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July 26 SMM basic Metals spot Trading Day Review
Jul 26,2019 19:46CST
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Source:SMM
July 26 SMM basic Metals spot Trading Day Review
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Copper: today, Yapanlun copper opened low at US $5991 per tonne. After the opening morning, the macro performance was light, the market waited for macro guidance, and copper prices were basically stable near the daily moving average, with a volatility of no more than US $13 / ton. Until entering the European market, after a small probe of US $6003.5 / ton at the beginning of the day, due to the impact of the ECB's interest rate cut expectations, market sentiment turned negative, bulls took the initiative to close their positions, and Lun Copper quickly fell below the US $6000 mark to a low of US $5962 / tonne, and then maintained a low concussion pattern. At 16: 00, bronze was down 0.33% at $5969 a tonne, the dollar index at $97.897 and crude at $56.21 a barrel. In the evening, we mainly focused on the second quarter GDP data in the United States, which is not expected to be optimistic and will guide the Fed's monetary policy. At present, Lun Copper negative body center of gravity continues to explore, the lower shadow line has been in contact with the lower Brin middle rail, guard against the negative after the fall. Wait for guidance from the dollar and crude oil at night to test whether Lentong can hold the $5960 / ton mark at night.

This morning, the main contract of Shanghai Copper 1909 opened at 46980 yuan / ton, opened at the lowest level of 46930 yuan / ton during the downward exploration day, then reduced its short position, and continued to rise after the disk exploration was low. until the afternoon, the market remained at 46970 yuan to 47040 yuan / ton. After the opening of afternoon trading, the market briefly rushed to the highest level of 47120 yuan / ton in the day. The market lacked confidence in the high. After a small probe, it fell back. At the end of the day, it closed at 47050 yuan / ton, down 10 yuan / ton, and after the opening of the afternoon, the market briefly rushed to the highest level of 47120 yuan / ton. The market lacked confidence in the high level. After a small probe, it fell back, closing at 47050 yuan / ton, down 10 yuan / ton. It was down 0.02%. Today, the position of Shanghai Copper's main contract decreased by 3138 hands to 243000, the trading volume increased by 8922 hands to 107000 hands, the Shanghai Copper Index's position volume decreased by 4220 hands to 570000 hands today, and the trading volume increased by 3320 hands to 195000 hands. At present, Shanghai Copper is bearing pressure on the strong high level of the US dollar, and it is difficult to have the impulse to do so, and the trend of the US dollar rose strongly to 97.9 in the afternoon, as the market generally believes that the Fed will not adopt a large-scale easing monetary policy, and the expectation of a 50 basis point cut in interest rates has basically been digested. The dollar is at a high level and copper prices continue to be under pressure. At the same time, the market is waiting for next week's Sino-US trade talks to test whether it can further boost copper prices. Today, Shanghai copper continued to close the shade, the next shadow line nearly broke the Brin middle rail, the upper pressure 5-day moving average, technical indicators continue to be negative to the copper market. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can stand at the 47000 yuan / ton gate.

Today, the spot price of electrolytic copper in Shanghai is 10 yuan / ton to 50 yuan / ton, the transaction price of flat water copper is 46940 yuan / ton ~ 46970 yuan / ton, and the transaction price of copper is 46970 yuan / ton ~ 47000 yuan / ton. Shanghai copper continues to shock around 47000 yuan / ton, the weekend is coming, and the long order has basically come to an end, most of the holders have quoted next month's invoice price, next month the ticket holder will report flat water to 30 yuan / ton, the spot purchase is weak, the holder will take the initiative to reduce the price in order to close the deal, the flat copper will take the lead in the transaction, and the transaction will be around 10 yuan / ton discount, and the good copper report will improve only when the water is 20 to 30 yuan / ton. For some downstream, it is still necessary to issue a ticket in the current month. Good copper is about 40 yuan per ton of water, and flat water copper is quoted at about 10 yuan per ton of water. The wet copper is deadlocked at the level of 60 yuan / ton to 30 yuan / ton. Futures market is also difficult to get rid of the interval concussion pattern, traders still maintain the willingness to find goods at low prices, especially flat copper, the willingness to buy a larger discount range, but the market can be reduced to a larger discount brand sources and holders are limited, supply and demand sides are still divided, temporarily maintain a stalemate over the weekend. However, near the end of next week, capital and high temperature weather on the production of downstream enterprises have a certain pressure, trade flows are difficult to significantly increase, spot discount may gradually expand. In the afternoon, as enterprises gradually enter the settlement at the end of the month, the overall trading of the market is light, and the market is basically completely quoted for next month's tickets. In the afternoon, Pingshui copper report discount 10 yuan / ton ~ flat water, good copper report water 20 yuan / ton ~ 30 yuan / ton, the transaction price is in the range of 46930 yuan / ton ~ 47080 yuan / ton.

