Home / Metal News / Copper / July 9 SMM basic Metals spot Trading Day Review
July 9 SMM basic Metals spot Trading Day Review
Jul 9,2019 17:39CST
translation
Source:SMM
July 9 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 $5877 / ton today. Due to the high pressure of the US dollar, it maintained a low and narrow range of shocks in the morning. The amplitude of the sub-market did not exceed US $20 / ton until it entered the European market. After the copper price rose slightly by US $5882 / ton at the beginning of the day, due to the US dollar's performance again, the copper price fell deeply, rapidly falling below the US $5840 / ton mark, and the downward trend did not stop. As of 17, bronze fell 51 dollars, or 0.87 percent, to $5828.5 a tonne, with the dollar index at 97. 547 and crude oil at $57. 94 a barrel. The evening economic data was light, focusing on Fed Chairman Powell's opening remarks via satellite at a stress test meeting hosted by the Boston Fed, which could guide the Fed in cutting interest rates. Recently, the US dollar has been in a rebound range, and the pressure above copper prices has increased. At present, Lun Copper has been four consecutive yin, the technical side can not have support point, MACD green energy column appears. Waiting for guidance from the dollar and crude oil in the evening, Lentsu's next target is likely to go straight to the $5800 / tonne mark.

Today, Shanghai Copper main contract 1909 opened at 46260 yuan / ton in the morning, immediately down 46180 yuan / ton, then the center of gravity rose to 46200 yuan / ton near the shock finishing, and then slightly lower to 46160 yuan / ton and then continued to pick up, the center of gravity rose to 46210 yuan / ton, after a brief shock finishing, it continued to decline to the lowest level of 46120 yuan / ton in the day, down 46100 yuan / ton pass. Afternoon trading rose slightly, pulling up to 46250 yuan / ton, followed by a narrow range of concussion between 46190 and 46240 yuan / ton. The end of the plate closed at 46190 yuan per ton. It fell 200 yuan per ton, or 0.43 percent. Today, Shanghai Copper's main contract position increased by 8856 hands to 230000, trading volume increased by 38000 hands to 134000 hands, Shanghai Copper 1907 and 1908 contract positions decreased by 14000 hands, Shanghai Copper Index position increased by 2914 hands to 615000 hands, and trading volume increased by 46000 hands to 278000 hands. Today, Shanghai Copper remained low and volatile, mainly due to the recent decline in the stock market, increased risk aversion among domestic investors, increased market concerns about the macro-economy, and the global economic and trade pattern is still not optimistic. Copper prices lack momentum. Today, Shanghai copper close solid Dayin column, above the pressure Brin middle rail, MACD index green column elongated, the technical side is still short copper price. 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 40 yuan / ton to 100yuan / ton, 46160 yuan / ton ~ 46210 yuan / ton and 46200 yuan / ton ~ 46250 yuan / ton respectively. Shanghai copper continued to bear pressure fell to around 46100 yuan / ton, spot consumption is weak, holders bearish the future, the willingness to cash out is strong, the morning market quotation rose 60 to 100 yuan / ton, the transaction is few and difficult, the loose source of goods makes the rising water quickly fall back, flat water copper quotation rose 40 to 50 yuan / ton, good copper down to 80 to 90 yuan / ton, individual traders take the lead to increase the low price shipping efforts, the market has a certain drag impact, the price can be reduced to a lower level, the price of copper rose 40 yuan to 50 yuan per ton, good copper down to 80 yuan per ton, individual traders take the lead in increasing the strength of low-price shipment, there is a certain drag on the market, the price can be reduced to a lower level; Wet method accounted for a small proportion of goods, maintain yesterday's quotation discount 30 ~ 10 yuan / ton, downstream did not see a large number of bargains, traders are more active, but slightly hesitant to buy goods, traders have room and willingness to bargain. The future is now falling, and the copper market is weak. Afternoon holders continue to be depressed prices, especially good copper, if the transaction is lower than in the morning, flat water copper in the afternoon temporarily show a stalemate, in the afternoon flat water copper water 40-liter water 50 yuan / ton, good copper water 70-liter water 80 yuan / ton, transaction price in the range of 46140 yuan / ton-46220 yuan / ton.

