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July 10 SMM basic Metals spot Trading Day Review
Jul 10,2019 19:05CST
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Source:SMM
July 10 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

Copper: Yapanlun Copper opened high at US $5829 / tonne today. Shortly after the opening, due to the neutral performance of China's CPI data, the PPI data was lower than expected, and the copper price weakened, down US $5818.5 / tonne. However, as the market expected Fed Chairman Powell's speech to guide interest rate cuts, and the market still had high hopes for a rate cut this month, the dollar was under pressure and weakened, boosting copper prices. Bulls also became active in the market, with copper prices rising above the 5-day EMA, rising 1.05% to $5881 a tonne as of 16-20, with the dollar index at 97. 408. crude oil at $58. 96 a barrel. Evening attention to the U. S. EIA crude oil inventory changes are expected to perform well in the week ended July 5, while Fed Chairman Powell gave testimony on the US semi-annual monetary policy report to the House Finance Committee in the evening. As expectations remain high for the Fed to cut interest rates at the end of the month, while the US non-farm data last month greatly boosted confidence in the dollar, the current deflationary problems in the US cannot be ignored. In addition, the recent recovery of crude oil is also expected to boost metal prices. At present, Luncuo stopped falling 4 consecutive negative, above is expected to break through the resistance of the 5-day moving average, KDJ index performance is good upward. Wait for guidance on the dollar and crude oil at night to test whether the copper can test $5900 a tonne at night.

Today, the main contract of Shanghai Copper 1909 opened at 45910 yuan / ton in the morning, and then rose slightly to 46000 yuan / ton, and then continued to fall back to the lowest level of 45840 yuan / ton in the day. After a period of consolidation here, the center of gravity continued to rise all the way, breaking through the 46000 yuan / ton mark. After the opening of afternoon trading, the disk continued to rise, and in the vicinity of 46080-46150 yuan / ton, a small concussion. Subsequently, the market continued to fall below the 46000 yuan / ton mark to 45970 yuan / ton, and rose slightly to 46080 yuan / ton at the end of the day. It fell 210 yuan per ton, or 0.45%. Today, the position of Shanghai Copper's main contract increased by 18000 to 248000, and the trading volume increased by 87000 to 221000. The Shanghai Copper 1908 contract reduced its position by 6060 to 192000, and the Shanghai Copper 1910 contract increased its position by 6598 to 90, 000. The Shanghai Copper Index rose nearly 10, 000 hands to 625000 today, while trading volume rose 145000 to 423000. Today, Shanghai copper in the non-ferrous plate capital inflow bright eye, reached 143 million. Today, Shanghai copper as a whole is in a low and volatile pattern, with the overall performance of short positions, mainly due to the recent weakness of the European economy, the unknown prospect of Brexit, the sharp fall in sterling, and the market waiting for the speech of Federal Reserve Chairman Powell to judge the expectation of interest rate cuts. Today's release of PPI data less than expected, the overall macro situation is not clear, global risk aversion sentiment is still heavy, not conducive to copper prices up. Today, copper prices continue to fluctuate near the 46000 yuan / ton pass. At present, the Shanghai Copper K Line has lost all EMA support, MACD Green column continues to lengthen, and the technical side is still short of copper prices. Waiting for guidance from the outside market at night, whether Shanghai Copper can return to above 46000 yuan / ton at this time.

Today, the spot price of electrolytic copper in Shanghai is quoted for 40 yuan / ton to 100yuan / ton, 45820 yuan / ton ~ 45880 yuan / ton and 45860 yuan / ton ~ 45920 yuan / ton respectively. 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. In the afternoon, as the overall trading mood of the market warmed up, and the market level rose in the afternoon, downstream demand for low-priced goods, the holder took the opportunity to raise the quotation, good copper was the first to be adjusted to Shengshui 100-rising water 110 yuan / ton, and then flat water copper also rose to Shengshui 50-liter water 60 yuan / ton, afternoon quotation range at 46000 to 46130 yuan / ton, the price was adjusted to 100-110 yuan / ton, and then the flat water copper also rose to 50-60 yuan / ton, with an afternoon quotation range of 46000 to 46130 yuan / ton.

