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[SMM afternoon Review] the rise and fall of non-ferrous metals are mixed and Shanghai zinc outshines others.
Jul 29,2019 12:28CST
translation
Source:SMM
The non-ferrous metals market was mixed this morning, with the exception of Shanghai zinc rising, the rest of the metals were lower. By the end of the afternoon, Shanghai zinc was up 1.3% at 19475, Shanghai copper was down 0.25%, Shanghai aluminum was down 0.32%, Shanghai lead was down 0.68%, and Shanghai nickel was down 0.29%. In the black system, the price of iron ore is relatively strong, closing up 0.45%, thread, hot winding down more than 1%.
The content below was translated by Tencent automatically for reference.

SMM7 29 month news: this morning, the non-ferrous metals market up and down mutually, in addition to Shanghai zinc rose, the rest of the metals are lower. By the end of the afternoon, Shanghai zinc was up 1.3% at 19475, Shanghai copper was down 0.25%, Shanghai aluminum was down 0.32%, Shanghai lead was down 0.68%, and Shanghai nickel was down 0.29%. In the black system, the price of iron ore is relatively strong, closing up 0.45%, thread, hot winding down more than 1%.

In Shanghai, the rise in zinc prices was mainly driven by lower inventories. The SMM survey found that social inventories of zinc in the three places fell by 1100 tons as of July 26 and 6700 tons to 144500 tons from last Monday. SMM analysis believes that inventories continued to decline last week, mainly due to some refineries and import shipments are not much, and downstream this week on the low replenishment of goods, led to out of the warehouse behavior, inventory recorded a decline. Domestic inventories have fallen again based on fundamentals, but bulls' confidence remains to be considered under expectations of an increase in inventories. For more information, "[SMM interpretation] Shanghai zinc rose 1.33 per cent, inventory fell outside the market pulled as an inducement.

There are many fundamental events this week, such as the convening of the Politburo meeting, the Federal Reserve interest rate meeting, the resumption of trade negotiations between China and the United States, the United States non-agricultural data and many other events will affect the trend of the metal market. As a result, there is no clear market-driven metal, its trend is more cautious, waiting for more macro events to gradually fall to the ground.

In the black system, the price of iron ore is relatively strong, closing up 0.45%, thread, hot winding down more than 1%. Iron ore is stronger against a backdrop of a rebound in the port of iron ore last week after going back to the countryside after 14 consecutive weeks of decline. Trade negotiations coupled with the current environmental protection and production restriction policy in August is not clear, the end of the wood is still under pressure.

Crude oil fell 0.45% to 440.5 yuan a barrel. On the news side, the situation in the Middle East was not enough to support the rise in oil prices, after the impact of the hurricane gradually faded. Earlier, Iran said the emergency meeting with the parties to the 2015 nuclear agreement was constructive, suggesting that tensions in the Middle East had eased. Abbas Araqchi, Iran's senior nuclear negotiator, said on Sunday that Iran's emergency meeting with the parties to the 2015 nuclear deal was constructive, but that issues remained unresolved and that Tehran would continue to reduce its nuclear commitments if European countries failed to save the deal.

Hedge funds and other fund managers reduced their net long positions in U. S. crude oil futures and options in the week ended July 23, according to data released Friday by the Commodity Futures Trading Commission (CFTC). Speculators reduced their net long positions in crude oil futures and options in New York and London by a total of 33232 to 172126. Us energy companies cut the number of oil rigs for the fourth week in a row, sending the number of rigs down for the eighth month in a row as a global oversupply pushed down oil prices, prompting oil companies to continue their spending cuts.

Today's spot

Copper: today Yangshan copper warehouse bill quotation 52-68 US dollars / ton, bill of lading quotation 53-68 US dollars / ton, QP September. LME0-3 discount 22 US dollars / ton, import loss of about 100 yuan / ton. The import price on Monday was better than last week, but there were fewer inquiries in the foreign trade market in the morning, and demand did not improve. Due to the small supply of goods in the market, traders offer enthusiasm is not high, the trading atmosphere is light, buyers and sellers hold more wait-and-see attitude. Today, market prices remain unchanged for the time being, but the rise has become weak and is more likely to fall in the future.

