Home / Metal News / Copper / [SMM Review] Coke fell nearly 2.7 per cent. Black system fell across the board. Shanghai nickel rose more than 2 per cent close to its March high.
[SMM Review] Coke fell nearly 2.7 per cent. Black system fell across the board. Shanghai nickel rose more than 2 per cent close to its March high.
Jul 10,2019 09:51CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 10 month news: this morning, the non-ferrous metal market red fat green thin, as of 09:40 in the morning, Shanghai nickel rose more than 2%, Shanghai lead rose nearly 0.9%, Shanghai tin, Shanghai aluminum rose nearly 0.1%, Shanghai zinc fell nearly 0.5%, Shanghai copper fell nearly 0.8%; In terms of nickel, according to the investigation of SMM, the initial output of stainless steel in July is 2.5045 million tons, of which the output of 200 series increases by 5.44% to 931000 tons, and the output of 300 series increases by 1.144 million tons, and increases by 1.6% and 429500 tons respectively, and increases by 0.23% compared with the previous month. Stainless steel production is expected to increase slightly in July, in addition, the nickel-iron market is still tight. "View detail

Black system the whole line fell, coke fell more than 2%, hot roll fell nearly 0.9%, coking coal fell nearly 0.8%, thread fell nearly 0.5%, iron ore fell nearly 0.1%; recently, the third round of coke spot basically landed, Shanxi area recently environmental protection inspection frequency is higher, but the impact on production is limited, Hebei Tangshan, Wu'an production restrictions lead to demand reduction is greater than supply reduction, short-term supply is small surplus.

Crude oil fell nearly 0.2 percent in the previous period; news, in the early hours of Wednesday, Beijing time, (API) data showed that API crude stocks fell by 8.13 million barrels in the week to July 5, expected to fall by 3.567 million barrels, gasoline stocks fell by 257000 barrels, refined oil stocks increased by 3.69 million barrels, the United States, the United States. After the release of the data, the oil company pulled up quickly in the short term, hitting the 59 mark at one point and closing at $58.34 a barrel.

Macroscopically, consumer prices rose 2.7% in June 2019 compared with the same period last year. Of this total, both urban and rural areas rose 2.7 per cent; food prices rose 8.3 per cent and non-food prices rose 1.4 per cent; consumer prices rose 3.2 per cent and service prices rose 1.8 per cent. In the first half of the year, consumer prices rose 2.2 percent over the same period last year.

 

Technical analysis:

Copper: spot due to the sharp decline in the disk, low prices are expected to attract downstream buying, market transaction enthusiasm will be improved, and there is room for low price delivery. It is expected that today's London copper 5800 to 5850 US dollars / ton, Shanghai copper 45700 to 46100 yuan / ton, spot water 30-90 yuan / ton.

Aluminum: it is expected that today's aluminum price will run between 13650 yuan / ton and 13800 yuan / ton, and the spot price will be between 20 yuan / ton and 10 yuan / ton. From the point of view of the morning market, the spot price today is expected to be less than 50 yuan / ton compared with yesterday's. It is suggested that the downstream should be purchased on demand. In the evening, aluminum prices rose and fell back, and the pressure above was obvious. Today, the June CPI/ PPI value was released, focusing on the reaction of metals to macro data. Aluminum prices are expected to run between 13650 and 13800 yuan / ton today, and Lun Aluminum is expected to run between 1780 and 1830 US dollars / ton today.

Lead: the amount of lead release opens a new round of upward trend, approaching the high point of the previous wave band, the main force of bulls at night or trying to do high prices. Shanghai lead bulls quickly pull up prices overnight, more strong, but need to note that today may not be able to continue to be strong, need to beware of falling back.

Zinc: overnight zinc recorded five negative, bullish withdrawal led to the decline of zinc, indicating that under the relief of supply contradictions in overseas markets, zinc may still be weak to operate at 2350 to 2400 US dollars per ton. Overnight, Shanghai zinc broke 19000 yuan / ton integer gate support, and failed to rise quickly, short entry significantly depressed zinc prices, indicating that the market is more bearish on zinc prices, Shanghai zinc may run around 18700 to 19200 yuan / ton during the day. Material 0 # domestic double swallow zinc increased by 50% to 90% in July

Nickel: nickel close in the lower shadow line Xiaoyang line, close to the sun for 5 consecutive days, below several EMA support, above close to the high before the platform, today pay attention to the resistance of US $12850 / ton; today pay attention to the Shanghai nickel platform before the high level of 102400 yuan / ton line and Boll line on the rail cross pressure; spot 99500-102500 yuan / ton.

Tin: the lower support is expected to be around $18200 / ton, and if it falls below, the next support is near the integer barrier of $18000 / ton. Recently, the long and empty forces are intertwined, and it is expected that the tin consolidation pattern in Shanghai will be maintained in the short term. It is estimated that the resistance above tin in Shanghai will be near the 10-day moving average of 137000 yuan / ton, and the lower support will be located at the integer gate of 135000 yuan / ton. Spot market, Shanghai tin main 1909 contract last night to maintain the focus of stability, is expected to today's offer stable at 137,000 to 139500 yuan / ton.

 

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