Aluminum: Lun Aluminum jumped open at US $1825 / ton in the morning, stopped slightly higher at US $1828 / ton at the beginning of the day, and then began to go down all the way, falling to an intraday low of US $1811.5 / ton after entering the European trading session, brushing a new three-day low. As of 16:50, Lun Aluminum closed at a low of US $1811.5 / ton, giving back all its gains this week, with its center of gravity below the 10-day moving average, and the third line of KDJ continued to fall sharply. The MACD green line is elongated. Today, the US index continued to pull higher, recording 6 days Lianyang, a high of 97.917, outside metal pressure, at the same time, following yesterday's large increase in London aluminum inventory of more than 40, 000 tons, today again rose 33350 tons, Lun aluminum trend pressure is weak, down 1805 US dollars / ton. It is expected to continue to maintain weak volatility in the evening, and continue to pay attention to macro data such as GDP in the second quarter of the United States and changes in market atmosphere.

The Shanghai Aluminum main Company 1909 contract opened at 13910 yuan / ton in the morning. In the first trading stage, the bullion increased its position and pushed up the aluminum price by 13950 yuan / ton within a day. Due to the greater pressure above, the long profit closing position in the second trading stage left the market. The aluminum price fell all the way down to around 13880 yuan / ton. It sank at the end of the day, closing at the lowest 13875 yuan / ton in the day, up 30 yuan / ton, up 0.22%, and the trading volume was reduced by 3556 hands to 121000 hands. Position increased 104 hands to 245000 hands, closed at the small shade line, daily MACD line elongated. Shanghai aluminum fundamentals are still weak this week, is expected to maintain range fluctuations next week, the upper space is limited, focus on the results of the 12th round of Sino-US economic and trade negotiations next week.

Spot market, aluminum futures in the month opened concussion upward, the second trading range center of gravity fell back. In the morning, the spot price of Wuxi in Shanghai was between 13930 and 13940 yuan / ton, about 10 yuan / ton on the flat surface, about 50 yuan / ton higher than yesterday, and the aluminum decreased after 10: 30. The market price gradually concentrated between 13900 and 13920 yuan / ton, and the price in Hangzhou was between 13940 and 13960 yuan / ton, and the price in Hangzhou area was between 13940 and 13960 yuan / ton. The market price was gradually concentrated between 13900-13920 yuan / ton, and the market price was gradually concentrated between 13900-13920 yuan / ton, and the price in Hangzhou was between 13940 and 13960 yuan / ton. Today, aluminum prices have risen for two days in a row, and the market was still active due to the receipt of goods by a large household in the morning, but with the suspension of its receipt, trading between traders began to show a stalemate. As a result of the price rebound, the holder shipment is very active and the middleman is willing to accept the goods convergence, the market shows more and less. Downstream due to a few days ago has been part of the stock, superimposed today's fear of high sentiment is obvious, today did not show signs of weekend stock. The overall transaction in East China today was all right. The afternoon aluminum continued to fall back, although the holder quoted between 13870 to 13880 yuan / ton, flat water on the plate-up 10 yuan / ton, but the actual transaction is rare.

Lead: within a day, Lun lead opened at US $2098.5 / ton. In the Asian session, affected by the expansion of the back structure of LME lead premium, the Lun lead shock platform was moved to US $2109 / ton. In the afternoon, by the continued strengthening of the US Index, the outer disk of non-ferrous metals collectively weakened, and Lun lead also fell to US $2090 / tonne under pressure. Later, due to a further drop in LME lead stocks, the bulls entered the market at a low price, and Lun lead slowly returned to the market, as of 17 / 09, Lun lead temporarily closed at $2102.5 a tonne, up $5.50, or 0.26 per cent. Lun lead temporarily closed the Xiaoyang line, running along Brin Road, and the upward market has not changed, the continuous decline of LME lead stocks, as well as the expansion of LME lead premium back structure may offset the suppression of the strength of the US Index, it is expected that the lead will maintain a strong trend at night, and do not rule out the possibility of brushing new highs.

