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July 22 SMM basic Metals spot Trading Day Review
Jul 22,2019 18:08CST
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Source:SMM
July 22 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

Copper: Yapan Lun Copper opened at US $6068.5 / ton today, and began to move up after the opening of the market was low, rising US $6095.5 / ton in the morning. After hindering US $6100, the overall center of gravity remained stable around US $6075 / ton until it entered the European market. Due to the gradual digestion of the macro positive, and the copper fundamentals failed to support the copper price to continue, the overall confidence of the market was insufficient, and the short positions took the initiative to enter the market. Copper prices quickly fell $6036.5 / ton, and then maintained a low concussion pattern, above the blocked daily average. At 16-30, bronze was down 0.56% at $6051.5 a tonne, with the dollar index at $97.167 and crude oil at $57 a barrel. The evening economic data was light, with doubts about the Fed cutting interest rates by 50 basis points at the end of the month, a slight rebound in the dollar, and limited room for upward pressure on copper prices, which are temporarily hard to support by fundamentals. At present, the center of gravity of Lun Copper is under pressure, the whole center of gravity is moving down, and the KDJ index is about to form a negative signal. Wait for guidance from the dollar and crude oil at night to test whether Lun Copper can hold the $6050 / tonne position at night.

Today, Shanghai Copper main contract 1909 opened in the morning at 47640 yuan / ton, immediately after the opening of the day to the highest level of 47830 yuan / ton, and then the center of gravity fell to 47670 yuan / ton near the shock finishing, until the afternoon, the overall afternoon session showed a concussive decline trend, long risk aversion reduction, the disk fell to the lowest level of 47380 yuan / ton, closing at 47410 yuan / ton, down 100 yuan / ton, down 0.21%. Today, the position of Shanghai Copper's main contract decreased by 41000 hands to 257000 hands, and the trading volume decreased by 54000 hands to 322000 hands. The Shanghai Copper Index fell 48000 hands to 573000 today, while trading volume fell 88000 hands to 524000. Today, Shanghai copper in the non-ferrous plate capital outflow of 914 million, mainly due to the gradual digestion of market optimism, long high drop bag for Ann have withdrawn funds. At present, Shanghai copper performance is a high downward trend, mainly due to the weakening of market expectations of a sharp interest rate cut in the United States, the dollar returned to its high level, metal pressure fell back, today Shanghai copper closed the physical big Yin column, below fell below the Brin upper track, KDJ curve opening down expansion, the technical side of the lack of copper price support. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can hold the 47400 yuan / ton gate.

Today, the spot price of electrolytic copper in Shanghai is 20 yuan / ton to 50 yuan / ton, the transaction price of flat water copper is 47540 yuan / ton ~ 47630 yuan / ton, and the transaction price of copper is 47580 yuan / ton ~ 47680 yuan / ton. Last Friday night, Shanghai copper rushed up 48000 yuan and quickly fell back, today at 47600 yuan / ton line concussion finishing, long closed position concentrated, spot market holders throw goods for a strong mood, although the initial quotation in the rising water 10 to 60 yuan / ton, but there is little transaction, in the initiative of the holder to lower the offer, the offer continues to decline, flat copper quotation as low as 20 yuan / ton, good copper as low as 30 yuan / ton, but the market trading is still weak, The downstream purchase is less, and the wet copper follows the quoted price of 60 yuan to 40 yuan per ton. The disk is uncertain, the downstream fear of high sentiment is strong, more cautious wait-and-see, although traders have the willingness to buy the current selling period, but also afraid that the disk will appear anti-pumping, spot discount is not as good as psychological expectations, market acceptance and progress is declining, the transaction continues to be light. In the afternoon, due to the decline in the market price performance, the holder's willingness to ship at a low price was suppressed, so the quotation was raised, but the market acceptance was lower, and the overall trading sentiment was weaker than in the morning. In the afternoon, Pingshui copper discount 10-liter 10 yuan / ton, good copper reported 40-liter water 50 yuan / ton, the transaction price is in the range of 47350 yuan / ton-47620 yuan / ton.

