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July 19 SMM basic Metals spot Trading Day Review
Jul 19,2019 19:57CST
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Source:SMM
July 19 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

Copper: today, Yapan copper opened more than US $5987.5 / ton, opening at a low level. After a narrow range of volatility around the daily average, as a result of the global interest rate cut boom, superimposed Fed interest rate cut expectations strengthened, market sentiment soared, copper prices rushed straight to the position of US $6090 / ton, bulls reveled into the market, the European market was up US $6118 / ton, as of 17. 00, Lun Copper was trading at US $6080 / ton, up 1.75%. The dollar index was at 96.94 and US crude at $56.08 a barrel. Evening attention to the University of Michigan consumer confidence index in July is expected to be better than the previous value, is expected to be good for the dollar, copper prices under greater upward pressure. At present, Lun Copper is closed in the barefoot Dayang column, the performance of the upper shadow line is elongated, and the technical side has improved slightly, but it is still necessary to guard against the turning of KDJ index to form a good signal. Wait for guidance from the dollar and crude oil at night to test whether the copper can maintain its position of $6070 a tonne at night. Today, Shanghai copper main contract 1909 opened in the morning at 47020 yuan / ton, after the opening of a large number of bulls into the market, copper prices rose to 47900 yuan / ton, followed by a slight downward shift in the center of gravity, the center of gravity maintained in the vicinity of 47750 yuan / ton narrow concussion finishing, until the afternoon, the opening of copper prices continued to rise, and the highest in the afternoon 48020 yuan / ton, rush 48000 gate position, closed at 47970 yuan / ton, up 1180 yuan / ton, up 2.52%. Today, Shanghai Copper's main contract position increased significantly by 55000 hands to 298000 hands, while trading volume increased by 235000 hands to 375000 hands. The Shanghai Copper Index increased its position by 54000 hands to 621000 hands today, while trading volume increased by 363000 hands to 611000 hands. Today, the overall performance of Shanghai copper rose, the market optimism is high, Shanghai copper today in the non-ferrous plate capital inflow is unusually bright, up to 1.135 billion. Today, Shanghai copper collection entity Dayang column, above has been straight to the 48000 yuan level, breaking through the pressure of the 60-day moving average, the KDJ curve has expanded, and the technology has formed support in the face of copper prices. In the evening, waiting for the guidance of the outside market, test whether Shanghai copper can continue to rush to the 48100 yuan / ton gate level. Today, the spot price of electrolytic copper in Shanghai is 20 yuan / ton to 70 yuan / ton, the transaction price of flat water copper is 47540 yuan / ton ~ 47740 yuan / ton, and the transaction price of copper is 47600 yuan / ton ~ 47780 yuan / ton. Overnight, the chairman of the New York Federal Reserve pushed forward the expectation of cutting interest rates. The US dollar fell below the 97 mark, Shanghai copper jumped nearly 1,000 yuan to 47600 yuan per line, and early morning stockholders quoted 20 to 70 yuan per ton. Copper futures gradually rose in fear of high sentiment, curbing market transactions, spot buying was weak, the holder took the initiative to cut prices, and flat copper took the lead. In July, there was a discount quotation for the first time, and the good copper price dropped to 50 yuan to 60 yuan per ton of rising water. The second section of the trading period, in the shipping difficult to change the pressure of the environment, the holder's willingness to further improve, continue to lower the quotation, flat copper price discount 20 yuan / ton still have pressure price space, good copper as low as 40 yuan / ton, downstream transaction is weak, wet copper following the market price down to 60 yuan / ton discount to 30 yuan / ton. Short-term capital promotion is obvious, copper prices show a strong trend, but the spot market is afraid of high sentiment, traders speculation cautious, downstream actual consumption is bleak, strong and weak characteristics are obvious. In the afternoon, as a result of the rise in market prices, affecting some hedge groups, afternoon quotations have been difficult to find discount, high prices to inhibit market trading, the overall trend. In the afternoon, Pingshui copper discount 10-liter 20 yuan / ton, good copper reported 50-liter water 70 yuan / ton, the transaction price is in the range of 47640 yuan / ton-47920 yuan / ton.

