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July 23 SMM basic Metals spot Trading Day Review
Jul 23,2019 17:59CST
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Source:SMM
July 23 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

Copper: today, Yapanlun copper opened as low as US $6009 / ton. Copper prices recovered slightly after the opening of trading, and stopped at US $6033 / ton in the morning. As the US dollar continued to recover today, copper prices were under pressure, and there was little amplitude in the morning. It maintained stability near the daily average until it entered the European market. After a small probe of US $6036 / ton at the beginning of the day, copper prices again showed weakness. With the US dollar conflict breaking 97.5, the multi-head fear of falling positions, Metals fell, and copper prices plummeted, falling below the 6000 mark to a low of $5982.5 a tonne. At 17-20, bronze was down 0.51% at $5987 a tonne, with the dollar index at $97.535 and crude oil at $56.27 a barrel. In the evening, the focus was on the annualized total number of existing home sales in the United States in June and the announcement of a new British prime minister in the evening, with macro sentiment in favor of sterling and reducing risk aversion in the market. At present, the KDJ index is obviously weak, and the technical trend is gradually taking shape. Wait for guidance from the dollar and crude oil at night to test whether Lun Copper can hold the $5960 / tonne Brin middle rail position at night.

Today, the main contract of Shanghai Copper 1909 opened at 47330 yuan / ton early today, and after the opening of trading, the lowest position of 47260 yuan / ton, the center of gravity was basically maintained near 47320 yuan / ton, and then the center of gravity moved up slightly by 30 yuan to 47350 yuan / ton until the afternoon. In the afternoon, the center of gravity first maintained stability and then continued to rise to the highest point of the day, 47420 yuan / ton, and then continued to decline, closing at 47300 yuan / ton, down 47330 yuan / ton, down 1.05 percent. Today, the position of Shanghai Copper's main contract decreased by 2798 hands to 254000 hands, mainly as bulls left the market after the bearish market, trading volume decreased by 188000 hands to 133000 hands; Shanghai Copper Index increased its position by 2818 hands to 576000 hands today, mainly as an increase in forward contract 1910 positions; trading volume decreased by 276000 hands to 247000 hands. At present, the macro market has been waiting for the Fed's policy meeting next week, the expectation of a sharp interest rate cut is weakened, the trend of the US dollar is strong, and the copper price is weak on the way to 97.5. copper prices are under pressure and weak, and the overall position is maintained at 47300 yuan / ton. Today, Shanghai copper closed down slightly, and above has lost Brin's support on the track, KDJ indicators are bearish, and the technical side is lack of guidance on copper prices. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can hold the 47200 yuan / ton gate.

Today, the spot price of electrolytic copper in Shanghai is 40 yuan / ton, the transaction price of copper is 47260 yuan / ton ~ 47320 yuan / ton, and the transaction price of copper is 47290 yuan / ton ~ 47360 yuan / ton. Copper continued the downward trend of shock, Shanghai copper down 47200 yuan / ton around. Copper prices are under pressure, early in the morning, the holder quoted water 10 to 50 yuan / ton, some traders showed willingness to receive goods, market inquiry increased, the pressure atmosphere is rich, in addition to a small amount of price can be reduced to 10 yuan / ton discount, flat water copper is generally priced near the flat water, good copper concentrated in the rising water 30 to 40 yuan / ton, wet copper supply increased, downstream consumption is weak, holders take the initiative to reduce the discount 80 to 70 yuan / ton water discount 80-70 yuan / ton. The price of copper is generally high near the level of water, good copper is concentrated in rising water 30 to 40 yuan / ton, the supply of wet copper is increased, downstream consumption is weak, and the holder takes the initiative to reduce the discount 80 to 70 yuan / ton. Copper futures fell after the price is slightly stronger than yesterday, traders have the right amount to buy on the cheap, but copper prices have not stabilized, the market is still more cautious. Afternoon market price has not changed, due to the morning market inquiry heat is more positive, afternoon holders have been reluctant to lower the price of goods, the willingness to push the price is stronger. In the afternoon, copper water level water-liter water 20 yuan / ton, good copper water 40-liter water 50 yuan / ton, transaction price in the range of 47260 yuan / ton-47370 yuan / ton.