Aluminum: Lun Al opened at US $1846 per ton in the morning. In Asia, Lun Aluminum fluctuated within a narrow range around the 5-day moving average, trading at $1843.5 a tonne as of 15: 00. In Europe, the dollar rallied higher, Lun Aluminum weakened significantly, the concussion operation gradually fell below the 10-day moving average, low hit $1825 / ton, as of 17: 24 Lun Aluminum was at $1828.5 / ton, and is likely to continue to fall. Lun Aluminum recorded five consecutive Lianyang, and on Friday after further failure, due to the strength of the US Index returned to more than 97, Lun Aluminum showed a significant pullback. There is a lot of pressure above $1855 / ton in the short term, and Lun Aluminum is expected to continue to vibrate near the 5 / 10 moving average.

Shanghai Aluminum main 1909 contract opened in the morning at 13880 yuan / ton. After the opening of the market, the long head entered the Shanghai aluminum market at a high level of 13905 yuan / ton, and then the long position closed out, and the aluminum price quickly fell below the 20-day moving average. Although the low part of the Shanghai aluminum rose to near the 20-day moving average in the afternoon, but the overall rising kinetic energy was insufficient, and the short position was quickly increased and suppressed. The afternoon is still dominated by long positions, during which a small amount of profit short-term closure, Shanghai aluminum shock lower, before the closing low of 13840 yuan / ton, closed at 13860 yuan / ton. Shanghai aluminum fundamentals have not changed, today social aluminum ingot inventory increased by 5000 tons is still as expected within the consumption of a slight weakness, coupled with a correction in the external market, Shanghai aluminum prices have fallen accordingly, short-term still maintain range shock.

Spot market, aluminum futures opened the month to interval shock-based. Today, the transaction price between Shanghai and Wuxi is between 13830 and 13850 yuan / ton, and the discount for the current month is about 20 to 10 yuan / ton, down more than 60 yuan / ton from Friday. The trading price of aluminum ingots in Hangzhou is between 13840 and 13860 yuan / ton. In the morning, a large household received nearly 10,000 tons in East China, the holder shipped more actively, because the price fell back middleman to receive the goods, the buyer and seller were active. Downstream last week due to fear of high wait-and-see overall procurement is not much, today's spot aluminum ingots high down, in a few days of consumption of raw materials inventory background, today's replenishment is more active. On the whole, the transaction in East China is better today. In the afternoon aluminum maintained range fluctuations, sinking at the end of the day, the market transaction price is between 13840 to 13850 yuan / ton, the market discount of 10 yuan / ton, some transactions between traders in the afternoon, but there are few downstream. The market price is between 13840 yuan and 13850 yuan / ton, and the market price is between 13840 yuan / ton and 10 yuan / ton.

Lead: within a day, the Lun lead opened at US $2041.5 / ton. In the Asian period, the Lun lead basically ran along the daily average. In the afternoon, the US Index continued to strengthen, suppressing the market of non-ferrous metals on the outer plate. The Lun lead also fell to US $2000 / ton under pressure. However, there was strong support at the integer gate. Lun lead returned slightly. In the European period, Lun lead basically ran along the US $2018 / ton line. As of 1639, Lun lead temporarily closed at US $2018.5 / ton. It fell $28.50 a tonne, or 1.39%. Lead temporarily closed in the negative line, short high entry, the end of ten consecutive trading days of lead rose, and the short-term moving average upward trend slowed, night lead may test the support of $2000 / ton integer level.

Within a day, the Shanghai lead 1909 contract opened at 16470 yuan / ton, at the beginning of the day, the Shanghai lead impact was weak, followed by a narrow concussion along the 16505 yuan / ton line. In the afternoon, the non-ferrous metals weakened as a whole, and the Shanghai lead also could not escape the downward trend. The center of gravity accelerated to move down, once lower to 16355 yuan / ton, and finally closed at 16430 yuan / ton, down 175 yuan / ton, down 1.05%, and the position was reduced by 4696 hands to 61176 hands. Shanghai lead closed Dayin line, high down, mostly caused by bulls profit from the place, and the outer market lead trend is weak, leading Shanghai lead strong power to weaken significantly, but considering that the medium and short term still shows an upward trend, night Shanghai lead or continue the weak market.

