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July 25 SMM basic Metals spot Trading Day Review
Jul 25,2019 18:13CST
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Source:SMM
July 25 SMM basic Metals spot Trading Day Review
The content below was translated by Tencent automatically for reference.

Copper: copper, which opened low at $60050 a tonne today, weakened slowly as the dollar rose slightly in the morning, and its overall center of gravity was quickly pushed down to $5988 a tonne in the afternoon. Asian trading was down $5985 a tonne at the end of the day. The price of copper weakened slowly after the opening of trading, due to a slight rise in the US dollar in the morning, and the overall center of gravity was quickly reduced to US $5988 / tonne in the afternoon. Subsequently, after entering the European trade, the copper price showed a strong straight line, rising to US $6029 / tonne, and rose 0.27% to US $6016 / tonne by 16-20. The US dollar index was at 97.758, and US crude oil was at US $56.19 / barrel. The price of copper rose sharply to US $6016 / tonne as of 16-20, up 0.27%. The dollar index was at 97.758 and the US crude oil at US $56.19 / barrel. In the evening, the main concern was that 218000 of US initial jobless claims for the week ended July 20 were higher than the previous value, and the initial monthly rate of durable goods orders in the United States in June was expected to be 0.7 per cent higher than the previous value. At present, as the good news of the resumption of negotiations between China and the United States swept the market, the market sentiment slowed down and was good for copper prices. At present, the center of gravity of Lun Copper is raised slightly, but the technical pressure above still exists. Wait for guidance from the dollar and crude oil at night to test whether Lentong can hold the $6000 / ton mark at night.

This morning, Shanghai Copper main contract 1909 opened at 47110 yuan / ton, opening at the highest level in the day, then the disk shock dropped to 47010 yuan / ton, and then the disk surface recovered slightly, and the center of gravity rose to 47040 yuan / ton. Subsequently, the center of gravity fell to the lowest level of 46970 yuan / ton in the day. In the afternoon, the market recovered slightly, rising to 47080 yuan / ton, and then continued to decline, closing at 47020 yuan / ton, up 30 yuan / ton, up 0.06 per cent. Today, the overall performance was long position reduction, Shanghai Copper 1909 today reduced its position by 4564 hands to 246000 hands, while trading volume decreased by 65000 hands to 98000 hands. Shanghai Copper Index positions fell 4618 hands to 574000 hands, while trading volume fell 121000 hands to 192000 hands. At present, the overall trend of Shanghai copper is fluctuating and weakening, and the US dollar continues to be strong and high today, rising to 97.8, mainly because the market still expects that the probability of a substantial interest rate cut by the Federal Reserve is not large, although the US economic data is weakening, but compared with the global economy, the market is still doing well, the market generally agrees with the interest rate cut by 25 basis points, the high US dollar is stable, and copper prices are under pressure. Today, Shanghai copper four Yin, has basically returned last week's increase, technical indicators are still negative copper prices. Fundamentals on the consumer side is still light, copper prices on the lack of basis. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can hold the 47000 yuan / ton gate.

Today, the spot price of electrolytic copper in Shanghai is 10 yuan / ton to 60 yuan / ton, the transaction price of flat water copper is 46970 yuan / ton ~ 47010 yuan / ton, and the transaction price of copper is 47000 yuan / ton ~ 47050 yuan / ton. Shanghai copper continues to wander around 47000 yuan / ton shock. The market basically maintained yesterday's quotation, flat water copper quotation tends to stabilize in the rising water 10 to 20 yuan / ton range, traders are interested in buying near Pingshui, if there is a low price source can still attract traders to buy, good copper due to difficult price space delivery is still hesitant, some of the lower price to good copper liter water 40 yuan / ton; downstream enterprises to maintain rigid demand, wet copper yesterday to maintain a discount of 50 to 30 yuan / ton. Today, the long order trading is basically nearing the end, and there is no significant fluctuation on the last day, and the spot price is basically flat. Today, the trading volume of the whole market is general, and the transaction is still in a stalemate. After the end of the long order, it may be difficult to maintain a comprehensive rise. Afternoon market price does not fluctuate greatly, and this month long order also basically delivers the completion, the spot market transaction returns to be light. In the afternoon, copper water reported 10-20 / ton of water, good copper reported 50-60 yuan / ton of water, the transaction price is in the range of 46960 yuan / ton-47060 yuan / ton.

