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[SMM afternoon Review] Shanghai Copper rebounded after hitting a two-year low in the black system to continue the strong market.
Jul 10,2019 12:13CST
translation
Source:SMM
Shanghai nickel rose sharply in the non-ferrous metals market this morning, while the rest of the metals rebounded slightly. By noon, Shanghai nickel rose 2.21%, Shanghai copper fell 0.5%, Shanghai aluminum fell 0.29%, Shanghai zinc fell 0.29%, Shanghai lead rose 0.54%, and Shanghai tin rose 0.4%. Among them, Shanghai lead rebounded after falling below the 10,000 integer mark yesterday and is now trading in a narrow range around 15900.
The content below was translated by Tencent automatically for reference.

SMM7: Shanghai nickel rose sharply in the non-ferrous metals market this morning, while the rest of the metals rebounded slightly. By noon, Shanghai nickel was up 2.21%, Shanghai copper was down 0.5%, Shanghai aluminum was down 0.29%, Shanghai zinc was down 0.29%, Shanghai lead was up 0.54%, and Shanghai tin was up 0.4%. Among them, Shanghai copper rebounded slightly after hitting a new low in two years, leaving a larger shadow line; Shanghai lead rebounded after falling below the 10,000 integer mark yesterday and is currently trading in a narrow range around 15900. China's CPI in June was 2.7 per cent from a year earlier, and is expected to be 2.7 per cent, up from 2.7 per cent. China's PPI in June was 0. 0% from a year earlier, and is expected to be 0.3%, compared with a previous value of 0.6%. According to the Bureau of Statistics, pork prices rose 21.1 percent from the same period last year, an increase of 2.9 percentage points over the previous month, affecting CPI by about 0.45 percentage points, while fresh fruit prices rose 42.7 percent in June from a year earlier, affecting CPI by about 0.71 percentage points. Affected by the recent increase in iron ore demand, tight supply and other factors, the price of ferrous metal mining and dressing industry rose 3.7%, an increase of 1.5% over the previous month.

In the black system, iron ore fell by 0.17%, thread by 0.44%, hot coil by 0.84%, coking coal by 0.83% and coke by 2.27%. Black finished products are mainly driven by environmental restrictions in the Wu'an area, but prices show signs of capital flight after the rally. Iron ore, because of the tight supply and demand side, still maintains a strong shock pattern; at present, shipments from Australia and Brazil have not risen significantly, and it is not expected that there will be a substantial accumulation of stocks in the short term.

Crude oil, the last oil fell 0.38% to 442.6, the early release of API crude oil stocks fell sharply, some support for oil prices, the market focus mainly turned to the evening release of EIA inventory data from the United States.

Spot today:

Copper: today, the spot price of electrolytic copper in Shanghai is 40 yuan / ton to 100 yuan / ton, the transaction price of flat water copper is 45820 yuan / ton ~ 45880 yuan / ton, and the transaction price of copper is 45860 yuan / ton ~ 45920 yuan / ton. Overnight, the United States Index rose to 97.6 position, Lun Copper led the decline, Shanghai copper followed the jump low open, copper prices broke 46000 yuan / ton lower, today copper around 45800 yuan / ton to 45900 yuan / ton range shock. The price of copper fell, the price of copper broke 46000 yuan / ton, and today copper fluctuated around the range of 45800 yuan / ton to 45900 yuan / ton. After the decline in the disk surface to attract downstream enterprises to replenish goods at low prices, the market early inquiry is active, the holder quotation water 50 100 yuan / ton, traders can press the price transaction, flat copper concentrated in the rising water 40 50 yuan / ton, good copper stable in the rising water 90 yuan / ton; today, part of the downstream bargain replenishment enthusiasm is slightly higher than the previous two days, wet copper since the morning market discount 30 yuan / ton, afternoon market has narrowed to 10 yuan / ton ~ flat water. Copper futures fell to stimulate some enterprises in the market to buy at a bargain, downstream transactions warmer, trade flow activity has also increased, so that today's spot water to maintain stability.

Aluminum:

East China Aluminum: aluminum trading early in the month to maintain range fluctuations, the second trading phase concussion upward. In the morning, Shanghai and tin more than to spot price, the price is between 13700 to 13710 yuan / ton, with a certain network price announced, lower than the market psychological price, spot price began to rise, coupled with the second trading stage aluminum floating, Shanghai and tin prices began to focus on 13720 to 13750 yuan / ton, flat water on the plate-up 10 yuan / ton, the price rose nearly 20 yuan / ton yesterday, Hangzhou spot price between 13740 and 13760 yuan / ton. In the morning, the activity of the East China market was OK, but because of the large increase in aluminum prices later, the transaction became lighter in the second stage of trading. Although the holders actively shipped at high prices, it was difficult for the middlemen to approve the price, and there was a stalemate between the two sides. Downstream today is still on-demand procurement, the receipt of goods is flat. Today, the overall transaction in East China is OK.

