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[SMM Review] Shanghai Tin inventory three consecutive declines to support V-shaped reversal in early Trading
Jul 24,2019 10:10CST
translation
Source:SMM
In early trading this morning, the market for non-ferrous metals was divided. Shanghai nickel opened slightly higher after falling overnight, falling 0.81% to 112210 as of about 09:45. Shanghai tin staged a V-shaped reversal and rose rapidly after reaching 130760, now at 133700, down about 1%. Copper, aluminum and zinc were basically stable in early trading, at 47020, 13765 and 19325, respectively.
The content below was translated by Tencent automatically for reference.

SMM7 month 22 news: early this morning, the non-ferrous metal market differentiation. Shanghai nickel opened slightly higher after falling overnight, falling 0.81% to 112210 as of about 09:45. Shanghai tin staged a V-shaped reversal and rose rapidly after reaching 130760, now at 133700, down about 1%. Copper, aluminum and zinc were basically stable in early trading, at 47020, 13765 and 19325, respectively. (unit: yuan / ton)

Shanghai tin inventories fell 3.25 per cent to 6735 tons as of July 19, refreshing a nine-month low, supporting tin prices, according to data released in the previous period.

Nickel, spot supply and demand is weak, the market after the decline in a small number of transactions; nickel downstream the largest demand-side stainless steel price is slightly loose, but the willingness to take goods downstream is not strong.

Black system, yesterday's spot iron ore transactions are better, steel mills on the low to take goods with higher enthusiasm, transaction prices between 885 and 891; before that, some traders increased prices to take goods resulting in higher costs, there is a pity for the sale mood. Mature end, high temperature, rainy season and other factors inhibit thread demand, home appliances, car sales are limited to the consumption of inventory, steel plant procurement is not much.

In terms of crude oil, last-term oil rose to 441.8 yuan per ton, mainly due to a sharp decline in crude oil stocks in the United States and the situation in the Middle East. According to data released by the American Petroleum Institute, in the week ended July 12, US crude oil stocks totaled 449 million barrels, down 11 million barrels from the previous week, gasoline stocks increased by 4.4 million barrels, and distillate stocks increased by 1.4 million barrels. Stocks of crude oil in the Cushing area of Oklahoma, which has attracted a lot of market attention, have fallen by 400000 barrels. Separately, the United States said it may have shot down an Iranian drone on Tuesday.

Technical analysis:

Copper: in the evening, mainly because of the British prime minister election dust settled, Britain's chances of no agreement to leave the European Union may be as high as 40%, the pound fell sharply in the evening, boosting safe haven assets, metal pressure. At present, the Federal Reserve has not had a new impact on interest rate cuts, market sentiment has been digested, and the dollar has rebounded. At the same time, IMF said that due to trade risks, the global downgrade of economic growth forecasts, it can be seen that the global macroeconomic weakness is difficult to change, the current copper prices have basically returned to Friday's gains, market sentiment gradually returned to rationality. Fundamentals of copper consumption is still maintained light pattern, difficult to support copper prices. Today, Shanghai copper hand entity Dayin column, the next shadow line broken Brin middle rail, KDJ indicators continue to expand. Spot as a result of the sharp decline in market prices, low-price market inquiry is expected to be positive, and therefore will drive the holding mood. It is expected that today's London copper 5960 6005 / ton, Shanghai copper 46700 47050 yuan / ton, spot flat water-liter 50 yuan / ton.

Aluminum: the overall trend of Shanghai aluminum is relatively stable in the evening, but the upward force is obviously insufficient. It is expected that the main company will run between 13700 and 13800 yuan / ton today, the outer metal will mostly turn green, and the aluminum will be relatively stable. Today's operating range is expected to be between 1800 and 1840 US dollars / ton.

Lead: next week, China and the United States will hold their first high-level face-to-face economic and trade consultations since the collapse of negotiations in May, while Boris Johnson of the United Kingdom was elected prime minister, follow-up need to pay attention to its Brexit plan, in addition, the inventory of lead fell again yesterday and rebounded to a new low, while the transaction in the domestic spot market continued to be depressed, and the recycled refined lead maintained a deep discount. Today, the spot lead is expected to be flat at 16300 to 16450 yuan / ton.

Nickel: yesterday, the dollar continued to strengthen, nickel during the day resistance is better, but a sharp fall at night. Lennie, which closed at the Yin Cross and is fully below the 5-day moving average, is focused on whether it can be supported by the 10-day moving average below the $14000 / tonne mark. Shanghai nickel night trading closed at the Xiaoyin line, below hit the 10-day moving average, during the day to pay attention to whether Shanghai nickel can be supported by the 10-day moving average, in 110000 yuan / ton first-line shock operation. Spot price range 111000 to 114000 yuan / ton.

Tin: the overall trend of Shanghai aluminum is relatively stable in the evening, but the upward force is obviously insufficient. It is expected that the main company will run between 13700 and 13800 yuan / ton today, the outer metal will mostly turn green, and the aluminum will be relatively stable. Today's operating range is expected to be between 1800 and 1840 US dollars / ton.

In the process of updating.

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