Aluminum: Lun Al opened at US $1827 per ton in the morning. In the Asian session, as the US index remained strong, the Lunal shock fell below the 20-day moving average in the afternoon, trading at $1822.5 a tonne as of 15:00. In Europe, the company continued to weaken into a falling low of $1818 a tonne, before it rebounded strongly and turned red over the 5-day moving average, trading at $1831 a tonne as of 16:51. Lun Aluminum on Monday after the pullback, has recorded two Lianyang, however, before the interest rate cut, the strong trend of the US index, so that the upper part of the aluminum is still under some pressure, and the LME inventory report showed a sharp increase of 34475 tons today, putting significant pressure on the breakthrough. Lun Al is expected to try to touch the 10-day moving average upward in the evening, recording a longer upper shadow line.

Shanghai Aluminum main 1909 contract opened at 13795 yuan / ton. After the opening of the market, the low level touched 13790 yuan / ton after the bulls took the initiative to increase their positions, and Shanghai Aluminum quickly broke through the 20-day moving average, followed by a decline in the release of social aluminum ingot inventory, giving bulls confidence to continue to raise aluminum prices to break through the daily average on 5-10-40. Short positions fled at the end of the day. Shanghai aluminum high touched 13895 yuan / ton, closed at 13890 yuan / ton. Positions increased by 9300 to 244892, while Shanghai Aluminum Index increased by 13494 to 685362. The unexpected decline in social aluminum ingot stocks exceeded previous expectations of weaker consumption downstream, bulls confidence rose, Shanghai aluminum also recorded Dayang.

Spot market, aluminum futures in the month of the opening shock upward. The spot price between Wuxi and Shanghai is between 13860 and 13880 yuan / ton, about 10 yuan / ton on the flat surface, 90 yuan / ton higher than yesterday, and the price in Hangzhou is between 13880 and 13890 yuan / ton. Today, the price of aluminum rose sharply, the receipt of a large household decreased, the source of the current month's invoice in the hands of the holder was limited, and not much of the shipment was priced higher. The middleman still showed an obvious willingness to receive the goods due to the existence of replenishment and ticketing demand. The market is actively traded due to the trading of traders, and the spot price is strong. Downstream fear of high, basic on-demand goods, the performance of calm. East China today as a whole, the transaction is better. Afternoon aluminum to maintain range fluctuations, the holder quoted between 13860 to 13880 yuan / ton, flat water on the plate-up 10 yuan / ton, the actual transaction is not much, the downstream is light.

Lead: within a day, Lun lead opened at US $2073 / tonne. In the Asian session, Lun lead basically ran along the daily average. In the afternoon, under the influence of LME lead premium structure from contango to back, Lun lead brushed a new high of US $2089.5 / tonne. However, the US $2090 / ton platform was suppressed, and Lun lead fell slightly to US $2082.5 / tonne, up US $6.51 / tonne, an increase of 0.31 per cent. Lun lead temporarily closed the Xiaoyang line, running along the upstream channel, superimposed LME lead inventory will be reduced by more than 1000 tons, the material LME lead rise discount will maintain the back structure, the back structure may even be expanded, night Lun lead may stand on the US $2090 / ton platform, the target is US $2100 / ton.

Within a day, the Shanghai lead 1909 contract opened at 16700 yuan / ton, and Shanghai lead basically fluctuated around 16700 yuan / ton throughout the day, with an amplitude of about 100 yuan / ton, and finally closed at 16695 yuan / ton, up 175 yuan / ton, an increase of 1.06%. The position was reduced by 2146 hands to 65446 hands. Shanghai lead report to close the lower shadow Xiaoyin line, the upward pace is delayed, but the 5-day moving average has strong support, at the same time, taking into account the strong trend of Shanghai lead to maintain a strong trend, Shanghai lead downward space may be limited at night, and do not rule out the possibility of continuing to turn red.