Aluminum: Lun Al opened at US $1816 per ton in the morning. In Asia, the shock quickly broke through the 20-day EMA high of $1827 a tonne, trying to repair some of yesterday's decline. However, with the strength of the US index, Lun Aluminum quickly fell back on its daily gains and remained volatile in a narrow range, trading at $1820 a tonne as of 15: 00. After entering the European session, the US index continued to maintain a strong trend, with London Aluminium falling as low as US $1809.5 per tonne, trading at US $1811.5 per tonne as of 16: 54. After the failure of Lun Aluminum, the bulls obviously lack confidence, coupled with the strength of the US finger, Lun Aluminum continued to fall back within a day. Short-term Lun Al fell back between averages, with the possibility of falling to test support of $1800 a tonne at night.

Shanghai Aluminum main 1909 contract opened in the morning at 13825 yuan / ton. After the opening of the market, the bulls briefly increased their positions in Shanghai by 13835 yuan / ton, and after the high position was blocked, the short positions entered the market. In the first trading stage before noon, Shanghai Aluminum maintained a narrow range of shocks near the 20-day moving average. After entering the second trading period, short sellers once again took the initiative to suppress aluminum prices, Shanghai aluminum shock down, quickly fell below the 20-day moving average, Shanghai aluminum continued to be weak in the afternoon, bulls left the market to continue to weaken aluminum prices, at the end of the day some short-term profit taking, aluminum price shock closed at 13750 yuan / ton, closed at the lowest point of the day. Positions increased by 4304 to 244444, while Shanghai Aluminum Index positions fell by 5552 to 685196. Shanghai aluminum fundamentals have not changed, short-term consumption weakened, cost fell short, and medium-term consumption is still expected to improve, Shanghai aluminum remained weak shock. In addition, there has been a significant pullback in the near future, Shanghai Aluminum has gradually returned to fundamentals, and the price has returned to a pullback.

Spot market, aluminum futures in the opening of the month to interval volatility, the second stage of trading slightly sunk. In the morning, the transaction price between Shanghai and Wuxi was between 13790 and 13800 yuan / ton, and the price was nearly 50 yuan / ton lower than yesterday's price near 10 yuan / ton. In the second trading stage, the transaction price was concentrated around 13780-13790 yuan / ton, but the transaction activity in the later stage was much lower than that in the morning. Hangzhou aluminum ingot transaction price was between 13790 and 13810 yuan / ton. In the morning, a large household in East China to maintain the pace of receiving goods, the holder shipment is OK, due to the price drop shipping middlemen and traders to receive goods is very active, buyers and sellers active trading, but the transaction price is more stalemate, the fluctuation range is small. Due to the fall in aluminum prices, downstream today's receipt of goods is OK, but due to yesterday's partial replenishment, today's purchase volume has not increased significantly. On the whole, the transaction in East China is better today. Afternoon aluminum shock sinking, although the holder quoted in the vicinity of 13770 yuan / ton, flat water for the month, but the actual few transactions.

Lead: within a day, Lun lead opened at US $2007 / ton. In the Asian session, to undertake the entry of low prices, to push the center of gravity of Lun lead up, and to enter the European period, Lun lead once climbed to US $2019 / ton. After that, due to the continued strength of the US Index and the suppression of external non-ferrous metals, Lun lead also fell under pressure to run near the US $2010 / ton platform. As of 16 / 21, Lun lead temporarily closed at US $2011.5 / ton, up US $3.50 / ton. Up 0.17%. Lun lead temporarily closed the Xiaoyang line, the falling market was suspended, although the US index opened the uplink channel, a certain degree of upward pressure on Lun lead, but today's LME lead stocks fell by more than 2000 tons, which may support the impact of Lun lead on the 5-day moving average.

