Home / Metal News / Copper / July 12 SMM basic Metals spot Trading Day Review
July 12 SMM basic Metals spot Trading Day Review
Jul 12,2019 19:59CST
translation
Source:SMM
July 12 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

Copper: Yapan Lun Copper opened at US $5941 / tonne today. Due to the interference of the recent Fed interest rate cut, the superposition of crude oil is affected by climate factors and geographical factors. The market is worried about the supply of crude oil, driving oil prices higher. Good copper prices, so from the opening low all the way up shock upward, the afternoon stabilized, the overall shock at $5960 / ton position. Then entered the European market, early down to the daily average below the US $5950 level, was quickly pulled back to the high, and then China Social Finance data released much better than expected, copper prices straight up to the US $6000 mark, reached a high of US $5998 / ton after being blocked. At 16 to 10, bronze was up 0.92 percent at $5990 a tonne, the dollar index at 96.905 and crude oil at $60.69 a barrel. Evening focus on the US CPI index for the quarter in June, expected to be lower than the previous value, is expected to continue to be bearish on the dollar, boosting copper prices higher. At present, the Lun Copper Yang receiving entity completely stands on the 20-day EMA, and the red energy column of MACD index is obviously elongated. Waiting for guidance from the dollar and crude oil at night, test whether the evening bronze can successfully break through $6000 a tonne. Today, the main contract of Shanghai Copper 1909 opened at 46680 yuan / ton in the morning, rushed up to a high level of 46760 yuan / ton at the beginning of the day, continued to decline after exploration, and continued to decline within the range of 46640 to 46700 yuan / ton. During the period, the lowest position in the day was 46640 yuan / ton, and then the bulls increased their positions. After the disk rose to 46750 yuan / ton, the shock continued to fall to 46660 yuan / ton, and then the bulls continued to strengthen, reaching the highest position of 46780 yuan / ton in the day along the way. After the impact, the center of gravity continued to fall back to 46720 yuan / ton, and then the market continued to fall back and closed at 46670 yuan / ton. It rose 130 yuan per ton, or 0.28 percent. Today, Shanghai Copper's main contract position increased by 1486 hands to 236000 hands, while trading volume decreased by 56000 hands to 116000 hands. Shanghai Copper 1908 contract today reduced its position by 6750 hands to 177000 hands, while trading volume decreased by 19000 hands to 63000 hands. The Shanghai Copper Index fell 11000 hands to 583000 hands today, while trading volume fell 106000 hands to 226000 hands. Today, the Shanghai copper index in the non-ferrous plate capital outflow volume of 162 million, mainly because of 07, 08 contract short a large number of departure. Today, Shanghai copper slightly closed the sun, the upper shadow line broke through the 40-day moving average, the lower part of the small Yang column entity is supported by the Brin middle rail, the opening of the KDJ index is good for upward expansion, and the technology forms support in the face of copper price. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can stand firm and rush to the 46800 yuan / ton gate.

Today, the spot price of electrolytic copper in Shanghai is 60 yuan / ton to 120 yuan / ton, the transaction price of flat water copper is 46610 yuan / ton ~ 46660 yuan / ton, and the transaction price of copper is 46660 yuan / ton ~ 46710 yuan / ton. Shanghai copper continued to rebound to 46600 yuan / ton line. In the morning, we continued yesterday's quotation of 70 to 120 yuan / ton, flat copper concentrated on 60 to 70 yuan / ton, good copper accounted for a low proportion, so attracted some traders to take the initiative to receive goods, good copper prices 110 to 120 yuan / ton, and even the willingness to push up 130 yuan / ton; the market buying flat, downstream performance stopped, making wet copper stalemate near Pingshui. Market transactions in general, today's market supply and demand performance stalemate, next Monday is the last trading day of the month, the price difference between the month change is limited, the rising water performance will not change greatly. In the afternoon, as a result of the market quotation is less, the overall trading mood is more light, and because the good copper accounts for less, the good copper quotation is still strong. In the afternoon, copper water 60-70 yuan / ton, good copper 120-130 yuan / ton, transaction price in the range of 46610 yuan / ton-46740 yuan / ton.

 

Aluminum: Lun Al opened at US $1821 per ton in the morning. In Asia, Lun Aluminum remained weak and volatile, running below the 5-day moving average, hitting $1817.5 a tonne as of 15: 00. It was trading at $1821.5 a tonne as of 15: 00. In Europe, the volatility intensified, touching a high of $1827.5 a tonne in the afternoon, before falling as low as $1815 a tonne as the US index rebounded, trading at $1819 a tonne as of 18: 37. Pay attention to the follow-up macro positive overall boost to non-ferrous metals, at the same time as the 5-day moving average, the next week is expected to continue around the 5-day moving average near the range shock.