South China Aluminum: aluminum first suppressed and then rose in the early afternoon. Today, the spot transaction price in Guangdong was concentrated at 13740 to 13750 yuan / ton in the morning, and then the spot price rose. The transaction price was concentrated at 13750 to 13760 yuan per ton, and the price difference between Guangdong and Shanghai narrowed to about 30 yuan per ton, and the rising water for that month was 30 to 40 yuan per ton. As the absolute price rose compared with yesterday, the holder's willingness to ship is more positive, the number of recipients has also increased; downstream mainly on demand, procurement efforts are basically the same as yesterday. On the whole, the spot circulation of aluminum ingots in South China today is OK.

Lead: today, the mainstream quotation for reduced lead in China is 14300 to 14400 yuan / ton. Shanghai lead strong return, recover part of yesterday's decline, waste battery prices continue to decline, continue to decline; reduction lead refinery production is difficult to make a profit, at the same time, recycled lead delivery price is difficult to rise, resulting in reduced lead market into a glued state; renewable lead refineries more maintain discount range, some procurement of reduced lead refined lead factory to flat water price shipment.

Guangdong market Nanhua lead 15900 yuan / ton, the average price of SMM1# lead water 50 yuan / ton quotation; southern gold sand 15960 yuan / ton, 1908 contract water 50 yuan / ton quotation; lead price wide shock, storage enterprises meet low replenishment warehouse, but some storage enterprises are worried about the recent price fluctuations, so procurement is more cautious. Henan Yuguang and other smelters mainly to long single transaction; Wanyang 15850 yuan / ton, the average price of SMM1# lead flat water quotation; Jinli 15850 yuan / ton, SMM1# lead flat water quotation; lead price wide shock, downstream fear of falling mood is strong, the market transaction is general. Other areas such as: Jiangtong 15875 yuan / ton, the average price of SMM1# lead 25 yuan / ton quoted; Yunnan small factory lead 15600 yuan / ton, the average price of SMM1# lead discount 250 yuan / ton; lead price fell below 10, 000, some storage enterprises began to buy on the low, but more rigid demand, market transactions slightly improved.

Zinc: Guangdong 0 # zinc mainstream trading in 1970 19190 / ton, Shanghai zinc 1908 contract increased by 30 to 60 yuan / ton, Guangdong market than Shanghai stock market maintained in the discount of 80 yuan / ton. Refinery normal shipment, the market supply of goods is abundant. In the morning, the quotation of the holder focused on the rising water of about 60 yuan / ton for the 08 contract, followed by the narrowing of the monthly difference from 90 yuan / ton to 50 yuan / ton, and the holder of the next month's contract quotation generally lowered the water to about 30 / 60 yuan / ton for the 08 contract. After the reduction, the monthly difference expanded again to about 90 yuan / ton. The holder slightly cherished the sale, the market trading atmosphere continued to be light, and the market transaction situation was worse than yesterday. 0# Kirin, Cishan, Tiefeng, Mengzi mainstream transaction in the vicinity of 19070 19190 yuan / ton. Tianjin market 0 # zinc ingot mainstream transaction in 19200 to 20170 yuan / ton, 0 # ordinary brand mainstream transaction in 19200 to 19340 yuan / ton, 1907 contract water 100 to 200 yuan / ton, Tianjin market than Shanghai stock market rose water 20 yuan / ton yesterday to 90 yuan / ton water near the market, Tianjin market and Shanghai market. Disk down, refineries slightly cherish the sale, the market circulation of goods tightened again yesterday. Refineries arrive less, more traders today less or no goods, resulting in a stronger willingness to hold up the price, in the morning reported in the 07 contract rising water 100 to 200 yuan / ton, of which Zijin and other high price supply demand is more, the shipment situation is better, the ordinary brand goods source transaction situation is OK. On the whole, due to the recent weather impact, some refineries are still on the way or have not arrived at the warehouse, the circulation of goods in Tianjin market is less, and the zinc ingots of Shuangyan and other brands are shipped to Tianjin market. The quotation is about 120 yuan / ton for 07 contract, and the transaction situation is more general. Overall, today's Tianjin market spot water is higher, mainly due to the rapid tightening of market supply circulation, superimposed disk down, market transactions significantly improved compared with yesterday. 0 # Zijin, Hongye, lark, Chihong, Xiyan, etc., were sold in 19200-19340 yuan / ton, and 1 # Zijin, Chihong, Hongye, etc., were sold in 19150-1990 yuan / ton.

Tin: spot market, the main trading price in the morning 136200 137500 yuan / ton. Today, due to the low price of individual smelters to sell tin ingots to the market, downstream enterprises and traders buy at a low price. In addition, the spot market trading atmosphere has not warmed up. Set Yunxi rising water 1000 yuan / ton, ordinary cloud character rising water 400 yuan / ton, small brand flat water.

 

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