 

 

Aluminum: Lun Al opened at US $1849 per ton in the morning. In Asia, the aluminium remained volatile in a narrow range above the 5-day moving average, hitting a low of $1847.5 a tonne at the start of trading. As of 15: 00, aluminum was quoted at US $1855 per ton. In Europe, Lun Aluminum gained upward momentum, hitting a recent high of $1858 a tonne, trading at $1854.5 a tonne as of 16: 44. The short-term Lun Al EMA showed a multi-head arrangement, although the amplitude narrowed, but also followed the 5-day EMA center of gravity continued to move up. Following the US and European economic data from Tuesday to Thursday next week, in the atmosphere of global interest rate cuts, if the US finger weakens, Lun Al is likely to break through the existing pressure level and continue to push up.

 

The Shanghai Aluminum 1909 contract opened at 13900 yuan per ton in the morning. After the opening of the market, the bulls took the initiative to increase their positions, and Shanghai aluminum rose rapidly before noon, reaching a high level of 13975 yuan per ton, close to the 60-day moving average above. In the afternoon, high short positions took the initiative to increase positions, Shanghai aluminum shock fell back, at the end of the day short stop earnings left the market, Shanghai aluminum closed at 13935 yuan / ton. Shanghai Aluminium increased its position by 8900 hands to 246114 hands, while the Shanghai Aluminum Index increased its position by 17068 hands to 704768 hands. Shanghai aluminum fundamentals have not changed, short-term costs down consumption weaker, while maintaining the third quarter consumption improvement expectations, there is no obvious direction. In the near future, it is more driven by the macro, the outer disk and the surrounding varieties as a whole. Shanghai aluminum is expected to maintain interval shock next week, the center of gravity has increased, above 13950-14000 yuan / ton is still a short space can enter the point.

 

Aluminum opened the month with a concussion in the range and sank slightly in the second stage of trading. In the morning, the transaction price between Shanghai and Wuxi was between 13910 and 13920 yuan / ton, and the price was about 75 yuan / ton, which was 75 yuan / ton higher than yesterday. A large household also received goods near 13920 yuan / ton in the morning. Aluminum fell slightly between the second trading area, and trading between market traders was more active, with the price concentrated between 13890-13910 yuan / ton and 20-10 yuan / ton to the counter-surface discount around 20-10 yuan / ton. The price was concentrated between 13890 and 13910 yuan / ton, and the price was 20-10 yuan / ton, and the price was between 13890 and 13910 yuan / ton. the price was between 13890 and 13910 yuan / ton, and the price was 20-10 yuan / ton. Today, the shipowners are very active in shipping at high prices, and some hedge middlemen are also more willing to receive the goods, but on the whole, they are still more and less. Downstream today's performance is general, although near the weekend, but the fear of high mood is obvious, the enthusiasm of stock is not high. The overall transaction in East China today was flat yesterday. In the afternoon, aluminum continued to maintain range fluctuations, sinking at the end of the day, a small amount of market transactions concentrated in the vicinity of 13900 yuan / ton, the market discount of 10 yuan / ton, there was little downstream.

 

 

Lead: within a day, Lun lead opened at US $2040 / tonne. In the Asian session, Lun lead basically ran along the daily moving average. In the European session, Lun lead temporarily continued to consolidate. Later, as LME lead stocks fell by nearly 1000 tons, and lead stocks continued to refresh their lows this week, Len lead rose, hitting US $2069.5 / ton at one time, as of 16-45. Lun lead temporarily closed at US $2068 / ton, up US $31 / ton, up 1.52 per cent. Lun lead temporarily closed Zhongyang line, long position increase speed up, and weekly level, short-term EMA shows upward trend, night Lun lead or continue to refresh high.

 

Within days, Shanghai lead 1909 contract opened at 16520 yuan / ton, Shanghai lead all day above the daily average, during which time climbed to a nearly three-month high of 16725 yuan / ton, and finally closed at 16675 yuan / ton, up 230 yuan / ton, an increase of 1.4%. Position increased 4732 hands to 65872 hands. Shanghai lead closed Dayang line, continue to refresh recent highs, bulls into the market enthusiasm, medium-and short-term EMA shows an upward trend, and weekly level, Shanghai lead also broke through the low consolidation market, 5, 10 days moving average head upward, driven by the night outside lead, Shanghai lead may maintain a strong trend, but this position should not catch up.