Aluminum: July 29, 2019 SMM A00 aluminum 13840 to 13880 yuan / ton, the average price is 13860 yuan / ton, down 80 yuan / ton compared with yesterday, nearly 5 days average price is 13886.67 yuan / ton, nearly January average price is 13794.76 yuan / ton. A00 aluminum (Foshan) 13850 to 13890 yuan / ton, the average price is 13870 yuan / ton, down 70 yuan / ton from yesterday, nearly 5 days average price is 13893.33 yuan / ton, nearly January average price is 13809.05 yuan / ton.

Lead: July 29, 2019 SMM1# electrolytic lead 16550 to 16700 yuan / ton, the average price is 16625 yuan / ton, down 75.00 yuan / ton compared with yesterday, nearly 5 days average price is 16633.33 yuan / ton, nearly January average price is 16204.76 yuan / ton. The average price of recycled refined lead is 16350 yuan / ton, with an average price of 16425 yuan / ton, down 25.00yuan / ton from yesterday, the average price of nearly 5 days is 16400.00 yuan / ton, and the average price of nearly one month is 16042.86 yuan / ton.

Zinc: Shanghai 0 # zinc mainstream transaction 1930 to 19520 yuan / ton, Shuangyan transaction in 1930 to 19530 yuan / ton; 0 # ordinary monthly ticket to August 70 to 80 yuan / ton; Shuangyan current monthly ticket to August reported water rise to 80 yuan / ton; 1 # mainstream transaction to 1960 to 1942 20 yuan / ton. Near the end of the month, traders traded more and less, and occasionally the average price of long orders fluctuated. In the morning market, traders offered a tentative quotation of 80 yuan per ton for the current month, while the latter part of the quotation went down to 70 yuan per ton for the month, and the market transaction was still very few. There has been a slight increase in ticket transactions next month, mainly for the month's rise of 60 yuan per ton. Into the second trading period, trading sentiment further diluted, the disk upstream after the downstream inquiry is few. Today's transaction was further worse than last Friday.

Nickel: Russia and nickel than Shanghai nickel 1908 discount 200-paste 150 yuan / ton or so, but the actual transaction to discount 250 yuan / ton is more active, narrowed slightly than last Friday. Jinchuan nickel generally reported a water rise of 1800 yuan per ton compared with the Shanghai nickel 1908 contract, slightly narrower than last week. In early trading, nickel prices rose and fell back, in the process of falling, 110700, 110500, 110300 have a small amount of transactions, Russian nickel and Jinchuan nickel have. The holder's willingness to push up the discount is strong, mainly due to the low inflow of goods in the later period. Jinchuan company maintenance stage, the supply is tight. The second trading period, nickel prices around 109000 yuan / ton consolidation, spot transactions slightly improved than in the morning, but the overall pace of taking goods is still cautious, downstream on-demand procurement, traders are also willing to paste 300yuan / ton replenishment, but the low price goods are uncomfortable. Jinchuan ex-factory price of 111500 yuan / ton, down 1000 yuan / ton from Friday, the mainstream transaction at 109700 to 111800 yuan / ton.

Tin: spot market, this morning the mainstream transaction price 1345000 135500 yuan / ton, the morning Shanghai tin main 1909 contract fell sharply, the lowest down to 133400 yuan / ton, some businesses replenish goods on the cheap. But then the disk pullback, the market transaction atmosphere weakened. This morning, the overall trading atmosphere of the Shanghai tin spot market is general. Set Yunxi rising water 1200 to 1500 yuan / ton, ordinary cloud word rising water 700 to 1000 yuan / ton, small brand rising water 500 to 600 yuan / ton.

On July 29, 2019, the SMM nickel bean bonded area increased the water to US $80.00 / ton, which was flat compared with the previous working day, and the SMM nickel bean spot market increased the discount to 1500.00 yuan / ton, which was flat compared with the previous working day.

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