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[SMM Daily Review] Nonferrous metals rose and fell by 4 per cent in iron ore trading.
Jul 24,2019 17:08CST
translation
Source:SMM
The rise and fall of non-ferrous metals were mixed today, with Shanghai lead rising again after a pullback to around 16400, mainly following the trend of LME lead. Shanghai copper closed down 0.53 percent at 47090, Shanghai aluminum down 0.07 percent at 13790, Shanghai zinc up 0.36 percent at 19350, Shanghai tin down 0.89 percent at 133730, and Shanghai nickel down 0.72 percent at 112320 (in yuan / ton). Black fell today, iron ore fell 4% in intraday trading, and ended down 2.66% at 860. Thread hot rolls also followed suit, closing down 1.27% and 1.49%, respectively.
The content below was translated by Tencent automatically for reference.

SMM7 24-month news: today, non-ferrous metals rose and fell mutually, Shanghai lead in the pullback to around 16400 after the pull up again, mainly following the trend of LME lead. Shanghai copper closed down 0.53 percent at 47090, Shanghai aluminum down 0.07 percent at 13790, Shanghai zinc up 0.36 percent at 19350, Shanghai tin down 0.89 percent at 133730, and Shanghai nickel down 0.72 percent at 112320 (in yuan / ton). Black fell today, iron ore fell 4% in intraday trading, and ended down 2.66% at 860. Thread hot rolls also followed suit, closing down 1.27% and 1.49%, respectively.

LME lead rose sharply again, so that the domestic lead price trend followed the rise, lead consumption has no bright spot, the second half of the domestic consumption prospect is more pessimistic.

On the black side, iron ore fell 4% in intraday trading to close down 2.66%. The release of an inquiry letter from the exchange to modify the delivery brand is undoubtedly a boost to short sellers, but at present it is only a stage of gradual accumulation of negative factors, with bulls still in charge of the initiative. For more information, see the gradual accumulation of negative factors in the 4 per cent drop in iron ore trading [SMM analysis].

In the last issue of crude oil, the SC1909 contract rose 1.54% to 440.5. British oil tankers have been detained by Iran in the Bay area, causing renewed fears in the Middle East and a rebound in oil prices. On the data side, focus on the EIA inventory data released at 22:30 Beijing time. U.S. crude oil stocks totaled 449 million barrels in the week ended July 12, down 11 million barrels from the week before, according to data released by the American Petroleum Institute. Stocks of crude oil in the Cushing area of Oklahoma, which has attracted a lot of market attention, have fallen by 400000 barrels.

SMM analyst's brief comment on July 24

Copper: today, the main contract of Shanghai Copper opened at 46960 yuan / ton in the morning. After the opening, the disk fluctuated slowly to 47070 yuan / ton, then fell to the lowest level of 46960 yuan / ton in the day, and the center of gravity continued to move up after a small consolidation until the afternoon. Afternoon trading is still concussion upward to 47080 yuan / ton, and then the center of gravity is basically stable here, closing at 47090 yuan / ton at the end of the day. It fell 250 yuan per ton, or 0.53 percent. Today, the position of Shanghai Copper's main contract decreased by 3542 hands to 251000, mainly as long as short positions left the market, while trading volume increased by 30, 000 to 164000. The Shanghai Copper Index increased its position by 2572 to 579000 and trading volume by 65000 to 313000. At present, the disk position gradually moved back, Shanghai Copper 1910 contract position increased by 6876 hands to 125000 hands. The overall trend of the copper plate in Shanghai today is stable, mainly due to the recent high level of the US dollar, which has broken through 97.76, and copper prices are under pressure. And the new British Prime Minister, Britain is still facing great pressure to leave the European Union, the current trend of economic slowdown in Europe, bearish copper prices higher. At present, the copper in Shanghai is negative, the KDJ index is weak, the MACD index red column is shortened, and the technical side does not support the copper price up. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can hold the 46900 yuan / ton gate.

Aluminum: Shanghai Aluminum main 1909 contract opened in the morning at 13745 yuan / ton, has been located below all EMA. After the opening of the market, short positions actively increased positions in Shanghai aluminum low touched 13755 yuan / ton, low led to long entry, Shanghai aluminum shock rose before noon, early afternoon short profit close position Shanghai aluminum high touched 13805 yuan / ton, at the end of the day, more profits left the market, Shanghai aluminum shock closed at 13790 yuan / ton. Positions fell 4336 hands to 237436 hands, while Shanghai Aluminum Index positions fell 7982 hands to 674524 hands. In the short term, the fundamentals of Shanghai aluminum have not changed, and still maintain the pattern of near air and far more, and the interval concussion between 13600 yuan and 14000 yuan / ton is still dominant in the short term.

Lead: within a day, the 1909 contract opened at 16495 yuan / ton. At the beginning of the day, Shanghai lead basically fluctuated around 16500 yuan / ton. In the afternoon, bulls gradually entered the market. Shanghai lead once climbed to 16670 yuan / ton, finally closing at 16640 yuan / ton, up 185yuan / ton, an increase of 1.12%, and the position increased 4662 hands to 67592 hands. Shanghai lead close Dayang line, up along the 5-day EMA, and 16350 yuan / ton platform has strong support, considering the strong drive of the outer plate of lead, Shanghai lead may continue to strengthen at night.

Zinc: the main 1909 contract of Shanghai zinc opened at 19310 yuan / ton at the beginning of the day. At the beginning of the day, the main 1909 contract of Shanghai zinc opened at 19310 yuan / ton. At the beginning of the day, the long-empty saw the long position and increased the position of Shanghai zinc to around 19340 yuan / ton. However, the pressure on the 10-day moving average in Shanghai fell to 19340 yuan / ton, and the pressure in Shanghai zinc fell back to the first line near the opening price. It moved up steadily and rose in the afternoon. Shanghai zinc twice measured the 5-day moving average, which failed to make a trip and fell to 19330 yuan / ton at the beginning of the day. The closing price rose to 19350 yuan / ton. Compared with the previous transaction, it rose 70 yuan per ton, or 0.36 percent, with trading volume up 107000 hands to 346000 hands and positions down 1546 hands to 259000 hands. Shanghai zinc recorded two Lianyang in the day, the upper pressure Brin road middle rail operation, KDJ index turn gently, indicating that the trend of Shanghai zinc is more entangled, the consumer side continues to be weak, in view of the domestic three places social inventory, the supply side recovery has not yet had a significant sharp increase, Shanghai zinc within a narrow range of finishing, night observation of the 20-day EMA suppression.

In the process of updating.

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