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July 24 SMM basic Metals spot Trading Day Review
Jul 24,2019 18:13CST
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Source:SMM
July 24 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

Copper: today, Asian copper opened as low as US $5980 per tonne. After the opening of trading, the price of copper in the Asian market basically fluctuated around the daily average of US $5971.5 / ton, but quickly recovered some of the decline, with an amplitude of less than US $20 / ton in the morning. Until European trading, due to the high dollar fell back at 97.7, and the pound rebounded sharply, copper confidence boosted, bulls actively entered the market, copper prices pulled all the way back to $6008.5 / ton, but under pressure of $6000, copper prices began to fall back and lost another $6000 round mark. At 17-30, bronze was up 0.09% at $5992.5 a tonne, the dollar index at $97.707 and crude oil at $57.07 a barrel. In the evening, we mainly focused on the initial value of the US Markit manufacturing PMI in July and the EIA crude oil inventory changes in the week ended July 19 in the United States. At present, the market is waiting for the Federal Reserve's guidance on interest rate cuts, the dollar is temporarily blocked by Brin on the track, giving copper prices a certain amount of room to recover, but overall through the 6000 level to take the initiative to buy is not enough. At present, Luntong Yang receiving entity above the pressure multiple recent moving average, MACD double-line high will soon form a negative guide. Wait for guidance on the dollar and crude oil at night to test whether the copper can hold to $5980 a tonne for a further $6000.

Today, Shanghai Copper main contract 1909 opened early at 46960 yuan / ton, after the opening of the market slowly fluctuated to 47070 yuan / ton, and then fell to the lowest level of 46960 yuan / ton, 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 the pressure of Brexit, the trend of economic slowdown in Europe is obvious, bearish copper prices are 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. Wait for guidance from the outside market at night to test whether Shanghai Copper can hold 46900 yuan / ton.

Today, the spot price of electrolytic copper in Shanghai is 10 yuan / ton to 70 yuan / ton, the transaction price of flat water copper is 46940 yuan / ton ~ 47020 yuan / ton, and the transaction price of copper is 46980 yuan / ton ~ 47070 yuan / ton. After increasing the position in the night sky, the lowest position of Lun Copper went down the US $5950 / ton gate, while Shanghai Copper opened low below the 47000 level and oscillated along the line. Futures down the holder attempts to raise the water price, the holder quoted water 30 80 yuan / ton, traders still have the willingness to receive goods, but the offer is unattractive, after a moment of stalemate, good copper down to Shengshui 50 60 yuan / ton concentrated transactions, flat copper initiative down to 10 yuan / ton, there is no room for pressure; today, there is an increase in downstream inquiries, there is a willingness to enter the market, wet copper quotations to discount 50 to 30 yuan / ton range. The disk is under pressure, but it has not yet reached the ideal price range downstream. Although there are buying orders downstream, most of them are cautious, and traders continue to be willing to receive goods, but they have not seen the discount quotation today, so they have not reached the price range that they can buy. Under the saw of supply and demand, it is very difficult for the rising water to continue to be difficult. In the afternoon, the transaction price remained basically unchanged, due to the small rise in afternoon market prices, the market transaction mood gradually cooled, supply and demand sides are still in the saw, it is difficult to find a low price source, in the afternoon flat water copper water 10-liter water 30 yuan / ton, good copper water 50-liter water 60 yuan / ton, the transaction price is in the range of 46980 yuan / ton-47060 yuan / ton.

Aluminum: Lun Al opened at 1814 yuan per ton in the morning. In Asia, Lunal tried to repair the week's decline, rising above its 5-day EMA high of $1828 a tonne in the afternoon and trading at $1827.5 a tonne as of 15:49. In the European session, as the dollar continued to strengthen, Lunal's upward momentum slowed around the 5-day moving average for range volatility, trading at $1825 a tonne as of 15:51. After the failure of Lun Al, it will fall back into the EMA, and the short-term Lun Al will still run around the EMA concussion. Waiting for a follow-up Fed rate cut to the ground after the U. S. finger downward boost to the color.

Shanghai Aluminum main 1909 contract opened in the morning at 13745 yuan / ton, has been located below all averages. 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. The fundamentals of Shanghai aluminum have not changed in the short term, and still maintain the pattern of near air and far more, and it is still difficult to get rid of the interval shock pattern between 13700 yuan and 14000 yuan / ton in the short term.

Spot market, aluminum futures in the opening of the month to interval shock-based, the second trading phase of the center of gravity rose. The spot price between Wuxi and Shanghai is between 13770 and 13790 yuan / ton, and the price is around 10 yuan / ton, which is 10 yuan / ton lower than that of yesterday. The price in Hangzhou is between 13800 and 13810 yuan / ton. In the morning, the spot price between Shanghai and Wuxi was around 13770 yuan / ton, and the spot price began to focus on 1378 to 13790 yuan / ton after 10: 30. As the aluminum price fell for three days in a row, the shipping willingness of the shippers weakened, while the middlemen were active in replenishing goods at low prices, with more recipients than shippers, and the overall trading between traders was active. After 11: 00, the center of gravity of aluminium futures continued to rise, but at this time the trading activity was scattered, and the actual market quotation did not rise significantly. Downstream because of the previous two days have part of the stock, today on demand goods mainly, and did not purchase in large quantities. East China today as a whole, the transaction is better. In the afternoon, the market continues to maintain range volatility, but in the afternoon, the willingness of the holders to ship is not strong. Some traders in the market quote between 13790 and 13800 yuan / ton, between flat water and 10 yuan / ton. Although the middleman has the willingness to receive the goods, it is difficult to close the transaction, but the actual transaction in the market is poor.