 

Aluminum: Lun Al opened at US $1805.5 per ton in the morning. In Asia, the aluminium remained in a narrow range of $1804 to $1807 a tonne in the afternoon and intensified in the afternoon, first below the 5-day moving average of $1803, then high enough to break through the 50-day moving average above $1810 to $1807.5 as of 15: 00. In Europe, as the US index continued to strengthen, Lun Aluminum concussion fell back, as of 17: 22 Lun Aluminum was at $1803.5 a tonne. The EMA further narrowed so that the range of fluctuations continued to narrow, the short-term Lunal is expected to maintain a narrow range of shocks, looking for upward opportunities.

Shanghai Aluminum main contract 1908 contract opened in the morning at 13785 yuan / ton. After the opening of the market empty into Duping Shanghai aluminum fell pierced below the 5-day moving average below 13720 yuan / ton. After that, the low position led to multiple entry, and the Shanghai aluminum shock rose to the 5-day moving average. In the afternoon, bulls increased their positions in Shanghai aluminum repair part of the day decline, the end of the day closed at 13745 yuan / ton. The main 1908 contract position of Shanghai Aluminum increased by 1864 to 208886, the Shanghai Aluminum 1909 contract increased by 1188 to 191180, and the Shanghai Aluminum Index reduced its position by 1536 to 679476. Domestic electrolytic aluminum continues to maintain both supply and demand is weak, the cost of electricity and alumina have room to fall, Shanghai aluminum remains weak shock.

Aluminum at the beginning of the month, that is, shock sinking, slightly floating before noon. In the morning, the transaction price in Wuxi in Shanghai was between 13690 yuan and 13700 yuan / ton, and some purchases were made around 13710 yuan / ton in a large household. With the rise of aluminum futures, the mainstream transaction price in the Shanghai-tin market after 11: 00 was around 13700-13710 yuan / ton, about 10 yuan / ton in the current month, down nearly 40 yuan / ton from yesterday, and the transaction price in Hangzhou was between 13710 and 13730 yuan / ton. Today, there is an adequate supply of goods in the market, and the shipping enthusiasm of the shippers has not diminished. As the price has fallen for two days in a row, the middleman's willingness to replenish the goods has increased at a low price, and the holder has slightly higher prices, so the actual transaction between the traders is slightly deadlocked. Downstream manufacturers today as usual procurement, on-demand delivery performance is mediocre, compared with yesterday has not improved. The overall transaction in East China today is slightly worse than that of yesterday. In the afternoon aluminum maintained range fluctuations, market prices were chaotic, concentrated in 13710 to 13730 yuan / ton, flat water on the plate-up 10 yuan / ton, the afternoon price was on the high side, there was almost no transaction.

 

Lead: within a day, Lun lead opened at US $1894.5 / ton. In the Asian session, at the beginning of the day, the US Index continued to strengthen, suppressing the downward shift of the center of gravity of Lun lead, and then basically fluctuated along the 1888 yuan / ton line, entering the European session to undertake a low entry. Lun lead once rose to US $1902.5 / ton, as of 1609. Lun lead temporarily closed at US $1898.5 / ton, up US $6.50 / ton, an increase of 0.34 per cent. Lun lead report long foot Xiao Yang line, running along the upstream channel, the lower 60-day moving average has strong support, and the 5-day moving average turns upward, but considering that the strong trend of the US Index does not change, as well as the weak trend of non-ferrous metals on the outside, it is expected that the upward space of Lun lead at night is limited.

