SMM7 16 news: as of press time, the early trading mixed, Shanghai nickel rose more than 1.5%, Shanghai tin fell more than 0.5%, Shanghai zinc fell slightly, Shanghai lead rose 0.75%, Shanghai aluminum rose slightly, Shanghai copper rose 0.3%. Black rose a lot, iron ore rose 3.96%, thread rose 1.89%, hot coil rose 1.41%, coking coal rose 0.32%, coke rose 1.21%.
The main force of Shanghai Copper opened slightly higher to 47100 yuan overnight, after which the pressure fell slightly, up 0.06 per cent. LME copper rose $6020 overnight after closing in the Asian market before falling back to close at $5998.5, up 0.65 per cent. Overnight slightly better-than-expected domestic economic data boosted the non-ferrous metals market, the copper market continued to rise, but weak demand in the off-season suppressed copper prices, focusing on whether prices can stand above 47000 yuan.
Overnight aluminum was more volatile, closing up $15, or 0.82 per cent, at $1843 a tonne. The main force of Shanghai Aluminum fell slightly, closing at 13860 yuan per ton, down 5 yuan per ton, or-0.04 per cent. On the spot side, according to SMM, Guangdong aluminum ingot spot transaction price concentrated in 13820 to 13830 yuan / ton in the morning, then the aluminum futures price rose, the spot price rose to 13840 yuan / ton, Guangdong and Shanghai price difference still maintained at flat water to rise 10 yuan / ton. Futures delivery, traders indirect goods are more active; downstream processing enterprises are mainly on-demand procurement. On the whole, the spot circulation of aluminum ingots in South China is OK. Generally speaking, downstream into the off-season of consumption, consumption performance is general, alumina prices continue to decline, inventory decline slowed down, bearish aluminum prices, the main force of Shanghai aluminum is expected to operate under pressure in 1908, operating range 13500-14000.
July 16 news, oil prices fell for the second day in a row on Tuesday, as more and more production facilities in the Gulf of Mexico reopened after the weekend, and weak Chinese economic data weakened the outlook for crude oil demand.
Today's forecast:
Copper: at present, the US dollar has rallied again near the 97 mark, waiting for the opportunity to rush up. The market is looking forward to the Fed's policy meeting next week. In addition, domestic economic data have stabilized in recent days, market confidence has been stable, and good metals. Shanghai copper under the support of the 20-day moving average, MACD index red column pull up, the overall performance is relatively good. Spot delivery ended yesterday, the current market price rise, will curb a wave of buying, market buying will stimulate holders to lower their quotations. It is expected that today's London copper 5975 6020 / ton, Shanghai copper 46700 47200 yuan / ton, spot water 20-80 yuan / ton.
Aluminum: overnight macro atmosphere improved, most metals closed higher, aluminum prices rose 50 yuan / ton, an increase of 0.36%, is expected to run today at 13750 to 13900 yuan / ton, spot discount in the paste 30-10 yuan / ton. Most of the metals fluttered red on the outer disk overnight, and against a background of LME aluminium stocks falling to less than 1 million tons, Lun aluminum was stable and strong, with its center of gravity piercing all the moving averages above, and is expected to run within $1790 to $1, 850 a tonne today.
Lead: lead has been rising for many days in a row, reaching the $2000 mark above, focusing on whether it can break through effectively in the short term. Shanghai lead entity Changyang to get rid of the suppression of the Yin line, the center of gravity gradually raised, but the fundamentals have not seen a significant improvement, the short-term is expected to concussion.
Zinc: overnight zinc recorded two consecutive yang, the overall operation in the 10th and 20th EMA channel, overseas markets returned to the back structure, LME zinc inventory continued to decline, indicating that there is still a supply contradiction, within a day or running around $2400 to $2450 / ton. Overnight Shanghai zinc harvest two consecutive Yang, domestic inventories fell slightly, bulls into the market to boost Shanghai zinc upward, the current fundamentals are not bright spot, bulls confidence is still to be considered, within a day or run around 19000 to 19500 yuan / ton. Material 0 # domestic double swallow zinc pair increased by 50% to 90% in August.
Tin: yesterday, Lunxi fell below the integer level of $18000 / tonne, and support below Lunxi is expected to be around the previous low of $17500 / tonne. The support below tin in Shanghai is expected to be around 132000 yuan / ton. Spot market, Shanghai tin main 1909 contract continued to fall last night, is expected to be the mainstream trading price of 133500 to 135000 yuan / ton.
Nickel: Lun Ni closed in the small Yang line, the shadow line under the boll line on the track, has been closed for 9 days. Today, we are concerned about the first-line resistance of US $14000 / ton above Lennie, which is expected to fluctuate between US $13600 and US $14000 / ton today. Shanghai nickel breaks through the Boll line, runs on the top of the platform, and continuously breaks through the high level of the platform. Today, we are concerned about whether Shanghai nickel has won 106800 yuan / ton first-line support and operates in the new platform range; spot 106,000 to 110000 yuan / ton.
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