September 11 SMM basic Metals spot Trading Day Review

Copper: Yapanlun copper opened at $5818 a tonne today. Copper prices moved down after opening and hit $5792 a tonne in the morning. Due to concerns about the impact of the strike in Peru on copper supply, Lun Copper began to rise in a straight line around 11:00 and began to fall back after rising $5833.5 per tonne, and copper prices briefly fluctuated around the position of $5820 per tonne. After entering the European session, the dollar index strengthened, affected by the copper price fell again, intraday trading down $5795.5 / ton after the center of gravity returned to around $5805 / ton. Today, Luntong was affected by Brexit and the uncertainty of the European Central Bank decision, the market is divided, long and short forces to compete. At 17-30, bronze was at $5798 a tonne, down $11.50 a tonne, the dollar index at $98.472 and US crude at $58.20 a barrel. In the evening, we focused on the annual rate of US PPI in August and the changes in EIA crude oil stocks in the week ended September 6. At present, Lun Copper is closed slightly, the pressure-bearing 5-day moving average, KDJ index expansion convergence, is expected to compete around the US $5800 / ton barrier in the short term. Waiting for guidance from the dollar and crude oil at night, test whether Lun copper can hold on to the $5800 / tonne position.

Today, the main contract of Shanghai Copper opened at 47320 yuan / ton in the morning, and opened to 47200 yuan / ton below the daily average, then immediately rebounded, and the center of gravity briefly remained stable at around 47250 yuan / ton until the end of noon. In the afternoon opening, the highest level in the day was 47340 yuan / ton, the high was difficult to maintain, the center of gravity shock fell back to 47300 yuan / ton, the end of the day closed at 47290 yuan / ton, down 100 yuan / ton, down 0.21%. Today, Shanghai Copper main contract short position increased by 3290 hands to 216000 hands. Trading volume increased by 25000 hands to 128000. The Shanghai Copper Index fell 858 hands to 603000, while trading volume increased by 21000 to 263000. At present, the disk structure of Shanghai Copper 1909 and 1910 contracts has almost no price difference, and the structure has a twisting trend from Contango to Back. Today, Shanghai copper continues to maintain a volatile pattern, fluctuating in the range of 150 yuan / ton, as investors focus on the interest rate resolution of the Federal Reserve and the policy meeting of the European Central Bank, thus affecting the strength of the dollar, while the recent trend of copper in Shanghai has been slightly stronger. Copper prices as a whole remained stable at around 47300 yuan / ton. At present, Shanghai copper closing Yang, the upper pressure 5-day moving average, MACD red column has been shortened, the technical side of impulse can not be enough, alert to the risk of Shanghai copper fall back. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can continue to stand at the 47300 yuan / ton gate.

Today, the spot price of electrolytic copper in Shanghai is 110 yuan / ton to 140 yuan / ton, the transaction price of copper is 47260 yuan / ton to 47310 yuan / ton, and the transaction price of copper is 47270 yuan / ton to 47330 yuan / ton. Shanghai copper once again under pressure fell to 47200 yuan / ton, the spot market performance continued to stalemate, buying in general, the market maintained yesterday's quoted price rose 110 yuan / ton to 140 yuan / ton. Flat water copper is not willing to lower the shipment, the price is more than 110 yuan / ton, if the market has a low price source is still favored by traders, good copper quotation tends to stabilize, the transaction in the rising water 130 yuan / ton line, before the festival downstream still maintain rigid demand, wet copper to maintain 50 to 70 yuan / ton water quotation. Futures market is also difficult to get rid of the interval concussion pattern, the market has the willingness to receive goods at a lower price, but the willingness of the holder to push the price is clear, the supply and demand sides still have differences, the performance of the stalemate saw. In the afternoon, the market still maintains a stalemate pattern, the pre-festival inventory increment is limited, the holder maintains a strong willingness to push the price, the afternoon quotation remains unchanged, it is difficult to find low-priced goods. In the afternoon, flat water copper reported 110-liter water 120 yuan / ton, good copper reported 120-liter water 130 yuan / ton, the transaction price is in the range of 47330 yuan / ton-47380 yuan / ton.

Aluminum: Lun Al opened at US $1819 per ton in the morning. In Asia, the aluminium remained volatile, weak before strong, hitting a low of $1815.5 a tonne before noon and a high of $1826 a tonne after strengthening in the afternoon, trading at $1823 as of 15: 00. After entering the European session, Lun Aluminum continued to remain strong, concussion upward high refreshed to US $1828 / ton, as of 17: 06 Lun Aluminum was at US $1827.5 / ton. From a technical point of view, Lun Aluminum easily broke through the US $1800 / ton mark, with a pressure level of US $1850 / ton, and is expected to try to continue to reach the previous platform position of US $1850 / ton.