Within a day, the Shanghai lead 1908 contract opened at 15905 yuan / ton. At the beginning of the day, Shanghai lead was under pressure along the daily average line of 15890 yuan / ton. In the afternoon, stimulated by the news that the price of waste battery continued to fall, short positions increased by more than 2000 hands in only half an hour. Shanghai lead accelerated release, and finally closed at a new low of 15655 yuan / ton in the past two years, down 335yuan / ton, down 2.1%, and the position increased by 4672 hands to 56514 hands. 1909 contract positions increased by 7256 hands, Shanghai lead index total positions increased by 12000 hands, short positions occupied the market, Shanghai lead closed barefoot big Yin line, broke down, fell through the lower limit of the box concussion range, which lasted for nearly two months, and the average price in the medium and short term turned down, the possibility of bulls entering the market was smaller, and it was expected that the probability of lead opening in Shanghai at night would be low, and the weak market under pressure would continue.

Shanghai market Jinsha lead 15930 to 15940 yuan / ton, 90 yuan / ton for 1907 contract, 15890 yuan / ton for south, 50 yuan / ton for 1907 contract, 15890 yuan / ton, 10 yuan / ton for 1908 contract, 15870 yuan / ton for Jijin, Wanyang and copper crown lead in Jiangsu and Zhejiang, and 3050 yuan / ton for 1907 contract. The futures market has fallen one after another, and the holders have made more expensive shipments, some of them have increased their quotations, and their inquiries have increased compared with yesterday's. At the same time, the renewable lead refineries have been sold at a low price, promoting the return of some rigid demand to the original lead, and the transaction activity of the bulk market has improved.

Guangdong market Nanhua lead 15900 yuan / ton, the average price of SMM1# lead water 50 yuan / ton quotation; gold price 15900 yuan / ton, SMM1# lead price 50 yuan / ton; southern storage south, sands 15890 yuan / ton, 1907 contract water 50 yuan / ton quotation; lead price dropped to 10, 000 below, storage enterprises purchase willingness slightly improved, market trading is good. Henan Yuguang and other smelters mainly to long single transaction; Wanyang 15850 yuan / ton, the average price of SMM1# lead flat water quotation; Jinli 15830 to 15850 yuan / ton, SMM1# lead discount 20 yuan / ton to flat water quotation; lead price shock is weak, downstream on-demand procurement, market transactions have warmed up. Other areas such as: Hunan Shuikoushan 15850 yuan / ton, SMM1# lead average price flat water quotation; Jiang copper 15875 yuan / ton, SMM1# lead average price rising water 25 yuan / ton; Yunnan small factory lead 15600 yuan / ton, SMM1# lead average price discount 250yuan / ton; Anhui copper crown 15850 yuan / ton, 1908 contract discount 30 yuan / ton (trader source); Lead prices fell below 10,000, some storage enterprises began to buy on the low, but more rigid demand, market transactions slightly improved.

 

Zinc: Geneva zinc opened at US $2382 / tonne, and ran all the way around the daily average of US $2380 / tonne. During the European trading session, Lun Zinc concussion fell to around US $2370 / tonne, just as LME zinc stocks fell again, and Len Zinc rose slightly, closing down US $2368 / ton, or 0.57 per cent, as of 17 to 25. Geneva zinc recorded a negative line, the upper pressure Brin Road under the rail operation, LME0-3 zinc liter discount fell to $8.50 / ton, indicating that the back structure to the contango structure, night or running near the Brindao lower rail.

The main 1909 contract of Shanghai zinc opened at 19140 yuan / ton at the beginning of the day. At the beginning of the day, Shanghai zinc worked around the daily average. Then the short came into the market to suppress the zinc price. Shanghai zinc quickly lowered 19020 yuan / ton and then returned to detect the daily average. However, many attempts failed to make the trip, falling again to around 19030 yuan / ton, and finally closed down to 19005 yuan / ton, down 2445 yuan / ton, down 1.27%, and the trading volume increased by 4880 hands to 236000 hands. Position increased by 4106 to 251000. During the day, Shanghai zinc closed again, the overall pressure of the EMA operation, Shanghai zinc fundamentals temporarily no bright spot, spot rising water decline reflects consumption fatigue, night Shanghai zinc or run near the lower rail of Brin Road.