 

Aluminum: Lun Aluminum opened at $1818.5 a tonne in the morning and opened above the 5-day moving average. In Asia, London aluminum fell slightly in the afternoon, concussion operating low hit $1815.5 / ton of the 5-day moving average, in the afternoon Lun aluminum quickly pulled up, concussion upward as of 15: 00 Lun aluminum hit $1824 / ton. In Europe, the amplitude of aluminium increased as the US index fell, hitting a high of $1833 a tonne, trading at $1829 a tonne as of 16: 40. Mainly by yesterday morning, Polynesia Aluminij aluminum plant power outage news stimulation, Lun aluminum late last night break through the EMA entanglement, and due to the weakness of the US index, the increase continued to increase today. Lun Al is expected to remain volatile at the 5-day moving average in the evening, focusing on the impact of Fed Chairman Powell's speech on the US finger in the evening.

Shanghai Aluminum main contract 1908 opened in the morning at 13765 yuan / ton. After the opening of the multi-empty mutual increase of positions, Shanghai aluminum shock operating below the 5 / 10 EMA, low touched 13745 yuan / ton. Then long take the initiative to increase the position, Shanghai aluminum shock upward, at the end of the short stop loss departure, Shanghai aluminum high touch 13820 yuan / ton of the 20-day moving average, closed at 13815 yuan / ton. The position increased by 5311 hands to 217430 hands, and the Shanghai Aluminum Index increased by 6474 hands to 694634 hands. Domestic electrolytic aluminum supply and demand is still weak, Shanghai aluminum to maintain shock, affected by the closure of overseas Polynesian Aluminij aluminum plant, short entry. It is expected that the stock of social aluminum ingots will continue to decline tomorrow, and the price of aluminum in Shanghai will fall somewhat.

Aluminum trading in the early morning of 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. In the afternoon aluminum maintained a narrow range of fluctuations, the market trading price is between 13750 to 13760 yuan / ton, near Pingshui that month, due to the large increase in the day, the market wait-and-see mood is strong, the afternoon transaction is light.

 

Lead: within a day, the Lun lead opened at US $1925.5 / ton. In the Asian session, at the beginning of the day, the Lun lead basically ran along the daily average. In the afternoon, stimulated by the delayed restart time of the Australian lead and Zinc smelter, the bulls continued to increase the code, and the Lun lead concussion went up. In the European session, the US finger weakened, boosting the external non-ferrous metals, and the Lun lead continued to rise. As of 17 to 21, Lun lead temporarily closed at a high of US $1945 / ton, up US $7 / ton. It rose 0.36 percent. Run along the upward channel, the short-term moving average turns upward, and the 5-day moving average accelerates upward. If the US index continues to be weak at night, Lun lead or try to impact Brin Road on the track 1953 US dollars / ton.

Within a day, the Shanghai lead 1908 contract opened at 16200 yuan / ton, Shanghai lead basically ran above the daily average all day, and the top was under pressure at 16050 yuan per ton, and the bottom was supported by the daily average below, and finally closed at a new low of 15995 yuan per ton in the past two years, up 155 yuan per ton, an increase of 0.98 percent, and the position was reduced by 8046 hands to 48468 hands. Shanghai lead newspaper close up on the film Dayang line, basically make up for the next day decline, the first three trading days into the market short, basically profit out of the market, and the 5-day moving average trend is flat, it is expected that Shanghai lead may wander around Wanliu at night to rectify.