 

Shanghai market Shuangyan, southern lead 16595 yuan / ton, for 1908 contract flat water quotation; Jinsha lead 16645 yuan / ton, 1908 contract water 50 yuan / ton quotation; Jiangsu and Zhejiang area Jijin, Wanyang, Yuguang, copper crown lead 16405 to 16455 yuan / ton, 1908 contract discount 50 yuan / ton to Pingshui quotation. Led by the rise of lead in Shanghai, Shanghai lead brush new highs, holders shipped with them, the price changed little than yesterday, and the improvement of battery market consumption is limited, storage enterprises do not hold overly optimistic expectations for the future market, generally afraid of high wait-and-see, at the same time, the regeneration of refined lead discount further expanded, the average price of SMM1# electrolytic lead discount 300 to 200 yuan / ton, electrolytic lead trade market transactions are few.

 

Guangdong market Nanhua lead 16525 yuan / ton, the average price of SMM1# lead 50 yuan / ton, southern gold sand 16615 to 16645 yuan / ton, 1908 contract water 20 yuan / ton, southern storage south 16615 yuan / ton, 1908 contract water 20 yuan / ton. Lead shock higher, downstream cautious procurement, market trading dismal. Henan Yuguang and other smelters mainly to long single transaction; Wanyang 16425 yuan / ton, the average price of SMM1# lead discount 50 yuan / ton quotation; Jinli 16375 to 16425 yuan / ton, SMM1# lead discount 50 yuan / ton to 100 yuan / ton offer; lead prices continue to rise, storage enterprises fear high careful mining, market transactions are bleak. Other areas such as: Hunan Shuikoushan 16475 yuan / ton, SMM1# lead average price flat water quotation (trader source); Hunan Jingui 16395 yuan / ton, SMM1# lead average price discount 80 yuan / ton; river copper 16525 yuan / ton, SMM1# lead average price rise water 50 yuan / ton; Yunnan small factory lead 16125 yuan / ton, SMM1# lead average price discount 350 yuan / ton; Lead prices continue a strong pattern, but the market demand is extremely low, coupled with the fear of high wait-and-see, there are few transactions in the market.

 

 

Zinc: Geneva zinc opened at US $2459 / tonne, and at the beginning of the day, the daily moving average climbed to US $2485 / tonne, entering the European trading session, and short positions sharply pushed the zinc price around US $2445 / tonne, just as LME zinc stocks fell again, giving Len Zinc some momentum to stop and repair. As of 17 / 00, Len Zinc closed at US $2447 / ton, down US $10 / ton, or 0.45 per cent. Geneva zinc recorded two consecutive negative, Lun zinc rose for several days in a row, coinciding with a strong suppression of US $2500 / ton integer level and the 40-day moving average above, short selling dragged down zinc, superimposed the current overseas market return to the contango structure, the supply contradiction is basically repaired, night Lun zinc or pullback adjustment, running near the 20-day moving average.

 

The main 1909 contract of Shanghai zinc opened at 19430 yuan / ton at the beginning of the day, and Shanghai zinc quickly rose to 19540 yuan / ton at the beginning of the day. During the period, it failed to detect the suppression of the 40-day moving average, fell back to about 19520 yuan / ton, and found support. The bulls increased their positions and moved up 19660 yuan / ton in Shanghai. However, the suppression of the 40-day moving average was still strong. Shanghai zinc fell under pressure, closing up to 19575 yuan / ton, up 110 yuan / ton from the previous transaction, an increase of 0.57%. Trading volume was reduced by 17256 hands to 465000 hands, and positions by 4216 hands to 261000 hands. Within a day, Shanghai zinc under the shadow line under the 20-day EMA support strength, the upper 40-day EMA suppression is still strong, macro has not been greatly affected, Shanghai zinc return to its own basic operation, coinciding with the domestic Shanghai, Guangdong and Tianjin inventory decline is relatively small, the market for follow-up inventory expectations are still strong, bulls do not have sufficient confidence, night or jump low operation near the 40-day moving average.