Within a day, Shanghai lead 1909 contract opened at 16470 yuan / ton, Shanghai lead basically around the daily average narrow range vibration, and the amplitude does not exceed 100 yuan / ton, finally closed at 16455 yuan / ton, down 165 yuan / ton, down 0. 99%, the position increased 1754 hands to 62930 hands. Shanghai lead closed Xiaoyang line, temporarily stabilized, medium-and short-term moving average is still upward trend, and 16400 yuan / ton line there is a platform support, Shanghai lead at night or to the platform as a support, continue the concussion trend.

Shanghai market Shuangyan lead 16435 yuan / ton, 1908 contract flat water quotation; Jinsha lead 16485 yuan / ton, 1908 contract water 50 yuan / ton; Jiangsu and Zhejiang Yuguang, Jijin lead 16375 to 16405 yuan / ton, 1908 contract discount 60-30 yuan / ton. The futures market concussion consolidation, the holder ships with the goods, the quotation rises the discount situation to maintain the stability compared with yesterday, and the downstream basic rigid demand purchase, some large enterprises purchase with the long order, the bulk order market transaction has no sign of improvement for the time being.

Guangdong market Nanhua lead 16425 yuan / ton, the average price of SMM1# lead 50 yuan / ton, southern storage south 16435 yuan / ton, 1908 contract flat water quotation. Southern gold sand 16385 yuan / ton, 1908 contract discount 50 yuan / ton; lead high shock, downstream is still dominated by rigid demand, market trading is general. Henan Yuguang and other smelters mainly to long single transaction; Wanyang, Jinli 16275 to 16325 yuan / ton, SMM1# lead discount 50 yuan / ton to discount 100 yuan / ton quotation; lead price shock operation, storage enterprises meet low replenishment warehouse, market transaction is general. Other areas such as: Hunan Jingui 16295 yuan / ton, the average price of SMM1# lead discount 80 yuan / ton; Jiang copper 16400 yuan / ton, the average price of SMM1# lead water 25 yuan / ton quotation; Yunnan area small factory lead 16075 yuan / ton, SMM1# lead average price discount 300 yuan / ton; lead price is high and volatile, downstream purchasing is more cautious, today's transaction is general.

Zinc: Geneva zinc opened at US $2428.5 / tonne. At the beginning of the day, the daily EMA rose to about US $2440 per tonne. However, the 5-day moving average was strongly suppressed, and the center of gravity of the operation moved down to US $2430 per tonne. During this period, several attempts to break the 5-day moving average failed to make a trip. Subsequently, the US finger flashed down, and Len Zinc rapidly dropped US $2414 / ton, which coincided with a slight decline in LME zinc stocks. Give Len Zinc some momentum to stop and repair, as of 16-28, Len Zinc closed down 2417.5 U.S. dollars / ton, down 10.50 U.S. dollars / ton, down 0.43%. Geneva zinc temporary negative line, the upper pressure Brin Road middle rail operation, overseas contango structure expanded to zinc 0-3 liter discount to-13 US dollars / ton, bulls confidence weakened departure, Len zinc down looking for support, night or still pressure Brin Road upper rail operation.

The main 1909 contract of Shanghai zinc opened at 19265 yuan / ton at the beginning of the day, and reached 19350 yuan / ton at the beginning of the day. However, it failed to stand down to 19300 yuan / ton near the narrow range of finishing operation, operating range not more than 25 yuan / ton, closing down 19285 yuan / ton, 25 yuan / ton lower than the previous transaction, down 0.13%, trading volume decreased 211000 hands to 239000 hands, position volume decreased 4486 hands to 261000 hands. During the day, Shanghai zinc closed negative and positive, the overall operation around the 10-day moving average, the increase in domestic social inventory, there is no obvious bright spot on the consumer side, the spot market mostly contributed by traders to the main trading, downstream buying volume is relatively limited, but also confirmed that the current consumer end shows fatigue, short positions within the day to reduce positions under Shanghai zinc upward, indicating that the bulls do not have sufficient confidence, pay attention to the external market guidelines at night.

