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[SMM Daily Review] Shanghai Ni brushes another year's high level of iron ore to the highest level since 2014.
Jul 16,2019 16:22CST
translation
Source:SMM
Shanghai nickel once again led the rise in non-ferrous metals today, up 2.4%, and the 08 contract hit a new high of 109710 yuan / ton since September last year, mainly affected by the earthquake, the nickel export ban and other factors. Shanghai Tin rebounded to 134890 after falling sharply, rising 0.95% to 134890, Shanghai lead rebounded at WanLiu level, up 1.37% to 16285, Shanghai Copper closed up 0.28% at 46910, and Shanghai Aluminum closed up 0.43% at 13885.
The content below was translated by Tencent automatically for reference.

SMM7, 16 March: Shanghai nickel led the rise of non-ferrous metals again today, up 2.4%. The 08 contract reached a new high of 109710 yuan / ton since September last year, mainly affected by the earthquake, the nickel export ban policy and other factors. Shanghai Tin rebounded to 134890 after falling sharply, rising 0.95% to 134890, Shanghai lead rebounded at WanLiu level, up 1.37% to 16285, Shanghai Copper closed up 0.28% at 46910, and Shanghai Aluminum closed up 0.43% at 13885. (unit: yuan / ton)

According to reports, North Maluku Island, one of the main nickel resources producing areas in Indonesia, was struck by a 7.2 magnitude earthquake on the 14th. North Maluku Island is one of the main nickel resources producing areas in Indonesia, including Weda Bay;, Indonesia's largest nickel-iron increment project in 2020. Indonesia has announced a new plan to ban mining. Indonesia is expected to stop exports of raw ore by 2022 because 41 smelters are nearing completion and will be operational in the near future.

On the black side, iron ore once again hit a new high since 2014, hitting 924.5, but failed to hold the rally line at 905, up 2.38%. Thread iron ore basically followed, iron ore trend: thread closed 1.84% higher, 4037; hot coil 1.51% higher, 3898 (unit: yuan / ton).

China's second-quarter data beat expectations across the board, according to GDP data yesterday. China's GDP grew 6.2 percent to 45.1 trillion yuan in the second quarter; retail sales of consumer goods totaled 3.3878 trillion yuan in June, an increase of 8.8 percent over the same period last year; investment in real estate development in the first half of the year was 6.1609 trillion yuan, an increase of 10.9 percent over the same period last year; national investment in fixed assets (excluding farmers) was 29.91 trillion yuan, an increase of 5.8 percent over the same period last year; and the added value of industries above scale actually increased by 6.3 percent in June compared with the same period last year.

 

SMM analyst's brief comment on July 16

Copper: today, the main contract of Shanghai copper opened at 46920 yuan / ton in the morning, and the trend was stable after the opening. In the morning, the overall position was maintained at 46880 to 46950 yuan / ton, and the center of gravity moved up slightly in the afternoon. The highest level in the first day of trading, 47030 yuan / ton, immediately fell, and the center of gravity remained around 46960 yuan / ton until the end of the day, closing at 46910 yuan / ton. It rose 130 yuan per ton, or 0.28 percent. Today, the main contract position of Shanghai Copper decreased by 5196 hands to 245000 hands, mainly due to the fear of high departure of some of the short positions, the overall performance of the short position reduction. Trading volume fell by 32000 hands to 122000. The Shanghai Copper 1908 contract reduced its position by about 10, 000 to 163000 today. Trading volume fell by 13000 hands to 65000. Today, the Shanghai Copper Index fell 17000 hands to 576000 hands and trading volume fell 60, 000 hands to 214000 hands. Today, the overall performance of Shanghai copper is a high shock pattern, mainly due to the stabilization and recovery of domestic economic data in June, the market is optimistic about the domestic economic momentum, has a boost to copper prices, the current copper prices to maintain a volatile situation. Today, Shanghai copper closed negative, high level up to 47100 yuan / ton level, KDJ index continues to expand, MACD index red column elongated, technical support in the face of copper prices. In the evening, wait for the guidance of the outside market to test whether Shanghai copper can stand at 47100 yuan / ton.

Lead: Shanghai lead 1909 contract opened at 16160 yuan / ton within a day, bulls entered one after another, Shanghai lead basically showed an upward market throughout the day, especially in the afternoon, Shanghai lead upward pace accelerated, and once reached 16290 yuan / ton, finally closed at 16275 yuan / ton, up 210 yuan / ton, an increase of 1.31%, and the position increased by 4544 hands to 47732 hands. Shanghai lead closed the Dayang line, and finally broke through the suppression of the 60-day moving average, and ran near the upper rail of Brin Road, but the 16300 yuan / ton platform also has a pressure that can not be underestimated, paying attention to whether Shanghai lead can break through the platform at night.

In the process of updating.

 

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