Shanghai 0 # zinc mainstream transaction 1930 1910 yuan / ton, Shuangyan, Chihong 1960 1930 yuan / ton, 0 # ordinary July water 50 60 yuan / ton; Shuangyan, Chi Hong reported 70 90 yuan / ton. 1 # mainstream transaction in 19240 1920 yuan / ton. Zinc continued to fall, coupled with the expiration of part of the long order this week, the market circulation tightened slightly, the early market quotation further rose to 60 yuan / ton stable, or the net average price flat water shipment, the latter transaction is more smooth. Entering the second trading period, the market handover force is more balanced, but the intention to receive goods has become lighter than yesterday. The market quotation transaction tilted to 50 yuan / ton of rising water. As July turned into the off-season of the year, the willingness to purchase downstream orders was not strong. It was slightly difficult to lift the brand premium for downstream demand imports and Shuangyan, Chihong, Torch, Dongling, etc., and the bearish sentiment became more and more bearish. The overall transaction was cooler than yesterday, and the transaction volume was slightly lower than yesterday.

Guangdong 0 # zinc mainstream trading in 19240 1970 / ton, Shanghai zinc 1908 contract rose 110 to 140 yuan / ton, Guangdong stock market than Shanghai market from 30 yuan / ton discount to 80 yuan / ton discount. Refinery normal shipment, the market supply of goods is abundant. In the morning, the quotation of the holder concentrated on the average price rising by about 10 yuan / ton, and some of the holders concentrated on the rising water of 140 yuan / ton for the 08 contract in that month. After entering the second trading period, with the narrowing of the monthly difference, the holder of the contract quotation for the following month lowered the water supply to 110 yuan / ton for 08 liter water, and the market transaction was slightly improved. On the whole, the trading situation in Guangdong today is slightly better than that of yesterday. 0# Kirin, Cishan, Tiefeng, Mengzi mainstream transactions in 19240 1970 yuan / ton.

The mainstream of 0 # zinc ingots in Tianjin market was sold at 1930 to 20380 yuan / ton, the mainstream of 0 # ordinary brand was sold at 1930 to 1910 yuan / ton, and the rising water of 1907 contract was about 70 to 100 yuan / ton. Tianjin market narrowed from 30 yuan / ton to 20 yuan / ton compared with Shanghai market yesterday. Disk down, refineries slightly cherish the sale, the market circulation of goods tightened slightly. In the morning, the holder's willingness to push forward is stronger, focusing on the 07 contract water 70 150 yuan / ton, some holders reported in the 08 contract water 180 yuan / ton, and then the holder downgraded the rising water to 07 liter water 70 100 yuan / ton or so, downstream stop waiting, bargain buying willingness to become stronger, today Tianjin market trading atmosphere has improved, transaction volume has increased slightly compared to yesterday. 0 # Zijin, Hongye, lark, Chihong, Xiyan, etc., were sold in 1930 1910 yuan / ton, and 1 # Zijin, Chihong, Hongye, etc., were sold in 19280 to 19360 yuan / ton.

 

Tin: after the opening of the Lunxi electronic disk at US $18480 / ton today, trading in the Asian session remained light and consolidated near the opening price. After the opening of European trading, as a result of the sharp rise in the US dollar index, the Lensi pressure shock fell to a post-low of US $18305 / tonne. As of 17-00, the latest price of Lensi is US $18365 / ton, showing a small negative line. The upper part of the entity is under pressure at the 10-day moving average, and the lower part is supported by the 5-day moving average. The resistance above Lensi is expected to be around the 10-day moving average of $18500 / ton, and the support below is expected to be around $18200 / ton. In the near future, we can focus on the speech of Federal Reserve Chairman Powell this evening and the API crude oil stocks in the United States in the early hours of the next morning.