Guangdong market Nanhua lead 16475 yuan / ton, the average price of SMM1# lead 50 yuan / ton, southern storage south 16480 yuan / ton, 1908 contract flat water quotation. Lead high continued to weaken, downstream wait-and-see mood relaxed, on the low start of rigid demand procurement, market trading in general. Henan Yuguang and other smelters mainly to long single transaction; Wanyang, Jinli 16325 yuan / ton, SMM1# lead discount 50 yuan / ton to discount 100 yuan / ton quotation; lead price shock fell back, storage enterprises to replenish the warehouse, the market transaction is general. Other areas such as: Hunan Shuikoushan 16425 yuan / ton, the average price of SMM1# lead water quotation (traders source); Hunan Jingui 16345 yuan / ton, the average price of SMM1# lead discount 80 yuan / ton; Jiang copper 16445 yuan / ton, the average price of SMM1# lead 20 yuan / ton quotation; Yunnan small factory lead 16125 yuan / ton, the average discount of SMM1# lead price 300 yuan / ton; lead prices fell back, the lower reaches of the bargain, today the transaction is a little warmer than a few days ago.

Shanghai market double Yan lead 16475 yuan / ton, for 1908 contract flat water quotation; Jinsha lead 16525 yuan / ton, 1908 contract liter water 50 yuan / ton quotation; Jiangsu and Zhejiang Yuguang, Jijin lead 16425 to 16445 yuan / ton, 1908 contract discount 50 to 30 yuan / ton to Pingshui quotation. Futures market rush fell back, the holder actively shipped, and part of the quotation discount expanded, and the downstream demand is limited, coupled with the renewable refined lead discount expanded again, reported to the SMM1# electrolytic lead discount 350 to 200 yuan / ton, a few even appeared discount 400 yuan / ton factory, bulk market transactions continue to be weak.

Zinc: Geneva zinc opened at US $2420.5 / ton, and at the beginning of the day, zinc moved around the daily average of US $2425 / tonne, followed by a 10-day EMA suppression. The center of gravity of the operation moved down to US $2420 per tonne, and near the European trading session, Len Zinc twice tried to test the suppression of the 10-day moving average, but both failed to stand firm, falling all the way down to around US $2400 per ton, down from US $2398 per tonne. Subsequently, integer level support appeared, giving Len Zinc a certain degree of repair. As of 16 to 15, Lun Zinc closed at US $2406 per ton, down US $18 per ton, or 0.74 per cent. Geneva zinc temporarily closed the Xiao Yin line, jumped off the middle track of Brin Road, the KDJ index turned down, the downward trend of contango zinc was more obvious, overseas supply may have a surplus trend, night or running near the integer gate of US $2400 / ton, when the overseas zinc structure has been expanded, there may be a trend of excess supply at night or near the integer gate of US $2400 per ton.

The main 1909 contract of Shanghai zinc opened at 19335 yuan / ton at the beginning of the day, dragging down the short position at the beginning of the day, dragging down the Shanghai zinc line to 19190 yuan / ton to find support, and leaving the market at noon to boost Shanghai zinc to 19250 yuan / ton. However, the 10-day EMA has a strong pressure, and the Shanghai zinc pressure has dropped to 19230 yuan / ton. The operating range is not more than 30 yuan / ton, closing down 19235 yuan / ton, which is 2885 yuan / ton lower than the previous transaction. It fell 1.46 percent, with trading volume down 14472 to 450000 and positions increased by 3912 to 265000. During the day, Shanghai zinc recorded two consecutive negative, the overall return to the 20,40-day moving average channel, supply volume recovery, consumption is still not significantly improved, resulting in domestic Shanghai, Guangdong and Tianjin social inventory recorded to stop the decline and increase, Shanghai zinc fundamentals support further weak, night or pressure Bringdao middle rail operation.