Lead: within a day, the Lun lead opened at US $2033.5 / ton. In the Asian session, the Lun lead basically ran along the daily moving average. In the afternoon, driven by the strength of the Shanghai lead in the internal market, the Lun lead slowly pulled up. Into the European session, the center of gravity of the Lun lead accelerated, and once hit US $2060 / ton. As of 15 to 58, Lun lead temporarily closed at US $2055 / ton, up US $20 / ton, an increase of 0.98 per cent. Lun lead temporarily closed barefoot small Yang line, running along the upstream channel, and today LME lead stocks fell again by more than 1000 tons, which may boost the upward power of Lun lead at night.

Within a day, the Shanghai lead 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 185 yuan / 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.

Shanghai market double Yan lead 16490 yuan / ton, 1908 contract flat water quotation; Jinsha lead 16540 yuan / ton, 1908 contract liter water 50 yuan / ton; Jiangsu and Zhejiang Yuguang, Jijin, Wanyang, copper crown lead 1643016460 yuan / ton, 1908 contract discount 60-30 yuan / ton quotation. The rise of the domestic futures market is weak, and there is no great change in the quotation discount of the holder compared with yesterday, at the same time, the refined lead is regenerated to maintain the deep discount, coupled with the expansion of the quotation discount of some primary lead refineries, the rigid demand of downstream storage enterprises is still in a state of diversion, and the transaction of bulk order market continues to be in the doldrums.

Guangdong market Nanhua lead 16450 yuan / ton, the average price of SMM1# lead water 50 yuan / ton quotation; gold expensive 16440 yuan / ton, to 1908 contract discount 50 yuan / ton; south save gold sand 16440 yuan / ton, to 1908 contract discount 50 yuan / ton; period 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 16300 to 16325 yuan / ton, SMM1# lead discount 75 yuan / ton to discount 100 yuan / ton quotation; Henan small plant 16250 to 16300 yuan / ton, SMM1# lead price discount 100 yuan / ton to discount 150 yuan / ton; lead price shock upward, storage enterprises afraid of high careful mining, market transactions are general. Other areas such as: Hunan Shuikoushan 16400 yuan / ton, SMM1# lead average price flat water quotation; Hunan Jingui 16300 yuan / ton, SMM1# lead average price discount 16300 yuan / ton; Jiang copper 16425 yuan / ton, SMM1# lead average price rise water 25 yuan / ton quotation; Yunnan Yunsha 16025 yuan / ton, SMM1# lead average price discount 375yuan / ton; refinery small discount shipment, the terminal consumption is relatively low, the market trading sentiment is general.

Zinc: Geneva zinc opens at US $2444 / tonne. At the beginning of the day, the daily average of US $2440 / ton runs in a concussion range of no more than US $5 / tonne. After entering the European trading session, the center of gravity of the movement of US $2438 / ton is steadily moved up. During this period, after being briefly frustrated to lower US $2438 / ton, by the downward boost of the US Index, Len Zinc pulled up the plate and reached US $2465.5 / ton, but the 40-day moving average above the 40-day moving average was more suppressed. Lun Zinc was temporarily at a high level, closing up $2463.5, or 0.74 per cent, at $2463.5 a tonne as of 16 to 39. Geneva zinc overall pressure 40-day EMA operation, the lower 10, 20 EMA adhesion support strength is strong, the United States finger down to return to Brin Road in the vicinity of the track operation, LME zinc 0 to 3 liter discount has been affixed 13 U.S. dollars / ton has narrowed to 5 U.S. dollars / ton, indicating that the overseas market contango structure has not continued to expand, superimposed LME zinc stocks fell again, the market for supply expectations temporarily slowed down, night observation of 40-day moving average suppression.

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 contract of Shanghai zinc was opened at 19310 yuan / ton. At the beginning of the day, the main contract of Shanghai zinc was opened at 19310 yuan / ton. At the beginning of the day, the main contract of Shanghai zinc was opened at 19310 yuan / ton. At the beginning of the day, the main contract of Shanghai zinc was opened at 19310 yuan / ton. at the beginning of the day, the main contract of Shanghai zinc was opened at 19310 yuan / ton. at the beginning of the day, the main contract of Shanghai zinc was opened at 19310 yuan / ton. at the beginning of the day, the main contract of Shanghai zinc was opened at 19310 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.