The 1908 contract of Shanghai Aluminum Company is opened at 13755 yuan per ton. After the opening of the long active draw out of the market, Shanghai aluminum fell low touched 13730 yuan / ton, fell below the 20-day moving average, and then maintained a narrow range of concussion. Short left the market in the afternoon, Shanghai aluminum shock rose to the 20-day moving average, closed at 13770 yuan / ton. Positions fell 4962 hands to 201484 hands, while Shanghai Aluminum Index positions fell 9726 hands to 666706 hands. Shanghai aluminum is expected to remain weak and volatile next week, alert to the short-term boost from a positive macro.

The opening of aluminum in the current month is dominated by interval concussion. In the morning, the transaction price between Shanghai and Wuxi was between 13700 yuan and 13710 yuan / ton, and the spot price began to concentrate between 13720 yuan / ton and 13730 yuan / ton after 10: 30. the spot price in Hangzhou was between 13730yuan / ton and 13730yuan / ton, which was nearly 80 yuan / ton lower than yesterday's price, and the spot price in Hangzhou was between 13730yuan / ton and 13750 yuan / ton. Today, spot aluminum prices almost gave up all the increases the day before, the market wait-and-see mood rose again, early delivery of goods is still more active, traders trading enthusiasm, after 10: 30 to consider the market price is appropriate, traders and middlemen began to pick up the goods, the transaction is OK. However, the downstream end due to weaker orders, coupled with the price wait-and-see, today's stock mood is not high, although the receipt of goods is better than yesterday, but still lower than the market expected level of stock. Today, the overall transaction in East China is average. In the afternoon, the market quotation was chaotic, although the holder's offer was concentrated between 13730 and 13750 yuan / ton, near the flat surface of the current month, but the actual transaction was rare.

 

Lead: within a day, the Lun lead opened at US $1964.5 / ton. In the Asian session, at the beginning of the day, the Lun lead basically ran along the daily average. In the afternoon, the US Index continued to vibrate, and the Lun lead slowly pulled up. In the European period, the Lun lead continued to rise. During the period, it once hit US $1981.5 / ton. However, the US $1980 / ton platform has a degree of pressure, and the pressure on the Lun lead has dropped slightly. As of 1642, the Lun lead temporarily closed at a high of US $1977 / ton. It rose 12.50 U.S. dollars per ton, or 0.64 percent. Lun lead temporarily collected five Lianyang, and continued to run along the uplink channel, and the daily K line was closely arranged. In addition, the medium-and short-term EMA showed an upward trend, but considering that the LME 0-3 liter discount changed from back to contango structure, to a certain extent, it may inhibit the upward space of Lun lead.

Within a day, the Shanghai lead 1908 contract opened at 16090 yuan / ton, at the beginning of the day, some bulls escaped from the market, the center of gravity of Shanghai lead was once as low as 16030 yuan / ton, and then fluctuated around 16060 yuan / ton. In the afternoon, the lead on the outer plate strengthened, driving the Shanghai lead back to 16105 yuan / ton line operation, and finally closed at 16105 yuan / ton, up 30 yuan / ton, an increase of 0.19%, and the position was reduced by 1580 hands to 43846 hands. Shanghai lead closed Zhongyang line, the 5-day EMA showed signs of turning upward, and at the weekly level, the 5-and 10-day EMA formed a golden fork, but there was a strong suppression above the 60-day EMA. It is expected that it will be more difficult for Shanghai lead to break through the suppression platform at night, or continue in the range formed by the 5-and 60-day EMA.

Shanghai market Jinsha lead 16125 yuan / ton, 1908 contract water 50 yuan / ton, southern 16085 16095 yuan / ton, 1908 contract water 10 20 yuan / ton, Jiangsu and Zhejiang Jinli, Wanyang, copper crown lead 16075 16085 yuan / ton, 1908 contract liter water 0 10 yuan / ton. The futures market continues to be consolidated around Wanliu, and the holders actively ship the goods, while the consumption of the downstream battery market has not improved for the time being, the rigid demand of storage enterprises is limited, and large enterprises are mainly based on long single purchasing. In addition, the average discount price of recycled refined lead to SMM1# electrolytic lead is 100 yuan / ton, and the transaction in bulk single market is still light.