Shanghai Aluminum main contract 1911 opened in the morning at 14390 yuan / ton. Shanghai aluminum as a whole to maintain the 5-day moving average above the high shock, the center of gravity continues to move up. Shanghai aluminum short position before noon trend is relatively weak, low touched 14380 yuan / ton. Afternoon short profit left the market long low more, Shanghai aluminum gradually strengthened, the high once touched 14425 yuan / ton, closed at the end of the day at 14415 yuan / ton. Position increased by 8528 hands to 278294 hands. The Shanghai Aluminum Index fell 10094 hands to 827640 hands and trading volume fell 60166 hands to 275812 hands. In the traditional consumption season, with the passage of time, Shanghai aluminum center of gravity continues to move up, maintain a strong shock, if tomorrow's social aluminum ingot inventory decline is larger, Shanghai aluminum may try to impact 14500 yuan / ton level.

Spot market, aluminum shock upward in the month, during the jump after the high fall, the overall volatility is larger. In the morning, the transaction price of Wuxi market in Shanghai was between 14450 yuan / ton and 14460 yuan / ton, and the spot price was concentrated between 14430yuan / ton and 14450 yuan / ton after 10: 30. the spot price was about 40 yuan / ton higher than yesterday, and the spot price in Hangzhou was between 14460,14480 yuan / ton and 14460,14480 yuan / ton, which was about 40 yuan / ton higher than yesterday's, and the spot price was between 14460,14480 yuan / ton and 14460,14480 yuan / ton for the same month near the flat water of the contract, and the spot price was about 40 yuan / ton higher than yesterday. Today's spot price in Hangzhou is between 14460 and 14480 yuan / ton. Before noon, the holder actively shipped the goods, and the middleman received the goods more actively, but there was a slight stalemate in the price, and then the aluminum price jumped and fell back. Although the current price rose and the holder was still actively shipping, but at this time, the overall market activity is not as good as the previous period. Downstream manufacturers purchase on demand today, but the receiving status has improved compared with yesterday. The overall transaction in East China today was all right. In the afternoon, the market holder quoted between 14460 and 14470 yuan / ton, near the flat surface of the plate, but there was almost no deal.

Lead: within the day, Lun lead opened at $2098.5 / tonne. In Asia, dragged down by the weakening of lead in Shanghai, it once leaked to $2076 / tonne. After the collective strengthening of non-ferrous metals in the outer plate, Lunlead also climbed all the way to $2104 / tonne. By 15: 59, Lunlead closed temporarily at $2100.5 / tonne, up 10.50 dollars / tonne, or 0.5 per cent. Lun lead temporarily closed a long shadow small positive line, the 5-day moving average has a strong support, but the trend slowed down, coupled with the LME lead 0-3 liter paste back structure narrowed, the action energy on the lead at night is limited.

During the day, the main 1910 contract of Shanghai lead opened at 17410 yuan / ton. At the beginning of the day, Shanghai lead briefly continued the consolidation market, and then was affected by the continuous expansion of recycled lead stickers. Some bulls chose to avoid danger and left the market. Shanghai lead shock reached 17305 yuan / ton, but there was strong support on the 17300 yuan / ton platform. Shanghai lead rose slightly, and then came under pressure at the daily average. And around 17300 yuan / ton line operation, the final close at 17365 yuan / ton, down 40 yuan / ton, the platform has strong support, Shanghai lead slightly rose, and then under pressure in the daily average line, and around 17300 yuan / ton line operation, and finally closed at 17365 yuan / ton, down 40 yuan / ton, It fell 0.23%, and its position was reduced by 1924 hands to 52186. Shanghai lead collection Xiaoyin line, due to the National Day parade production limit documents delayed landing, and renewable lead paste continues to expand, so that multi-head confidence continues to weaken, the daily K line center of gravity has repeatedly moved down, the material night Shanghai lead or continue the weak concussion market, but the downward space is limited.

Shanghai market Jinsha lead 17320 to 17380 yuan / ton, 1910 contract discount 30 yuan / ton to liter 30 yuan / ton quotation; southern, Mulun lead 17320 to 17350 yuan / ton, 1910 contract discount 30 yuan / ton to Pingshui quotation; Jiangsu and Zhejiang market Jinli, Wanyang 17300 to 17320 yuan / ton, 1910 contract discount 50 to 30 yuan / ton. The shock of the futures market is weak, coupled with the renewable refined lead to maintain a deep sticker, the holder is actively shipping before the festival, and because the market circulation source is relatively limited, and close to delivery, spot quotation discount has not been significantly expanded, at the same time, downstream procurement has shifted to recycled lead, trade market transactions tend to be light.