Shanghai 0 # zinc mainstream transaction 19320 19400 yuan / ton, Shuangyan, Chihong 1940 1920 yuan / ton, 0 # ordinary August water 70 80 yuan / ton; Shuangyan, Chi Hong reported 80 100 yuan / ton. 1 # the mainstream transaction was between 1920 and 19300 yuan per ton. The focus of zinc operation has shifted down, and refineries in Shanghai stock market have received replenishment at the same time, but due to the concentrated expiration of the second batch of long orders in the month, the demand for trading and replenishment by market traders has declined, and the quotation for rising water in the morning market is only slightly raised to about 70 yuan / ton. The high price quoted price is more concentrated, the direct transaction is relatively less, and the long order transaction with the average price is still relatively concentrated. In the second trading period, with the further decline of zinc in the second trading period, the enthusiasm of some traders to make up orders increased, and the market quotations changed little and all had transactions, while Shuangyan, Dongling, Chihong, and other downstream brands, the quotations did not change significantly. Compared with the domestic quotations of about 10 yuan / ton, the narrowing of the brand premium indicates that the downstream purchasing enthusiasm continues to be weak, and the enthusiasm of zinc in the lower reaches of the day has not been significantly improved. Maintain on-demand procurement, the overall transaction is not much different from last Friday.

Guangdong 0 # zinc mainstream transaction in 19150 to 19250 yuan / ton, Shanghai zinc 1909 contract discount 70-discount 40 yuan / ton, Guangdong market than Shanghai market since Friday discount 140 yuan / ton to discount 170 yuan / ton. Refineries actively ship goods, and there is an abundant supply of goods in the market. In the morning, the holder concentrated on the average price of-10 yuan / ton, but the market did not see more transactions. Entering the second trading period, the holder newspaper in the 09 contract discount 70 yuan / ton to 40 yuan / ton, coinciding with 08, 09 contract monthly difference expanded to 40 to 50 yuan / ton, Guangdong market spot discount to the current month contract continued to expand, market transactions improved, holders raised the discount of about 10 yuan / ton. Overall, Guangdong market shipments today, superimposed downward, market transactions have improved, traders contributed to the main trading, market transactions have improved compared with last Friday. 0# Kirin, Cishan, Tiefeng and Mengzi mainstream were sold at about 19150 to 19250 yuan per ton.

The mainstream of 0 # zinc ingots in Tianjin market is traded at 19300 to 20290 yuan / ton, the mainstream of 0 # ordinary brand is traded at 19300 to 19370 yuan / ton, and the rising water of 1908 contract is about 60 to 110 yuan / ton. Tianjin market has been transferred to Pingshui since the discount of 30 yuan / ton on Friday. Disk down, refineries slightly cherish the sale, the market circulation of goods is abundant, so the impact is not great. In the morning, the quotation of the holder focused on the 80 to 100 yuan / ton of the 08 contract, in which the market had more demand for the high price brand of 80 yuan / ton of the 08 contract, and the holder saw the situation to increase the water to about 100 to 110 yuan / ton of the 08 contract, and the transaction situation of the low price brand whose price was about 90 yuan / ton of the 08 contract was relatively poor, and the holder saw the trend reduced to about 60 to 80 yuan / ton of the 08 contract. Disk down, downstream every fall there is a rigid demand to buy, but due to rising water to maintain a higher level, superimposed downstream bearish sentiment is stronger, the overall transaction situation is only slightly better than last Friday. 0 # Zijin, Hongye, lark, Chihong, etc., were sold at 19300 1970 yuan / ton, and 1 # Zijin, Chihong, Hongye, etc., were sold at 19250 1920 yuan / ton.

Tin: after opening at US $17830 / ton today, the electronic disk rose to US $17910 / ton in sub-session and maintained a high consolidation. It fell back slightly at the end of the day, giving back some of its gains. After the opening of European trading, the rise of the US dollar suppressed the center of gravity of Lunxi to move down slightly again. As of 17-15, the latest price was $17815 / tonne, showing a small negative line, and the upper shadow line was near the 5-day moving average. The support below Lunxi is expected to be near the previous low of $17500 / ton.