Guangdong market Nanhua lead 16100 yuan / ton, the average price of SMM1# lead water 50 yuan / ton quotation; lead price high shock, storage enterprises meet low replenishment warehouse, the market transaction is general. Henan Yuguang and other smelters mainly to long single transaction; Wanyang 16050 yuan / ton, SMM1# lead average price flat water quotation; Jinli 16020 yuan / ton, SMM1# lead discount 30 yuan / ton; Henan small factory 16000 yuan / ton, SMM1# lead average discount 50 yuan / ton. Lead prices gradually recovered the decline, storage enterprises see lead prices stabilized, some began to purchase on demand. Other areas such as: Jiang copper 16075 yuan / ton, the average price of SMM1# lead water 25 yuan / ton quotation; Anhui copper crown 16100 yuan / ton, SMM1# lead average price rise water 50 yuan / ton; Yunnan area small factory lead 15800 yuan / ton, SMM1# lead average price discount 250 yuan / ton; some storage enterprises wait and see a few days later, today began rigid demand procurement, market transaction is general.

 

Zinc: Geneva zinc opened at US $2390 / tonne. At the beginning of the day, zinc was sorted around the daily average of US $2390 / tonne. In European trading, the US index fell sharply, and Len Zinc was boosted by a rapid rise. After climbing US $2427.5 / ton, it retreated slightly to close at US $2423.5 / ton, up US $30.50 / ton, or 1.27 per cent. Geneva zinc temporarily closed Dayang line, the overall break through the 10-day moving average suppression, macro emotional impact on the superposition of LME zinc stocks continue to decline, Lun zinc action can show strong, night or running near the 10-day moving average.

Within a day, the main 1909 contract of Shanghai zinc opened at 19060 yuan / ton, Shanghai zinc at the beginning of the day at 19030 yuan / ton first line finishing operation, then empty into more flat, Shanghai zinc frustrated down 18960 yuan / ton to find support, rose to 19030 yuan / ton first line narrow concussion operation, finishing range not more than 30 yuan / ton, closed down to 19045 yuan / ton, down 75 yuan / ton from the previous transaction, down 0.39%, trading volume decreased 41272 hands to 329000 hands. Position increased by 1432 to 263000. During the day, Shanghai zinc recorded two consecutive yin, the overall support in the vicinity of 19000 yuan / ton gate sorting, within the day Shanghai, Guangdong and Tianjin social inventory decreased again, Shanghai zinc may still have some support at Wanjiu pass, pay attention to the 5-day EMA suppression at night.

Shanghai 0 # zinc mainstream transaction 19140 19180 yuan / ton, Shuangyan, Chihong 19180 19200 yuan / ton, 0 # ordinary July water 50 60 yuan / ton; Shuangyan, Chi Hong reported rising water 70100 yuan / ton. The main trend of Shanghai 0 # zinc is 19140 yuan / ton, 19180 yuan / ton 1 # the mainstream transaction was between 19040 and 19070 yuan per ton. The low price of zinc remained stable, and the fluctuation of the price difference between the current month and the next month was relatively smooth. Traders completed the exchange of quotations for months. In the morning market, the average price of August was 50 to 60 yuan / ton, and the net average price and 5 yuan / ton transaction was more concentrated. Due to the long-term single demand among traders, the market rose 50 yuan / ton. The transaction was also better, the quotation translated to 60 yuan / ton, and the trade was light in the second trading period. Market trading has turned to focus on downstream brands, the trading atmosphere has become lighter, downstream near the weekend to maintain on-demand procurement, the overall transaction is still dominated by traders.

The mainstream of 0 # zinc in Guangdong was traded at 190 30 to 190 90 / ton, and the discount for Shanghai Zinc 1908 contract was about 50-30 yuan / ton. Guangdong market expanded from 90 yuan / ton to 100 yuan / ton. Refinery normal shipment, the market supply of goods is abundant. In the morning, the holder actively shipped the goods, and the quotation focused on the average price of-20 yuan / ton. Some of the contract holders reported a discount of about 30 yuan / ton to the 08 contract, entering the second trading period. The holder once again lowered the discount to the 08 contract 40-50 yuan / ton, the market transaction has improved. Today's main downstream contribution to the main trading, downstream every fall to buy the willingness to enhance, superimposed weekend reserve demand, the willingness to pick up the goods improved. The trading situation in Guangdong today is slightly better than that of yesterday. 0# Kirin, Cishan, Tiefeng, Mengzi mainstream transaction in the vicinity of 19030-19090 yuan / ton.