Shanghai market Jinsha lead 15960 15990 yuan / ton, 1908 contract water 50 80 yuan / ton, south 15920 yuan / ton, 1908 contract water 10 yuan / ton, Jiangsu and Zhejiang area Jijin, Wanyang, copper crown lead 15910 15920 yuan / ton, 1908 contract water 0 10 10 / ton quotation. The futures market is low, the stock holder quotation follows the market, and the downstream because of the lead price fluctuation is violent, does not hold the excessive optimistic expectation to the future market, receives the goods to be more careful to pick up, the bulk order market transaction is general.

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: Geneva zinc opened at US $2366.5 / tonne, rose at the beginning of the day, blocked the US $2380 / ton line after trying to go up, then fell back near the opening level, broke through the daily average, and reached US $2392 / tonne. However, US $2400 / ton integer suppression was strong, Lun Zinc failed to continue to break through, and then the center of gravity around US $2394 / ton narrow range concussion, as of 16 to 22, Lun Zinc closed at US $2391.5 per ton. It rose 22 cents a ton, or 0.93 percent. Geneva zinc stopped falling and broke through the 5-day moving average, testing the strength of $2400 per tonne of integer pressure. Although LME inventories are still falling, fears of falling global demand are still making the return of zinc weak, and observe the intensity of integer pressure at night.

Within days, the main Shanghai zinc 1909 contract opened at 18950 yuan / ton, short position reduction at the beginning of the day, Shanghai zinc upward touch high 19140 yuan / ton, failed to stand firm that is rapid decline, return to the low to find support, back up to break through the daily average, the center of gravity around 19150 yuan / ton narrow range finishing. It closed up 19005 yuan per ton, up 175 yuan per ton, or 0.92%. Trading volume increased by 137000 hands to 373000 hands, while position volume decreased by 7498 hands to 244000 hands. Shanghai zinc red tried to repair within days, Shanghai zinc 07, 08, 09 contracts reduced nearly 40,000 hands, capital transfer far month, near far month difference close to zero, the trend of weakening consumption in recent months is more obvious, superimposed above the 5-day EMA suppression is still strong, night or near the 5-day EMA concussion.

Shanghai 0 # zinc mainstream transaction 19140 19220 yuan / ton, Shuangyan, Chihong 19160 19240 yuan / ton, 0 # ordinary July water 50 60 yuan / ton; Shuangyan, Chi Hong reported 70 90 yuan / ton. 1 # the mainstream transaction was between 19040 and 19090 yuan per ton. Zinc futures continued to decline, at the same time, the monthly difference is still narrowing, traders long single procurement demand has slowed down, downstream procurement decline under the wait-and-see mood, waiting for the decline to stabilize, the overall market demand tends to be calm, the driving force of rising water is significantly weakened. The morning market trading is still dominated by the net average price, the rising sticker water is dominated by the rising water 50 to 60 yuan / ton, the difference is not big, the late quotation is stable, but most of the monthly differences in the far month are transferred to the vicinity of Pingshui, driven by the expected structural change, the market trading sentiment has slowed slightly, and the overall transaction is more stable than yesterday.

Guangdong 0 # zinc mainstream trading in 1970 19190 / ton, Shanghai zinc 1908 contract water 30 to 60 yuan / ton, Guangdong stock market than Shanghai stock market to maintain a 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: after the opening of the Lunxi electronic disk today at US $18230 / ton, the Asian disk initially hit US $18340 / ton and maintained its consolidation, giving back some of its gains at the end of the day. After the opening of the European trading, as the bulls left Lunxi continued to fall under pressure, as of 17-00, the latest price of Lunxi is $18190 / ton, below the support is expected to be located at the integer gate of $18000 / ton. In the near future, we can pay attention to the change in EIA crude oil stocks in the United States this evening (10,000 barrels) and the minutes of the June meeting released by the Federal Reserve in the early hours of the next day.