Shanghai tin main 1909 contract last night after the opening of 136900 yuan / ton, at the beginning of the market quickly fell to 135100 yuan / ton, the bottom rose to 136000 yuan / ton to maintain consolidation, erasing most of the decline in the previous period. After the opening of 136100 yuan / ton in early trading this morning, it was generally centered around 136200 yuan / ton above the daily average. It fell somewhat in the afternoon, and finally closed at 135850 yuan / ton, down 730yuan / ton, or 0.53 per cent. The trading volume was 25818, a decrease of 15258. The number of positions was 36102, a reduction of 598. Today, due to short pressure and long departure, Shanghai tin closed with a negative line, and the physical part is located between the 5-10 EMA. It is expected that the lower support of Shanghai tin will be located at the 5-day EMA of 134500 yuan / ton, and the upper resistance will be near the 10-day EMA of 138000 yuan / ton.

Spot market, today's mainstream trading price of 136000 to 137500 yuan / ton, Shanghai tin plate after yesterday rose today's center of gravity moved down slightly, downstream enterprises due to the sharp rise in prices last week and their own enterprise inventory abundant buy Xing light, Shanghai tin spot market overall transaction is weak, set Yunxi rising water 800 yuan / ton, ordinary cloud character rising water 500 yuan 800 yuan / ton, small brand discount 200 yuan / ton-Pingshui.

 

Nickel: the Lennie sub-plate opened at $12705 a tonne today. After opening, the Lennie pressure daily average, all the way down to $12560 / ton after the support. In the middle of the day, the center of gravity of nickel was arranged horizontally around $12590 a tonne. In the afternoon, Lennie broke through the daily average resistance, concussion upward, as of 17-00, reported at 12640 US dollars / ton. Nickel is temporarily closed at the small shade line, and its center of gravity is expected to fluctuate slightly around the $12650 / tonne line in the evening. This evening, Fed Chairman Powell (Jerome Powell) opened the stress test meeting hosted by the Boston Fed via satellite; St. Louis Fed Chairman Brad addressed the official Forum of the International Monetary and Financial institutions.

Shanghai nickel 1908 opened at 100350 yuan / ton today. At the beginning of the day, Shanghai nickel fluctuated in a narrow range above the daily average, and then fell back slightly below the daily average, bearing pressure of 100000 yuan / ton. In the afternoon, Shanghai nickel slightly higher than 100000 yuan / ton gate, above the pressure of 100200 yuan / ton line, many times failed to break through, the center of gravity around 100000 yuan / ton small fluctuations, closed at 99940 yuan / ton, compared with the previous trading day settlement price rose 710 yuan / ton, an increase of 0.72%, position volume decreased 9604 hands to 105854 hands, trading volume decreased 115000 hands to 513000 hands. Shanghai nickel main contract 1908 today closed at the Xiaoyin line, below has been a number of moving average support, the evening is expected to Shanghai nickel center of gravity around 100000 yuan / ton gate shock operation.

SMM 1 # electrolytic nickel 99800 102200 yuan / ton. Russian nickel than Shanghai nickel 1908 discount 400-300 yuan / ton. Jinchuan nickel than Shanghai nickel 1908 contract generally quoted water 1700 to 19 yuan / ton, a higher price is basically non-market. Early trading hours, prices continue to fall, but the overall is still higher than yesterday, the spot market continues to be shipped, downstream due to high prices in the wait-and-see, general feedback light trading, Jinchuan nickel downgrade compared with yesterday, market wait-and-see. In the second trading period, the price was stable at 99950 yuan / ton, the spot warmed up slightly, and then stabilized and recovered, and the Russian-nickel discount remained stable, but the overall transaction was still not satisfactory. Jinchuan's ex-factory price was 101000, unchanged from yesterday, and the mainstream transaction was 99550-102100 yuan / ton. In the afternoon, nickel prices continue to fluctuate around 100000 below the daily average, the market continues in the morning mood, the seller's market is dominant, downstream wait-and-see is strong, the rising sticker water is basically stable, the mainstream transaction is 99600-101700 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