Within a day, the Shanghai lead 1909 contract opened at 16865 yuan / ton. At the beginning of the day, Shanghai lead basically ran around the daily average. In the afternoon, some bulls chose to leave the market at a profit. Shanghai lead once fell to 16760 yuan / ton, and finally closed at 16765 yuan / ton, up 80 yuan / ton, or 0.48%, and the position was reduced by 2848 hands to 68294 hands. Shanghai lead report long film Xiaoyin line, weak upward, and the 5-day moving average upward market slows down, night Shanghai lead or high shock, if the night Lun lead brush a new high, or promote the strength of Shanghai lead.

Shanghai market double Yan lead 16840 yuan / ton, 1909 contract discount 20 yuan / ton; Jinsha lead 16840 yuan / ton, 1908 contract water 20 yuan / ton; Jiangsu and Zhejiang area Jijin, Wanyang, Minshan, copper crown lead 16750 to 16790 yuan / ton, 1908 contract discount 70 to 30 yuan / ton. Futures continued to be strong, holders quoted price discount than yesterday basically stable, but downstream careful collection, and wait-and-see mood is strong, inquiry is few, some storage enterprises to long single procurement-based, bulk single market transactions are weak.

Guangdong market Nanhua lead 16750 yuan / ton, the average price of SMM1# lead water 50 yuan / ton quotation; Jingui 16770 yuan / ton, 1908 contract discount 50 yuan / ton; lead continued to rise, downstream is still mainly rigid demand, market trading is relatively light. Henan Yuguang and other smelters mainly to long single transaction; Wanyang, Jinli 16600 to 16650 yuan / ton, SMM1# lead discount 50 yuan / ton to discount 100yuan / ton; Henan small plant lead 16550 yuan / ton, SMM1# lead discount 150yuan / ton. Lead price shock upward, storage enterprises afraid of high cautious mining, market transactions in general. Other areas such as: Hunan Shuikoushan 16475 yuan / ton, the average price of SMM1# lead sticker 16600 yuan / ton, Hunan Jingui 16600 yuan / ton, SMM1# lead average price discount 100 yuan / ton; river copper 16750 yuan / ton, to SMM1# lead average price rise water 50 yuan / ton quotation; Yunnan area small factory quote 16350 yuan / ton, SMM1# lead average price discount 350 yuan / ton; The holder continues the discount shipment, the terminal consumption is relatively depressed, the market trading mood is general.

Zinc: zinc Geneva opened at US $2429.5 / tonne. At the beginning of the day, Len Zinc fluctuated within a narrow range near the daily average, with an operating range of no more than US $5 / tonne. In European trading, the center of gravity of Len Zinc rose slightly to US $2430 per tonne. However, dragged down by the US finger, Shanghai Zinc fell rapidly and fell US $2417 / tonne as of 16-27. As of 16-27, Len Zinc temporarily closed down US $2418 / tonne, down US $9 / tonne, or 0.37%. Geneva zinc temporarily closed for two consecutive shade, the overall jump off the middle track of Brin Road, attached to the 5-day moving average, overseas contango structure continues to shrink to LME0-3 zinc spot discount of US $3 / ton, superimposed LME zinc inventory continues to decline, but the decline continues to shrink, less than expected, the action on the zinc can or still be considered, pay attention to the 20-day moving average at night.

The main 1909 contract of Shanghai zinc opened at 19160 yuan / ton at the beginning of the day, and reached 19215 yuan / ton at the beginning of the day, then fell back after a narrow concussion of 19200 yuan / ton, and was boosted by the external market in the afternoon. Short position reduction, Shanghai zinc operation center of gravity moved up to above the daily average, closed down 19250 yuan / ton, down 50 yuan / ton, down 0.26%, trading volume increased 38748 hands to 306000 hands, position reduced 2224 hands to 263000 hands. Within the day, Shanghai zinc harvest cross star, the overall jump off the middle track operation, the spot market near the end of the month traders trading light, downstream consumption is still weak, failed to give some support to zinc prices, superimposed this week domestic refineries arrival is still less, the follow-up market is still strong expectations for cumulative storage, Shanghai zinc support or more limited, pay attention to the upper Bolindao middle rail suppression efforts at night.