Shanghai tin main 1909 contract last night after the opening of 135560 yuan / ton, the overall upward trend of shock. After the opening of 136100 yuan / ton in early trading today, continuing the trend of last night's trading, the price of tin in Shanghai continued to rise, falling back after climbing to an intraday high of 136950 yuan / ton between early trading and midday trading, and finally closed at 136560 yuan / ton, up 710 yuan / ton, or 0.52 per cent. The trading volume was 21356, a decrease of 4462. The number of positions was 34342, a reduction of 1760. Today, due to the departure of short positions to push up the price trend of Shanghai tin market, the center of gravity has risen from yesterday. The lower shadow line is supported by the 5-day moving average. The resistance above Shanghai tin is expected to be around the 10-day moving average of 137500 yuan / ton. the lower support is located at the integer gate of 135000 yuan / ton.

Spot market, today's mainstream trading price 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 significantly warmed up. Set Yunxi rising water 1000 yuan / ton, ordinary cloud character rising water 400 yuan / ton, small brand flat water.

 

Nickel: the nickel sub-plate opened at US $12745 per tonne, initially rose to US $12970 per ton, and then retreated slightly, getting support near the daily moving average and running at the top of the concussion. In the afternoon, the center of gravity of nickel moved slightly lower, fluctuating over a narrow range of $12850 per tonne, trading at $12855 per tonne as of 17 / 00. Lennie today temporarily closed at the upper shadow line Xiaoyang line, has broken through the high level before the platform, below by a number of EMA support, above touched Boll line on the track, as of today Lunni has closed for 6 consecutive days, this evening is expected to Lennie pressure Boll line on the rail, in the first line below 13000 US dollars / ton concussion operation. Tonight, we focused on the monthly rate of wholesale sales in the United States in May and EIA crude oil stocks for the week ended July 5. The incident focused on Federal Reserve Chairman Powell's testimony to the House Finance Committee on the US semi-annual monetary policy report; Booz (Stephen Poloz), governor of the Bank of Canada, and Wilkins, senior deputy governor, held a press conference.

Shanghai nickel 1908 opened at 100160 yuan / ton today. At the beginning of the day, the bulls increased their positions, and Shanghai nickel rose sharply, rising 103160 yuan / ton and then slightly falling back to 102400 yuan / ton first-line shock adjustment. In the afternoon, Shanghai nickel center of gravity fluctuated around 102000 yuan / ton, closing at 102010 yuan / ton, up 1810 yuan / ton, or 1.8%, from the previous trading day. Trading volume increased by 261000 hands to 774000 hands, and position volume increased by 15200 hands to 121000 hands. Shanghai nickel 1909 contract rose more than 2%, position increased by more than 18000 hands to 157000 hands, trading volume increased by more than 108000 hands to more than 238000 hands. Shanghai nickel index inflows of 444 million yuan today, ranking first in the inflow of non-ferrous funds. Throughout the day, the Shanghai Ni 1908 contract ended on the Zhongyang line of the upper film line, fell back after the high level before the initial exploration platform, and closed near the upper track of the Boll line, and the Shanghai Ni 1908 contract was predicted to be adjusted at 102000 yuan / ton in the evening.

SMM 1 # electrolytic nickel 101900 to 103900 yuan / ton. The discount of Russian nickel is about 400 yuan / ton compared with Shanghai nickel 1908. Jinchuan nickel than Shanghai nickel 1908 contract generally quoted water 1400 to 1500 yuan / ton, a few higher quotations are basically non-market. In early trading, prices rose sharply, reaching as high as 103000 yuan per ton. After yesterday's sharp rise, spot transactions were unusually light. Downstream, due to higher prices, Jinchuan nickel rose lower than yesterday. In the second trading period, the price was stable at 102000 yuan / ton, and the spot was still not ideal. The ex-factory price of Jinchuan Company was 103500, 2500 yuan / ton higher than yesterday, and the mainstream transaction was 101900-103800 yuan / ton. Although the nickel price has fallen in the afternoon, but the spot stimulus is limited, the transaction enthusiasm continues in the morning, basically by the seller quotation primarily, the mainstream transaction 101700 to 103700 yuan / ton.

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