Shanghai market double Yan lead 16700 yuan / ton, 1909 contract discount 20 yuan / ton; Jinsha lead 16750 yuan / ton, 1909 contract water 30 yuan / ton; Jiangsu and Zhejiang Jijin, Wanyang, Minshan, copper crown lead 16615 to 16655 yuan / ton, 1908 contract discount 70 to 30 yuan / ton. Futures continued to rise, the holder with the quotation, and the downstream fear of high wait-and-see, inquiry is lower than yesterday, and due to price advantages, the downstream is still biased to the source of refinery goods, bulk single market trading.

Guangdong market Nanhua lead 16625 yuan / ton, the average price of SMM1# lead water 50 yuan / ton quotation; Jingui 16635 yuan / ton, 1908 contract discount 50 yuan / ton; southern gold sand 16635 yuan / ton, 1908 contract discount 50 yuan / ton; lead continued to rise, downstream is still dominated by rigid demand, market trading is relatively light. Henan Yuguang and other smelters mainly to long single transaction; Wanyang, Jinli 16475 yuan / ton, SMM1# lead discount 50 yuan / ton to discount 100 yuan / ton quotation; lead price shock upward, storage enterprises afraid of high careful mining, market transaction is bleak. Other areas such as: Shuikoushan 16475 yuan / ton, Hunan Shuikoushan 16475 yuan / ton, SMM1# lead average price sticker 16475 yuan / ton, Hunan Jingui 16475 yuan / ton, SMM1# lead average price discount 16475 yuan / ton; river copper 16550 yuan / ton, SMM1# lead average price rise water 75 yuan / ton; Yunnan Yunsha 16275 yuan / ton, SMM1# lead average price discount 300 yuan / ton; Some of the holders of small expansion of water shipment, terminal consumption is relatively low, the market trading mood is poor.

Zinc: Geneva zinc opened at US $2458.5 per tonne, and at the beginning of the day, the daily average of zinc steadily fell to US $2450 per tonne. In European trading, Len Zinc tried to test the strength of the daily average, but failed to stand firm. It was frustrated to lower the daily average by US $2437.5 / tonne, and then Xu Li returned to near the daily average, closing down US $2446 / ton, down US $8.50, or 0.35 per cent, as of 16 / 43. Geneva zinc anti-positive anti-fall, the overall operation around the middle track of Brin Road, the overseas contango structure narrowed again, to LME0-3 zinc spot rise paste water paste 3 US dollars / ton, superimposed LME zinc inventory recorded a continuous slight decline, spot market supply or more tight, night zinc prices may still support the operation above the 20-day moving average.

The main 1909 contract of Shanghai zinc opened at 19275 yuan / ton at the beginning of the day, opened high and low at the beginning of trading, and then maintained the center of gravity of operation around 19270 yuan / ton, running range not exceeding 30 yuan / ton, closing down 19270 yuan / ton, 10 yuan / ton lower than the previous transaction, down 0.05%, trading volume decreased 78352 hands to 268000 hands, and position increased 6288 hands to 266000 hands. the main contract for Shanghai zinc was opened at 19275 yuan / ton, at the beginning of the day, Shanghai zinc opened high and low at the beginning of the day, and reached 19245 yuan / ton at the beginning of trading, and then maintained the operating center of gravity around 19270 yuan / ton, with an operating range of no more than 30 yuan / ton. During the day, Shanghai zinc pressure Brin Road middle rail operation, long-short game under Shanghai zinc as a whole has no obvious upward or downward trend, the trend is relatively stable, within the day capital move position far month, 10, 11 contracts cumulative increase of about 20,000 hands, far month increase positions are mainly short, indicating that the market bearish mood or strong, pay attention to Brindao middle rail suppression at night.