 

Shanghai 0 # zinc mainstream trading is 19600 to 19640 yuan / ton, Shuangyan and Chihong is sold in 19620 to 19660 yuan / ton, 0 # to August is reported to be 60 to 80 yuan / ton, Shuangyan and Qihong reported 80 to 100 yuan / ton of rising water. 1 # the mainstream transaction was between 19500 and 19550 yuan per ton. Zinc futures high stable operation, early market leader single transaction maintained normal, net average price transaction is relatively positive, rising sticker water quoted 70 yuan / ton shipment, the market 60 yuan / ton delivery willingness is strong, there are transactions in different markets, but the source of low price goods is relatively tight. The market is more willing to receive 60 yuan / ton shipment, the willingness to receive 60 yuan / ton shipment is strong, there are transactions in different markets, but the source of low price goods is relatively tight. Entering the second trading period, the willingness of the market to receive goods is still strong, because the warehouse transfer problem is still shadowy, the market circulation is not significantly loose, the source of low-priced goods is difficult to find, the market transaction price remains stable at about 70 yuan / ton, and some of the high-hanging sources are traded at about 60 yuan / ton, but the downstream procurement continues to be weak, and the overall transaction is warmer than yesterday, mainly contributed by traders.

 

Guangdong 0 # zinc mainstream transaction in 1950 19510 yuan / ton, Shanghai zinc 1909 contract discount 70-discount 50 yuan / ton, Guangdong market than Shanghai market since yesterday discount 130 yuan / ton to discount 140 yuan / ton. Refineries actively ship goods, and there is an abundant supply of goods in the market. The holder early quotation is more unified, concentrated in the average price-10 yuan / ton or so, the market transaction continuation is weak, enters the second trading period, some holders intend to receive the goods at the discount of 70 yuan / ton to the 09 contract, while the shipper focuses on the shipment near the discount of 60-50 yuan / ton to the 09 contract, and the willingness to receive and ship is quite different, and the market transaction is deadlocked. Overall, downstream early replenishment bank overdraft follow-up consumption, trading between traders is still divided, today's Guangdong market transactions again lighter than yesterday. 0# Kirin, Cishan, Tiefeng and Mengzi mainstream were sold in 1950 to 19510 yuan / ton.

 

Tianjin market 0 # zinc ingots mainstream trading in 19550 20530 yuan / ton, 0 # ordinary brand mainstream transactions in 19550 19610 yuan / ton, 1908 contract water 20 to 60 yuan / ton, Tianjin market than Shanghai stock market to maintain a discount of 30 yuan / ton since yesterday. The plate returns to rise, the refinery actively ships the goods, the market supply circulation is abundant. In the morning, the holders concentrated their quotations around 50 to 70 yuan / ton for the 08 contract, and the downstream continued their wait-and-see attitude yesterday. There was no obvious willingness to receive the goods as a whole. Some of the subsequent holders downgraded the rising water to around 20 to 60 yuan per ton for the 08 contract, resulting in a small amount of market transactions. Overall, today's Tianjin market continues the trend of priceless, downstream hope to fall stronger, in addition to rigid demand to buy outside the weekend reserve demand, the overall transaction situation is again lighter than yesterday. 0 # Zijin, Hongye, lark, Chi Hong, West Mine, etc., were sold in 19550 to 19610 yuan / ton, and 1 # Zijin, Chi Hong, Hongye, etc., were sold in 19500 to 19560 yuan / ton.

 

 

Tin: after the opening of the Lunxi electronic disk today at US $17900 / ton, the initial impulse of the Asian disk was as high as US $17995 / ton, and then until the end of the day, Lunxi maintained its overall concussion finishing around US $17980 / ton. After the opening of the European market, it hit bottom and rose after stepping back near the opening price at the beginning of the day, and fell back slightly after hitting $18170 per tonne. As of 17 / 00, the latest price of Lunxi is $18100 / tonne, showing a positive line. The physical part is located near the 5-day moving average, and the upper part is suppressed by the 10-day moving average. The resistance above Lunxi is expected to be around the 20-day moving average of $18350 / ton. This evening, you can look at the initial value of the University of Michigan consumer confidence index for July.