Shanghai 0# zinc mainstream transaction 1960-19300 yuan / ton, Shuangyan 1960-19300 yuan / ton, Chihong transactions in 19300-1930-0 # ordinary August water 70-80 yuan / ton; Shuangyan reported water 70-80 yuan / ton; Chi Hong newspaper rising water between 100 and 120 yuan / ton, double Yan reported rising water 70-80 yuan / ton, double Yan reported rising water 70-80 yuan / ton, double Yan reported rising water 70-80 yuan / ton, and Chi Hong reported rising water between 100 and 120 yuan / ton. 1 # Chi Hong mainstream transaction in 1910 to 19260 yuan / ton. Within a month, long single trading basically ended yesterday, coupled with the near end of the month between traders between the willingness to trade is relatively light. Although the market price is lower than yesterday, but the premium remains weak. In the morning, some of the tentative quotations will be between 70 yuan and 80 yuan per ton, and 60 yuan per ton next month. The mainstream quotation in the market is mainly 5 yuan / ton lower than the average price. Shuangyan quotation is basically the same as the ordinary, Chihong due to the supply of less quoted water between 100 and 120 yuan / ton. Enter the second trading period, trade transactions are still cold, the current month ticket transactions rose 70 yuan / ton, next month ticket transactions rose 60 yuan / ton. Near the weekend, the intention of replenishing the bank is getting better, and the transaction of the downstream is slightly better. The overall transaction of today is weaker than that of yesterday.

Guangdong 0 # zinc mainstream transaction in 19120 19160 yuan / ton, Shanghai zinc 1909 contract discount 40 to 30 yuan / ton, Guangdong market than Shanghai market discount 130 yuan / ton yesterday narrowed to 120 yuan / ton discount. The refinery shipment is normal, the market supply circulation is more abundant. Disk down, the morning holder quotation focused on the average price around 10 yuan / ton, another part of the holder quotation concentrated on the 09 contract discount 40-30 yuan / ton, strong willingness to push the price, but near the end of the month there is no more demand, superimposed downstream orders continue to change, downstream there is no strong willingness to receive goods, the market trading atmosphere is flat, traders contribute to a small number of transactions. Overall, the transaction situation in Guangdong today was basically flat compared with yesterday and did not improve.

Tianjin market 0 # zinc ingot mainstream transaction in 19240 20040 yuan / ton, 0 # ordinary brand mainstream transaction in 19240 19300 yuan / ton, 1908 contract water 40 to 80 yuan / ton, Tianjin market than Shanghai stock market to maintain the discount 20 yuan / ton. Refinery shipment is normal, the market supply circulation is more abundant, the holder early quotation is concentrated in the 08 contract rising water 40 100 yuan / ton nearby, coincides with the market surface decline adjustment, downstream meets the low rigid demand to buy concentrated in the low price ordinary brand, the holder sees the situation to lower the high price brand goods source to rise the water to the 08 contract rising water 40 80 yuan / ton, the market transaction slightly improves, however, the transaction is still mainly to the low price brand goods source. Overall, the disk downward superposition weekend is just around the corner, downstream every fall there is still a small amount of rigid demand to buy, the market transaction activity has increased compared with yesterday, the overall transaction situation has improved compared with yesterday. 0 # Zijin, Hongye, lark, Chihong and other transactions in 19240 19300 yuan / ton, 1 # Zijin, Chihong, Hongye and other transactions in 19190 19250 yuan / ton.

Tin: after the opening of the $17840 / ton electronic disk today, the sub-session generally remained volatile near the opening price, and was held back by the rise of the US dollar index at the end of the day. After the opening of the European trading, continued this decline, as of 18-45, Lunxi's latest price is $17735 / ton, a negative line, the physical part is near the 5-day moving average, above the pressure on the 10-day moving average, the lower support is expected to be near the previous platform low of $17500 / ton. This evening can focus on the United States in the second quarter of the actual GDP annualized quarterly rate of the initial value (%).