Tianjin market 0 # zinc ingot mainstream transaction in 19200 to 20150 yuan / ton, 0 # ordinary brand mainstream transaction in 19200 to 19320 yuan / ton, 1908 contract water 100 to 200 yuan / ton, Tianjin market than Shanghai stock market to maintain rising water around 100 yuan / ton. The main trend of 0 # zinc ingots in Tianjin market is 19200 yuan / ton, and the mainstream of 0 # zinc ingots in Tianjin market is about 19200 yuan / ton. The refinery shipment is normal, the market supply circulation is more abundant than yesterday, the holder is willing to push forward the price is stronger, the morning report in the 08 contract rising water 120 200 yuan / ton, the downstream transaction mostly to the high price brand goods source primarily, subsequently some holders reduced to the ordinary brand quotation, concentrated on the 08 contract liter water 100 200 yuan / ton or so. Today, the transaction situation in Tianjin market has improved compared with yesterday, 0 # Zijin, Hongye, bailing, Chihong, West Mine, etc., were sold in 19200-19320 yuan / ton, and 1 # Zijin, Chihong, Hongye, etc., were sold in 19150-19270 yuan / ton.

 

Tin: the Lunxi electronic disk opened at US $18260 / ton today. Sub-session to the opening of the European market, Lunxi overall maintained in the opening price near the shock finishing. As of 18 / 00, Lunxi's latest price is US $18225 / ton, showing a small negative line, the upper part of the entity is under pressure at the 5-10 EMA, and the support below Lunxi is expected to be located near the integer gate of US $18000 / ton. This evening, you can focus on the annual rate of June PPI in the United States (%).

Shanghai tin main 1909 contract last night after the opening of 133810 yuan / ton, due to short profit taking all the way up shock. After the opening of 134960 yuan / ton in early trading this morning, the pressure on tin in Shanghai fell back and rose at the end of trading, finally closing at 134660 yuan / ton, up 980yuan / ton, or 0.73 per cent. The trading volume was 26766, a decrease of 11166. The number of positions was 32298, a reduction of 1428. Today, the Shanghai tin rush high after some decline, to close to the positive line, the upper shadow line bearing pressure on the 5-10 moving average. It is estimated that the resistance above tin in Shanghai is 135500 yuan / ton, and the lower support is about 132000 yuan / ton.

Spot market, today's mainstream trading price of 135000 to 136500 yuan / ton. The market center of gravity rose from yesterday, downstream enterprises Buy Xing in the overall weak demand in the context of suppression, the spot market trading atmosphere is weak. Set Yunxi rising water 1200 yuan / ton, ordinary cloud word rising water 700 to 1000 yuan / ton, small brand rising water 300 to 600 yuan / ton.

 

Nickel: the nickel sub-plate is open at US $13115 per tonne. At the beginning of the day, the daily moving average under pressure fluctuated slightly. In the afternoon, Lennie rose sharply to break through the $13300 / tonne mark, and LME reported a 2772 tonne drop in inventories to 150840 tonnes. After the release of the data, Lennie was up $13325 per tonne. As of 1700, it was quoted at US $13300 per ton. Lennie continued to close today, as of today has been eight consecutive Lianyang, along the Boll line on the track upward trend, the evening is expected to focus on the center of gravity around $13200 / ton first-line concussion. This evening focused on the events in 2019 the FOMC voting committee, Chicago Federal Reserve Chairman Evans on the economic issues of an interview.

Shanghai nickel 1908 contract opened today at 103420 yuan / ton, at the beginning of the day, shanghai nickel pressure daily moving average narrow range concussion. In the afternoon, bulls increased their positions, Shanghai nickel concussion rose, breaking the daily average, touching 104050 yuan / ton, followed by a narrow range of 104000 yuan / ton under pressure, closing at 103840 yuan / ton, up 1160 yuan / ton, or 1.13 percent, from the settlement price of the previous trading day. The position was reduced by 7800 hands to 129000 hands, and the trading volume was reduced by 103000 hands to 520000 hands. Throughout the day, Shanghai nickel main contract 1908 closed in the lower shadow line Xiaoyang line, Shanghai nickel is expected to run above the 103400 yuan / ton gate in the evening.

SMM 1 # electrolytic nickel 102800 to 1045500 yuan / ton. Russian nickel than Shanghai nickel 1908 discount 500-400 yuan / ton. Jinchuan nickel than Shanghai nickel 1908 contract generally reported a water rise of 1200 to 1300 yuan / ton. Early trading hours, Shanghai nickel around 103200 yuan / ton shock, nearly a small number of downstream cautious procurement, transactions continue to be light, mainly shipped by the holder. In the second trading session, the price briefly rose and then fell back to 103200 yuan, the market reaction converged in the morning, downstream on-demand procurement, pure nickel costs increased, downstream procurement of other alternative raw materials as far as possible, pure nickel demand weakened. The ex-factory price of Jinchuan Company was quoted at 104000 yuan, an increase of 200 yuan per ton from yesterday, and the mainstream transaction was 102800 to 1045500 yuan per ton. Afternoon nickel prices stabilized low, high 104000 above, spot basically no transaction, rise discount slightly down for spot stimulus is limited. Mainstream transaction 102800 to 1045500 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