 

Shanghai tin main 1909 contract last night after the opening of 134500 yuan / ton, rose to 135010 yuan / ton at the beginning of the day, the pressure dropped to 134010 yuan / ton, late night trading in rapid reverse pumping. After opening 134920 yuan / ton in early trading this morning, it rose rapidly at the beginning of the day, climbing to a high of 136010 yuan / ton in the day, and then maintained at 135600 yuan / ton after shock finishing. It fell back quickly in late trading, wiping out most of the previous gains, and finally closed at 134950 yuan per ton, up 250 yuan per ton, or 0.19 per cent. The trading volume was 16798, a decrease of 6686. The number of positions was reduced by 28342 hands. Today, due to short positions, long departure, Shanghai tin trend before suppression, closed with a small positive line, the lower part of the entity is supported by the 5-day moving average, the upper pressure on the 10-day moving average, it is expected to support 132000 yuan / ton below the Shanghai tin, and the upper resistance is around 137500 yuan / ton.

 

In the spot market, the mainstream trading price was 136000 yuan / ton this morning, and there was a small amount of 135500 yuan / ton low price supply in the morning market. In the morning, after the opening of Shanghai tin plate rose, some sets of merchants a small amount of replenishment, downstream Buy Xing is still weak state has not improved. In the afternoon, as the Shanghai tin plate fell, the rising sticker water did not change significantly, the mainstream transaction price dropped to 135300 to 136500 yuan / ton, the trading atmosphere did not improve. The overall trading atmosphere of the spot market today is general. Set Yunxi rising water 1100 yuan / ton, ordinary cloud character rising water 1000 to 600 yuan / ton, small brand rising water 500 to 300 yuan / ton.

 

 

Nickel: the Lenniya plate opened at $14850 a tonne today. By noon, it was under pressure of $15100 a tonne, with a center of gravity around a wide range of $15000 per tonne. At about 14:30 in the afternoon, Nelun fell sharply to support near $14530 / tonne on the Boll line and then fluctuated slightly at $14560 / tonne. As of 17 / 00, the newspaper was at $14570 / ton, breaking the 12-day Lianyang record to close at the Xiao Yin line and touching the Boll line below, but it was still supported by multiple EMA lines. At night, we will pay attention to the downward trend of Lennie and whether it can get a 5-day moving average of $14300 per ton.

 

Shanghai nickel 1910 opened today at 116930 yuan / ton, at the beginning of the day, in 118500 yuan / ton first-line horizontal plate concussion. Subsequently, Shanghai nickel slightly down to 117300 yuan / ton line of support, pulled up, up to 119240 yuan / ton, a new high since July 2018. In the afternoon, it fell slightly from the 119000 yuan / ton gate, with its focus on a narrow range of 118500 yuan / ton, closing at 118430 yuan / ton, up 4300 yuan / ton, or 3.77 percent, compared with the previous trading day. Positions increased by 36868 hands to 290096 hands, and trading volume increased by 378000 hands to 1.091 million hands. Today, Shanghai Ni 1910 closed at the Xiaoyang line, which has closed for 8 consecutive days. In the afternoon, the outer plate of Shanghai nickel weakened and went down, focusing on the adjustment trend below the Shanghai nickel pressure of 120000 yuan / ton in the evening.

 

SMM 1 # electrolytic nickel 117600 to 119400 yuan / ton. Russian nickel than Shanghai nickel 1908 sticker 350-paste 300 yuan / ton, more stable than yesterday. The recent nickel price crazy pull up, the first half of the week experienced downstream take goods, the second half of the week transaction tends to be flat, spot trading in general. Although the spot transaction is cold, but the holder because recently does not have the massive source of goods to flow into the domestic, basically by the straight rise discount water primarily, downstream is deterred, the pure nickel cost rises sharply, reduces the pure nickel demand as far as possible. Jinchuan nickel than Shanghai nickel 1908 contract generally reported a water rise of 1200 to 1500 yuan / ton, a small increase from yesterday. Jinchuan nickel also due to the nickel price rose sharply, downstream procurement decreased, but the recent Jinchuan nickel circulation is tight, resulting in a slight increase in rising water. The ex-factory price of Jinchuan Company was 118500, 2500 yuan / ton higher than yesterday, and the mainstream transaction was 117600-119200 yuan / ton. Afternoon nickel prices basically around 118000 yuan / ton shock, Friday afternoon, the spot is basically wait-and-see, the market trading is flat, the mainstream transaction in 117600 to 119200 yuan / ton.

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