Shanghai tin main 1909 contract Friday night after the opening of 135030 yuan / ton, the initial rush to the night high 135750 yuan / ton was blocked, and then until the closing of night trading, Shanghai tin overall showed a downward trend of shock. After opening 134800 yuan / ton in early trading this morning, it quickly fell to an intraday low of 133580 yuan / ton at the beginning of the day and rose again after hitting a low of 133580 yuan / ton. It fell back again after hitting 135400 yuan / ton, and fell rapidly at the end of the day, closing at 134210 yuan / ton, down 740 yuan / ton, down 0.55 per cent. The turnover of 19696 hands increased by 2898 hands. The position was reduced by 28214 hands. It is a negative line, and the solid part is located near the 5-10-day moving average. It is estimated that the lower support of tin in Shanghai will be around 132000 yuan / ton, and the upper resistance will be around 137500 yuan / ton.

Spot market, today's mainstream trading price of 135200 to 136500 yuan / ton, early Shanghai tin plate price is low, there is a low price source of 134000 yuan / ton. Today, downstream enterprises still maintain rigid demand replenishment, Shanghai tin spot market actual transaction atmosphere is general. Set Yunxi rising water 1000 yuan / ton, ordinary cloud character rising water 900 yuan 600 yuan / ton, small brand rising water 500 yuan / ton.

Nickel: the Lennie sub-plate opened at $14655 a tonne today. By noon, the daily average under pressure fell to $14480 a tonne. At noon, the center of gravity fluctuates over a narrow range around the daily average. In the afternoon, the nickel fell sharply, down $14255 / ton, after a small rebound to repair, bearing pressure on the 5-day moving average of $14460 / ton line. As of 1700, it was quoted at US $14390 per ton. Today, Lennie temporarily closed at the small negative line, above the pressure boll upper rail line, below has fallen below the 5-day EMA support, the evening focus on whether Lennie can stabilize the $14000 / ton mark. The data were light tonight.

Shanghai nickel 1910 opened today at 116080 yuan / ton, at the beginning of the plate, the upper pressure daily moving average, below 114600 yuan / ton first-line support interval concussion finishing. In the afternoon, bulls reduced their positions, Shanghai nickel fell, down 112850 yuan / ton, and then the center of gravity fluctuated in a narrow range around 113500 yuan / ton, closing at 113490 yuan / ton, down 4410 yuan / ton, or 3.74%, from the settlement price of the previous trading day. Position volume increased by 8286 hands to 298000 hands, and trading volume increased by 340000 hands to 1.125 million hands. Today, the Shanghai nickel 1908 contract closed at 113170 yuan / ton, down 4430 yuan / ton, or 3.77%, from the settlement price of the previous trading day, ranking first among nonferrous metals, with position reduced by 26652 hands to 85660 hands, trading volume reaching 1.032 million hands and capital outflow volume of 285 million yuan. Shanghai nickel index today capital outflow reached 515 million yuan, ranking first in non-ferrous metal capital outflow. Throughout the day, the Shanghai nickel 1910 contract closed at the Xiaoyin line, below which has fallen below the 5-day moving average and boll line on track support, at night to pay attention to the Shanghai nickel warehouse change guidance, can hold the 112000 yuan / ton line.

SMM 1 # electrolytic nickel 114600 to 116400 yuan / ton. Russian nickel than Shanghai nickel 1908 sticker 350-paste 300 yuan / ton, basically stable than last Friday. Today's nickel price correction, in the morning as a whole around 105000 yuan / ton narrow range fluctuations, the market response is flat, more for traders to inquire each other, downstream buyers are very few. 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. Jinchuan nickel than Shanghai nickel 1908 contract generally reported a water rise of 1300 yuan to 1, 500 yuan / ton, a small increase from Friday. Jinchuan nickel is also high due to nickel prices, 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 116000, down 2500 yuan per ton from Friday, and the mainstream transaction was 114500 to 116300 yuan per ton. Afternoon nickel prices fell to around 113200, holders have slightly raised the discount, but for spot trading stimulus is limited, only some traders in the morning shipment, the need to replenish the warehouse, the downstream is basically unresponsive. The mainstream transaction is 113000 to 114800 yuan / ton.

 

 

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