Shanghai tin main 1909 contract last night after the opening of 134780 yuan / ton, overall showed a trend of promotion and then suppression, the initial shock rose to 135240 yuan / ton and then blocked down, all the way down to the intraday low of 134330 yuan / ton. Draw back quickly at the end of the day. After the opening of 134550 yuan / ton in early trading this morning, the overall upward trend showed a slight shock, falling back after hitting an intra-day high of 135650 yuan / ton, and finally closing at 135300 yuan / ton, up 134550 yuan / ton, an increase of 0.37 per cent. The trading volume was 17600, a decrease of 12724. The number of positions was reduced by 27234 hands. Today, Shanghai tin closed with a small positive line, the physical part is located near the 20-day moving average, the lower shadow line is near the 5-10-day moving average, the resistance above the short-term Shanghai tin is expected to be around 136000 yuan / ton, and the lower support is around 134000 yuan / ton.

Spot market, today's mainstream transaction price of 135000 to 136500 yuan / ton, near the end of the month market demand is weak, coupled with the source of goods today due to the Shanghai tin plate prices are not favored. The overall transaction atmosphere of Shanghai-tin spot market is weak. Set Yunxi water 1000 to 1200 yuan / ton, ordinary cloud character water 600 to 1200 yuan / ton, small brand water 300 to 1200 yuan / ton.

Nickel: nickel opened at $14030 a tonne today. Nickel rose sharply at the start of the day, pushing up $14235 a tonne. After being blocked, the center of gravity fluctuated slightly around the $14180 / tonne line. In the afternoon, Lennie fell back slightly, fluctuating broadly above the daily moving average, reporting at $14190 a tonne as of 16. 00. The nickel is temporarily closed at the Xiaoyang line, supported by the $14000 / tonne barrier below, and faces resistance after cross-bonding with the 5-10-day moving average, which is expected to fluctuate in the evening range of $14000 to $14300 per tonne. Today, we focus on the initial value of the actual quarterly rate of real GDP in the second quarter and the quarterly rate of actual personal consumption expenditure in the second quarter.

Shanghai nickel 1910 opened today at 109870 yuan / ton, before noon, bulls increased positions, Shanghai nickel concussion rose to 111600 yuan / ton first line pressure, the center of gravity around 111400 yuan / ton concussion finishing. In the afternoon, Shanghai nickel weakened slightly and its center of gravity shifted downward, fluctuating in a narrow range at 111000 yuan per ton, closing at 111240 yuan per ton, down 1320 yuan per ton, or 1.17 percent, from the previous day's settlement price. Position volume decreased by 7200 hands to 336000 hands, and trading volume by 242000 hands to 1.321 million hands. Throughout the day, the Shanghai nickel 1910 contract closed at the Xiaoyang line, above the 5, 10-day moving average cross pressure, Shanghai nickel is expected to bear pressure of 112000 yuan / ton line, in the 110000 yuan / ton pass above the range of concussion operation.

Spot market, Russian nickel than Shanghai nickel 1908 discount 250-paste 200 yuan / ton, there are individual traders reported discount 300 yuan / ton, but the amount is less. Jinchuan nickel than Shanghai nickel 1908 contract generally reported a water rise of 1800 yuan / ton, this month's invoice generally reported a water rise of 2000 yuan / ton, compared with yesterday continued to expand slightly. Early trading hours, nickel price below 110000 short consolidation, all the way forward, downstream in 110500 and 110600 yuan around a small amount of Russian nickel transactions, Jinchuan nickel is relatively light, but most of the inquirers, nickel price rebound to inhibit the rhythm of downstream goods. In the second trading session, nickel price around 111000 yuan / ton consolidation, spot trading continued to continue the morning mood, cautious wait-and-see, Jinchuan nickel Shanghai quotation 112500 yuan / ton, down 1500 yuan / ton from yesterday, the mainstream transaction at 110700 / 113100 yuan / ton. In the afternoon, nickel prices continued to fluctuate, spot trading sentiment continued in the morning, the whole day transactions in general.

 

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