Guangdong market Nanhua lead 17325 yuan / ton, the average price of SMM1# lead water 50 yuan / ton quotation; the market supply is less, the holder quotation is less, the market transaction is mainly long single. Henan Yuguang, Wanyang and other smelters give priority to long single transactions; Jinli 17345-17355 yuan / ton, the average price of SMM1# lead rose 20 to 30 yuan / ton quotation; lead price fell back, the lower reaches of the purchase, but the regeneration of primary price difference gradually widened, part of the market procurement back to recycled refined lead. Other areas such as: Shuikoushan 17325 yuan / ton, the average price of SMM1# lead up to 50 yuan / ton quotation (traders); Yunnan small and medium-sized plant lead 17100 yuan / ton, the average price of SMM1# lead discount 250 yuan / ton; lead price fell back, smelter shipments are less, the overall trading is still good.

Zinc: Geneva zinc opened at US $2340 / tonne, and at the beginning of the day, the daily average of zinc was lower by US $2332.5 / tonne, and then, supported by the 5-day moving average, Len Zinc steadily rose to about US $2360 / ton, but the above 60-day moving average was suppressed strongly. Len Zinc again went down to explore the strength of the daily moving average support, and then fell slightly after the rally. Then the US finger went down, Len Zinc rose rapidly, and by 17 / 29, Len Zinc closed up at US $2366 / ton. It rose 23 cents a ton, or 0.68 percent. Geneva zinc temporarily received two consecutive yang, below to support the 40-day moving average, macro news temporarily unstimulated, LME zinc inventory once again recorded a decline, or give some support to Len zinc, at night to observe the above 60-day moving average suppression.

The main force of Shanghai zinc 1911 opened at 19155 yuan / ton, Shanghai zinc opened high and low to 19090 yuan / ton at the beginning of the day, found support near the daily average line, rose back to 19160 yuan / ton near narrow shock, midday bulls neatly entered the market, Shanghai zinc plate quickly pulled up, touch high 19300 yuan / ton, then around 19250 yuan / ton around the finishing operation, closed up 19265 yuan / ton, up 245 yuan / ton, up 1.26% from the previous trading. Trading volume increased by 121000 hands to 322000 hands, and position volume increased by 15380 hands to 194000 hands. Day Shanghai zinc received a package of Dayang line, the overall operation around Brin Road on the track, near the month contract delivery, day 09, 10 contract cumulative reduction of nearly 5000 hands, mostly short, capital transfer main contract, the main position within the day is mainly long, the near weak and far strong pattern is strong again, indicating that the market may have expectations for follow-up consumption, Shanghai zinc may still run around Brin Road at night.

Shanghai 0 # zinc mainstream transaction is 1920 to 19270 yuan / ton, Shuangyan is 1930 to 19280 yuan / ton; 0 # zinc is reported to raise water 110 to 120 yuan / ton in October; Shuangyan is reported to raise water 120 to 130 yuan / ton in October; 1 # mainstream transaction is 19150 to 19200 yuan / ton. Early in the morning, the holder actively quoted a price of 140 yuan / ton for the 1910 contract. In the first trading period, the mainstream of the market quoted the average price of SMM net, and some traders quickly lowered their prices. For the October contract, the price rose 110 to 120 yuan / ton. During the second trading period, the market hit low and bounced back, and the traders kept the price of 110 yuan to 120 yuan / ton, and the downstream was still mainly bought by rigid demand. On the whole, due to the zinc price shock higher, downstream procurement is still more cautious, the trade market due to the Mid-Autumn Festival holiday and the first batch of long single delivery, the market trading atmosphere is still good.