Shanghai 0 # zinc mainstream transaction 1938 1910 yuan / ton, Shuangyan, Chihong 1990 1920 yuan / ton, 0 # ordinary August water 70 80 80 yuan / ton; Shuangyan, Chi Hong reported 80 100 yuan / ton. 1 # the mainstream transaction was between 19280 and 19300 yuan per ton. The center of gravity of zinc futures operation has moved up slightly, the market circulation has increased and most of the long orders have ended within a month. From the cost point of view, the willingness of traders to receive new orders has been significantly weakened, while the downstream rally has once again turned to wait-and-see, mainly digesting inventory, and the atmosphere of more and less trading in the market has obviously become weaker. The morning market leader single transaction is still based on the net average price as the benchmark transaction is more smooth, but the average price rises 5 to 10 yuan / ton to receive the goods is stronger, and the rising sticker water quotation is concentrated in the rising water 70 to 80 yuan / ton or so, the trading parties save 10 yuan / ton differences to fall into a stalemate, the transaction is not as good as yesterday, the second trading period of the market is still mainly shipping, the quotation has not changed significantly, the overall trading is slightly less than yesterday.

Guangdong 0 # zinc mainstream trading in 1960 to 19280 yuan / ton, Shanghai zinc 1909 contract discount 60 discount 50 yuan / ton, Guangdong market than Shanghai market since yesterday discount 170 yuan / ton narrowed to discount 140 yuan / ton. Refinery normal shipment, the market supply of goods is abundant. In the morning, the quotation of the holder focused on the discount of 40-30 yuan / ton to the 09 contract, but the market trading atmosphere continued to be dull. After entering the second trading session, some holders reduced the discount to about 50 yuan / ton to the 09 contract, but the market catcher's willingness to receive the goods around the 09 contract discount of 60 yuan / ton, traders trading differences appeared, temporary stalemate, the subsequent part of the holder down to the 09 contract discount of 60 yuan / ton, contributing to a small amount of transactions. Overall, the transaction situation in Guangdong today is worse than that of yesterday. 0# Kirin, Cishan, Tiefeng, Mengzi mainstream transactions in 1960 to 19280 yuan / ton.

Tianjin market 0 # zinc ingots mainstream trading in 1940 20320 yuan / ton, 0 # ordinary brand mainstream transactions in 1940 1940 1920 yuan / ton, 1908 contract water 40 to 100 yuan / ton, Tianjin market than Shanghai stock market to maintain yesterday near Pingshui. Refinery normal shipment, the market supply circulation is more abundant, the morning holder price intention is stronger, the concentrated quotation in the 08 contract rising water 80 to 120 yuan / ton, downstream does not show the strong willingness to receive the goods, the follow-up holder sees the situation to reduce the rising water 20 to 40 yuan / ton, the market concentrated transaction in the 08 contract rising water 40 to 100 yuan / ton, but the downstream bearish mood is stronger, the transaction volume is more limited. The market transaction is concentrated in the 08 contract rising water 40 to 100 yuan / ton, but the downstream bearish mood is stronger, the transaction volume is more limited. Overall, today's Tianjin market trading atmosphere continues to be light, market transactions are mainly low-priced brand goods, today's Tianjin market transactions are basically flat compared with yesterday. 0 # Zijin, Hongye, lark, Chihong and other transactions in 1940 1920 yuan / ton, 1 # Zijin, Chi Hong, Hongye and other transactions in 19290 1970 yuan / ton.

Tin: after the opening of the electronic disk of US $17860 / ton today, there was almost no trading between early trading and noon trading in the Asian market. In the afternoon of the Asian market, Lunxi rose slightly to US $17955 / ton and fell back, shaking all the way down. After the opening of European trading, the US dollar continued to rise, and Lunxi continued its decline, falling to US $17630 per tonne before rising slightly, with the latest price of US $17700 per tonne as of 16-30. The physical part is near the 5-day moving average, and the upper shadow line is under pressure on the 10-day moving average, and the support below Lensi is expected to be near the previous low of 17500 US dollars / ton. This evening, you can focus on the annualized total number of existing homes sold in the United States in June (10,000 households).

