93%. The trading volume was 41076, an increase of 8978. The position was 36700 yuan per ton, a reduction of 4068 hands. Today, due to the departure of a large number of short positions, the Shanghai tin Changyang line rose. It is expected that the resistance above Shanghai tin will be near the integer gate of 138000 yuan / ton. If there is a breakthrough, the next resistance will be around the 10-day moving average of 139000 yuan / ton.

Spot market, today's mainstream transaction price of 136800 to 138500 yuan / ton, Shanghai tin spot market in the morning market around 136000 yuan / ton low price. Today, as a result of the Shanghai tin market rose to pull up spot prices, coupled with the completion of the replenishment of downstream enterprises last week, the overall trading atmosphere of the spot market today is light. Set Yunxi rising water 1200 yuan / ton, ordinary cloud word rising water 800 to 1000 yuan / ton, small brand rising water 500 yuan / ton-flat water.

 

Nickel: the Lennie sub-plate opened at US $12450 / tonne today. At the beginning of the day, the Lennie shock rose to US $12540 / tonne after the pressure shock. In the middle of the day, the nickel was arranged horizontally at $12500 a tonne. In the afternoon into Europe, LME data reported that inventories fell 2724 tons to 154740 tons, due to the dollar downward support superimposed inventory decline, Lennie shock upward, as high as $12645 / tonne. As of 17 to 30, it was quoted at US $12610 per ton. The nickel is temporarily closed at the Xiaoyang line, supported by multiple moving averages below, and is expected to vibrate above the $12500 / ton gate in the evening. The data were light tonight.

Shanghai nickel 1908 opened at 99190 yuan / ton today. Before noon, the center of gravity of Shanghai nickel fluctuated around a narrow range of 99500 yuan / ton. In the late afternoon, bulls increased their positions, Shanghai nickel rose, broke through the 100000 yuan / ton mark shock operation, and finally closed at 100330 yuan / ton, up 2280 yuan / ton, or 2.33%, the highest increase in the previous trading day. Trading volume increased by 65000 hands to 628000 hands, and position volume increased by 3300 hands to 115000 hands. Shanghai nickel index capital inflow of 286 million yuan. Shanghai Ni 1909 contract increased its position by 10052 to 129718 and 1910 contract by 10166 to 129602, with an average position. Throughout the day, Shanghai nickel main contract 1908 closed at the Zhongyang line, the rise in nickel or due to the Indonesian Marukuhai earthquake caused the market to worry about the supply of nickel iron, nickel ore, but according to SMM, the earthquake has not yet had a substantial impact on the local nickel mine shipment or enterprise production, need to wait and see what happens. Pay attention to whether Shanghai nickel can stand on the 10-day moving average at night.

SMM 1 # electrolytic nickel 99200 to 102200 yuan / ton. Russian nickel than Shanghai nickel 1908 discount 400-300 yuan / ton. Jinchuan nickel than Shanghai nickel 1908 contract generally reported rising water 2400 to 2500 yuan / ton, early trading hours, the price around 99400 yuan / ton shock, the overall trend is still strong, the spot market is mainly shipping, downstream due to higher prices in wait-and-see, general feedback light trading, Jinchuan nickel rising water due to transactions generally slightly lower, market wait-and-see. In the second trading session, prices continued to rise, and then stabilized and recovered. The Russian-nickel discount maintained stability. Jinchuan Shengshui was slightly reduced by 1 to about 2100 yuan / ton, but the overall stimulus to spot was limited. Jinchuan's ex-factory price was 101000, 2000 yuan / ton higher than last Friday, and the mainstream transaction was 99200-101800 yuan / ton. In the afternoon, nickel prices continued to rise, the market basically tended to calm, rising discount more stable in the morning, but the overall market is still in the buyer's market, trading light, the mainstream transaction at 99400 to 101900 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