Shanghai 0 # zinc mainstream transaction 19400 1930 yuan / ton, double Yan, Chi Hong transaction in 1910 1940 yuan / ton, 0 # ordinary August water 70 80 yuan / ton; Shuangyan, Chi Hong reported 80 100 yuan / ton. 1 # the mainstream transaction was between 19320 and 19350 yuan per ton. Zinc futures remain stable, the market quotation is also stable yesterday at Shengshui 70 80 yuan / ton or so, early market trading on the basis of net average price transactions are more concentrated and smooth, premium transactions are less, the market more and less supply to maintain a relatively abundant state. Entering the second trading period, the quotation remained stable and changed little, and the transaction of 70 yuan per ton was relatively smooth, but the trading between traders was the main one, and the transaction between the downstream brands was weak, and the orders under the influence of the off-season were relatively poor. The willingness to inquire and purchase downstream prices was significantly cooled, and the overall transaction was not much higher than that of yesterday.

Guangdong 0 # zinc mainstream transaction in 19250 to 19300 yuan / ton, Shanghai zinc 1909 contract discount 50 to 40 yuan / ton, Guangdong market than Shanghai market since Friday discount 140 yuan / ton narrowed to discount 130 yuan / ton. The refinery shipment is normal, the market supply circulation is more abundant. The early quotation of the holder focused on the average price of-10 yuan / ton, the market transaction has not been significantly boosted, into the second trading period, the shipper is willing to paste 40 yuan / ton shipment to the 09 contract, the consignee is willing to post 50 yuan / ton shipment to the 09 contract, the market transaction appears stalemate, the transaction has not improved. Overall, the transaction situation in Guangdong today is basically flat compared with yesterday. 0# Kirin, Cishan, Tiefeng and Mengzi mainstream were sold at about 19250 to 19300 yuan per ton.

Tianjin market 0 # zinc ingot mainstream transaction in 1950 to 20310 yuan / ton, 0 # ordinary brand mainstream transaction in 1950 to 19400 yuan / ton, 1908 contract water 40 to 80 yuan / ton, Tianjin market than Shanghai stock market from yesterday Pingshui near to discount 20 yuan / ton. Refinery normal shipment, the market supply circulation is more abundant, the holder early quotation concentrated in the 08 contract rising water 80 to 120 yuan / ton, but the market supply is abundant, the downstream receiving willingness has not appeared, the follow-up some holders take the lead in lowering the quotation to the 08 contract rising water 40 to 80 yuan / ton, the market appears partial transaction, the transaction is mostly concentrated in the lower quotation brand supply. Overall, today's Tianjin market transaction atmosphere continued light, spot water rapid decline, some holders cherish the willingness to sell stronger, the overall transaction situation is basically flat compared with yesterday. 0 # Zijin, Hongye, lark, Chihong and other transactions in 1950 to 19400 yuan / ton, 1 # Zijin, Chihong, Hongye and other transactions in 19300 to 19350 yuan / ton.

Tin: after the opening of the $17935 / ton electronic disk today, the sub-session was generally kept in horizontal order near the opening price, and was affected by the rise in the center of gravity of the US dollar index at the end of the day. After the opening of the European trading, continued the decline in late Asian trading, fell to US $17675 / ton before bottoming up, as of 17-30, Lunxi's latest price is $17840 / ton, a negative line, the physical part is near the 10-day moving average, the physical part is supported by the 5-day moving average, and the lower support is expected to be near the previous low of $17500 / ton. This evening, you can pay attention to the number of initial jobless claims in the United States for the week ended July 20 (10,000).