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 Lunxi electronic disk at US $17630 / ton today, the consolidation was maintained after the sub-session reached US $17745 / ton. After the opening of the European trading, Lunxi was blocked from falling back to the bottom after falling to $17500 / ton, recovering nearly half of the decline at the beginning of the European trade. As of 17 / 00, the latest price of Lunxi was $17665 / tonne, showing a small positive line, below all averages, and the lower support is expected to be around the previous low of $17500 / tonne. If it falls, the next support is around $17400 / tonne. This evening can focus on the initial value of Markit manufacturing PMI in the United States in July, the annualized total number of new home sales in the United States after the June quarter (10,000 households), and the change in EIA crude oil stocks in the week ended July 19 (10,000 barrels).

Shanghai tin main 1909 contract last night after the opening of 134580 yuan / ton, at the beginning of the market quickly fell to 133500 yuan / ton, and then until the close of night, Shanghai tin consolidation situation, the center of gravity moved down slightly. After the opening of 133060 yuan / ton in early trading this morning, tin in Shanghai fell more than 2000 yuan / ton at the beginning of the day due to short selling, fell to an intraday low of 130760 yuan / ton and returned to the bottom of 133950 yuan / ton. In the morning, it came out of a wave of deep V market, and then until the close of Shanghai tin overall maintained above the daily average of 133600 yuan / ton near shock finishing, and finally closed at 133730 yuan / ton, down 930 yuan / ton, down 0.69%. The trading volume was 47560, an increase of 32950. The position was 28704 hands, an increase of 804 hands. Tin in Shanghai today is more active due to short days. First out of the pressure fell sharply, followed by short profit-taking, long into the market, Shanghai tin rapid rebound, recover most of the previous decline, and finally close with the negative line, the physical part is located near the 5-10 moving average, the shadow line is longer. Today, Shanghai tin failed to effectively fall below the horizontal range low, it is expected that Shanghai tin support is still around 132000 yuan / ton.

In the spot market, the mainstream trading price was 131600 to 133000 yuan / ton this morning. Some traders and downstream enterprises bought tin ingots on the cheap. Subsequently, after a sharp rebound in the Shanghai tin market, the mainstream trading price in the Shanghai tin spot market was 133800 to 134700 yuan / ton, and the transaction situation in the spot market weakened with the rise of Shanghai tin spot prices. Today, the overall trading atmosphere of the Shanghai tin spot market is general. Set Yunxi rising water 1500 yuan / ton, ordinary cloud word rising water 1200 yuan / ton, small brand rising water 500 yuan / ton.

Nickel: the nickel sub-plate opened at US $14205 / tonne today. At the beginning of the day, the Len Ni wide shock, after a probe of US $14340 / ton, reversed the shock down to US $14150 / ton line to get support. In the afternoon, or due to downward support in the US dollar, the impact of a 1614 tonne reduction in LME stocks was overshadowed by a rally in nickel, which rose $14365 per tonne to $14350 per tonne as of 17 / 00. Today, Lennie temporarily closed at the Xiaoyang line, below by the 10-day EMA support, at night to pay attention to the 5-day moving average pressure above Lennie.

Shanghai nickel 1910 contract opened at 113270 yuan / ton today, at the beginning of the day, after a small fluctuation above the daily average, Shanghai nickel shock down, at noon, down to 111350 yuan / ton line to get support. In the afternoon, Shanghai nickel slightly revised up, under pressure 112100 yuan / ton first line narrow range concussion, closed at 112320 yuan / ton, compared with the previous trading day settlement price fell 810 yuan / ton, down 0.72%, trading volume increased by 36000 hands to 1.185 million hands, position increased by more than 26000 hands to 314000 hands, capital inflow of 218 million yuan. The Shanghai Ni 1908 contract reduced its position by 14086 to 48548 today. Throughout the day, the Shanghai nickel 1910 contract closed at the Xiaoyin line, the shadow line below the 10-day moving average, the evening attention to the 10-day average of 111000 yuan / ton to Shanghai nickel support.

SMM 1 # electrolytic nickel 111500 to 113500 yuan / ton. Russian nickel than Shanghai nickel 1908 sticker 300-paste 200 yuan / ton, basically the same as yesterday. Jinchuan nickel than Shanghai nickel 1908 contract generally reported a water rise of 1500 to 1700 yuan / ton, which continues to expand from yesterday. However, in the past two days, the transaction of discount 350-discount 300 is relatively active. In early trading, the nickel price fluctuated around 111700 above the daily average, although it fell in the same trading session yesterday, but there was no response downstream today, and the transaction was not as positive as yesterday. Nickel prices fell to around 111200 in the second trading session, with a slight improvement in trading, but the overall picture was not optimistic. Recently, traders replenish Jinchuan nickel more actively than downstream, and the downstream is mainly wait-and-see. The ex-factory price of Jinchuan Company was quoted at 112300, down 2200 yuan / ton from yesterday. After Jinchuan ex-factory price, traders slightly reduced Jinchuan Shengshui, but the stimulation to the market was limited, and the mainstream transaction was 111000-112800 yuan / ton. Afternoon nickel price low rebound, spot trading sentiment continued in the morning, the transaction is general all day, today's price is appropriate, traders to Jinchuan company procurement more active, but the downstream market continues to be flat, the mainstream transaction in 111000-112800 yuan / ton.

 

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