Shanghai tin main 1909 contract last night after the opening of 135030 yuan / ton, the initial rush to the night high of 135750 yuan / ton, and then until the end of night trading, Shanghai tin overall maintained a concussive situation. After the opening of $134890 / tonne in early trading this morning, low consolidation was maintained between early trading and midday trading. In the afternoon, Xichong fell back in Shanghai, reached an intraday high of 135600 yuan / ton, and finally closed at 134660 yuan / ton, up 450 yuan / ton, an increase of 0.34 per cent. The turnover was 14610. The number of positions was 27900, a reduction of 314. Today, the tin center of gravity in Shanghai is stable, closing with the Xiaoyin line, and the solid part is supported by the 5-10-day EMA. It is expected that the tin in Shanghai will support around 132000 yuan / ton, and the upper resistance will be around 137500 yuan / ton.

Spot market, today's mainstream transaction price of 135000 to 136500 yuan / ton, the morning market there are some 134500 yuan / ton of low-priced small brand supply. Today, the trading atmosphere of Shanghai tin spot market is still weak, set Yunxi rising water 1000 yuan / ton, ordinary cloud word rising water 600 yuan / ton, small brand rising water 400 yuan / ton.

Nickel: the Lennie sub-plate opened at $14240 a tonne today, with a low of $14150 a tonne and a low aftershock, up $14430 a tonne. In the middle of the day, the center of gravity of nickel was in a narrow range of $11370 a tonne. In the afternoon, nickel fluctuated above the daily average, trading at $14380 a tonne as of 17. 00. Nickel overall pressure 5-day moving average, temporarily closed at the small positive line. This evening released the total number of existing home sales in the United States in June (10,000 households) and the Richmond Federal Reserve Manufacturing Index in July, the dollar index continued to rise to 97.5line during the day, and the trend of nickel was still good during the day. In the evening, we will focus on whether Lennie continues its volatile upward trend, running above the $14300 / tonne barrier.

Shanghai nickel 1910 opened at 112880 yuan / ton today. At the beginning of the day, it rose 114000 yuan / line and reversed and fell, down 112060 yuan / ton. Subsequently, Shanghai nickel concussion rose, fluctuating in a narrow range above the daily average. In the afternoon, the Shanghai nickel center fluctuated around 1130400 yuan per ton, closing down slightly at 112980 yuan per ton, down 2480 yuan per ton, or 2.15 percent, from the previous trading day, ranking first among nonferrous metals, with positions reduced by 10800 hands to 288000 hands and trading volume increased by 244000 hands to 1.149 million hands. The Shanghai Ni 1908 contract reduced its position by 23026 to 62634 today. The capital outflow of Shanghai nickel index reached 517 million yuan, ranking first in non-ferrous metals. Throughout the day, the Shanghai nickel 1910 contract closed below the 5-day moving average, maintaining a volatile downward trend throughout the day. Shanghai nickel is expected to test the operation of the 110000 yuan / ton barrier in the evening, focusing on the degree of continued departure from the market.

SMM 1 # electrolytic nickel 112700 to 114600 yuan / ton. Russian nickel than Shanghai nickel 1908 sticker 300-stick 100 yuan / ton, narrower than yesterday. In early trading, the nickel price fell to less than 112000 yuan, stabilized and rebounded to 113000 yuan after a narrow range of shocks, the morning transaction response was flat, more for traders to inquire each other, the lower reaches of the market buyers are less. Although the price is much lower than yesterday, but the downstream is still more pessimistic about the future, cautious procurement. 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 1400 yuan / ton, compared with yesterday continued to expand. Jinchuan nickel transaction is also light, but the recent Jinchuan nickel circulation is tight, resulting in a small rise in rising water. The ex-factory price of Jinchuan Company was quoted at 114500, down 1500 yuan per ton from yesterday, and the mainstream transaction was 112900 to 114700 yuan per ton. In the afternoon, nickel prices weakened slightly, spot trading sentiment continued in the morning, as a whole, today's transaction is general, Russian-nickel discount 300 yuan / ton, or part of the packaging poor source discount 400 yuan / ton transaction is relatively OK. Jinchuan nickel itself circulation source is limited, the transaction is stable and weak, the mainstream transaction is 112600 to 114500 yuan / ton.

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