Shanghai tin main 1909 contract last night after the opening of 133990 yuan / ton, at the beginning of the day due to bulls increased positions quickly rose to 135460 yuan / ton, and then Shanghai tin overall maintained at the daily average of 134900 yuan / ton shock finishing. After the opening of 135160 yuan / ton in early trading this morning, due to the departure of short positions at the beginning of the day, Shanghai tin quickly rushed to an intraday high of 136220 yuan / ton, and then until the close, Shanghai tin showed a downward trend of concussion, finally closing at 134800 yuan / ton, up 1070 yuan / ton, up 0.80 per cent. The trading volume was 30324, a decrease of 17236. The position was reduced by 28104 hands. Today, due to the increase of long positions and the departure of short positions, the center of gravity of tin in Shanghai has risen, and the tin in Shanghai has changed from interval concussion to triangular shape. It is estimated that the resistance above tin in the short-term Shanghai period will be around 136000 yuan / ton, and the lower support will be around 134000 yuan / ton. We are waiting for the direction of tin in Shanghai in the near future.

Spot market, this morning the mainstream transaction price 135000 136700 yuan / ton, some sets this morning cautious procurement of a small number of low-priced sources, downstream enterprises due to the rise in tin ingot prices to maintain a weak state. In the afternoon, due to the fall in spot prices in Shanghai, the mainstream trading price in the afternoon was 134500136500 yuan / ton, and the actual transaction in the spot market did not improve in the afternoon. Today, the spot market transaction atmosphere is general, set Yunxi rising water 1000 yuan / ton, ordinary cloud word rising water 700 500 yuan / ton, small brand rising water 400 yuan / ton-flat water.

Nickel: nickel Asia opened at US $14530 / tonne today. After a brief consolidation of the daily moving average, the daily average began to fall. Towards noon, the decline slowed down, finishing horizontally around US $14370 / ton. In the afternoon, Lennie continued its morning decline until the bottom of the $14000 / tonne barrier was temporarily supported to hit a low rebound, with volatility of $500a tonne over the day. Today, nickel stocks did not show a significant decline, a small increase of 444 tons. As of 16 to 50, it was quoted at US $14050 per ton. Lennie closed at the big shade line today, with the Yin column falling below the 5-day and 10-day moving average, with temporary support at the $14000 mark below.

The Shanghai nickel 1910 contract opened at 113700 yuan / ton today. At the beginning of the day, Shanghai nickel opened high and walked low, mainly with long positions reduced. Shanghai nickel fluctuated in a narrow range after falling to about 113000 yuan / ton. Near the close of the morning, Shanghai nickel further down, but in time to stop the decline to recover. In the afternoon, Shanghai nickel short increased a large number of positions, Shanghai nickel concussion fell to 112000 tons after a narrow consolidation, and then due to weak operating pressure, bulls continued to reduce positions, by the end of the day, Shanghai nickel bottomed out 110000, fluctuating 3700 yuan all day, closing at 110040 yuan / ton. The main Shanghai nickel market fell 1910 yuan, or 1.71 percent, from the previous day's settlement price. Trading volume increased by 378000 hands to 1.563 million hands, and position volume increased by 29600 hands to 343000 hands. Close in the big Yin line, above the pressure of the 5-day moving average, pay attention to the trend of bulls in the evening, as a whole, Shanghai nickel correction in the early period of long funds have not been greatly reduced positions, nickel prices are still in the consolidation range.

SMM1# electrolytic nickel 112200 114200 yuan / ton. Russia and nickel than Shanghai nickel 1908 sticker 300-stick 200 yuan / ton, Jinchuan nickel than Shanghai nickel 1908 contract generally reported a rise of 1500 to 17700 yuan / ton, basically the same as yesterday. However, in the past two days, the transaction of discount 350-discount 300 is relatively active. Early trading hours, nickel prices opened low, to 112500 after consolidation, today's spot continued to ship a small number of goods, more for traders to replenish each other, downstream cautious procurement. Nickel prices continued to fall after the second trading period continued to fluctuate, but the stimulus to the market was limited, and the transaction enthusiasm continued in the early trading period. The ex-factory price of Jinchuan Company was quoted at 114000, 1700 yuan / ton higher than yesterday, and the mainstream transaction was 112200 to 114200 yuan / ton. Afternoon nickel prices fell in a straight line after the opening of trading, to a certain extent to stimulate the enthusiasm of spot transactions, part of the downstream procurement, the mainstream transaction at 110000 to 112000 yuan / ton.

 

 

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