Guangdong 0 # zinc mainstream transaction in 1930 19130 yuan / ton, Shanghai zinc 1910 contract quoted in the discount 40 yuan / ton to 30 yuan / ton discount, Guangdong market than Shanghai market since yesterday discount 150 yuan / ton discount around 170 yuan / ton. Refineries actively ship goods, the market supply circulation is abundant. Today, part of the high-priced brand supply circulation market, the holder quoted in the October contract near the flat water, the price of other ordinary brand sources in the 10 contract discount of 20 yuan / ton; However, the market transaction returned to weak again, spot discount once again expanded to the 10 contract discount 30-discount 40 yuan / ton, but failed to effectively boost the willingness to buy downstream, only some traders contributed to the main trading, the overall atmosphere is once again worse than yesterday. 0# Kirin, Cishan, Tiefeng and Mengzi mainstream were sold at about 1930-19130 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market was 19200-20690 yuan / ton, and that of ordinary brands was 19200-19990 yuan / ton, the contract for 1910 rose by 100-150 yuan / ton, and the rising water in Tianjin market expanded from 30 yuan / ton to 70 yuan / ton compared with Shanghai market. Today, the supply of some ordinary brands is reduced due to logistics reasons, and the supply of ordinary brands continues to be low. The supply of high-priced brands is more abundant. In the morning, some of the holders reported the supply of high-priced brands in the vicinity of 200 yuan / ton for the 10 contract, and the quotation for the ordinary brand was concentrated around 100-150 yuan / ton for the 10 contract. However, the supply of the high-priced brand did not close, and the disk pulled up again. Some of the holders increased slightly, and the subsequent market quotation was more concentrated, basically in the vicinity of 100-150 yuan / ton for the 10 contract. Near Mid-Autumn Festival short holiday, downstream shows a certain replenishment demand, superimposed high-priced brand supply rising water down, the overall trading atmosphere is slightly better than yesterday. 0 # Zijin, Hongye, lark, Chihong, Xiyan, etc., were sold in 19200-1990 yuan / ton, and 1 # Zijin, Chihong, Hongye, etc., were sold in 19150-19240 yuan / ton.

Tin: after the opening of the Lunxi electronic disk at US $17325 / ton today, the center of gravity of the sub-session slightly moved down to US $17265 / ton before bottoming out. After the opening of the European market, Lunxi line to the daily average of $17300 / ton horizontal finishing, as of 17: 30, the latest price of $17350 / ton, showing a small positive line, the physical part is near the 5-day moving average, the resistance above Lunxi is expected to be near the 60-day moving average of $17500 / ton, and the lower support is near the integer level of 17000 yuan / ton. This evening can be watched in the United States in August PPI annual rate (%) and the United States in the week ended Sept. 6 EIA crude oil inventory changes (10, 000 barrels).

Shanghai tin main force 2001 contract last night after the opening of 140420 yuan / ton, the overall trend of suppression and then rise, the initial shock downward to 139700 yuan / ton after hitting the bottom to rise all the way up to the opening price. After the opening of 140460 yuan / ton in early trading this morning, Shanghai tin all the way down to the intraday low of 139310 yuan / ton, and finally closed at 139850 yuan / ton, down 920 yuan / ton, down 0.65 per cent. The trading volume was 39960, a decrease of 22526. The number of positions was 39726, a reduction of 560,560,560,560,560,560th. Today, the Shanghai tin position was further reduced to close with the Xiaoyin line. It is expected that after falling below 140000 yuan, the lower support is located in the vicinity of 138000 yuan / ton.

Spot market, today's mainstream transaction price 138500-140500 yuan / ton, near the Mid-Autumn Festival holiday downstream enterprises a small amount of procurement, but because the tin price is higher than the previous period, procurement is more cautious. The overall transaction atmosphere of Shanghai tin spot market is general. For the Shanghai tin 2001 contract, the set Yunxi Shengshui 300 yuan / ton, the ordinary Yunzi flat water-discount 300 yuan / ton, the small brand discount 500 yuan 800 yuan / ton. for the Shanghai tin 2001 contract, the set Yunxi Shengshui 300 yuan / ton, the ordinary Yunzi flat water 300 yuan / ton, the small brand discount 500 yuan per ton.

Nickel: the nickel sub-plate opened at US $17995 / ton today. Before noon, the overall daily average of Lennie under pressure was weak and fluctuated. During this period, the 5-day moving average of US $17800 / ton first line, after obtaining support, the shock rose. In the afternoon, Lunni fluctuated all the way up, breaking through the $18000 / tonne mark and climbing to $18195 / tonne. Subsequently, it fell back slightly to $18100 / tonne, a narrow concussion, as of 16: 30, reported at $18165 / tonne, trading volume 1204 hands, position reduced by 3000 hands to 284000 hands. Lun Ni temporarily closed in the small positive line, the shadow line pierced the 5-day moving average, down the 10-day moving average, at night to pay attention to whether the 5-day moving average support, standing at the US $18000 / ton barrier.

Shanghai nickel 1911 contract opened today at 143590 yuan / ton, at the beginning of the plate, Shanghai nickel pressure daily average concussion downward, supported by the 5-day moving average rebound upward repair, to 143200 yuan / ton line pressure after falling again, lower 141850 yuan / ton. In the afternoon, multiple hair strength increased positions, Shanghai nickel shock rose, breaking through the daily average pressure, rose to 144000 yuan / ton first line pressure after a narrow range of shock, finally closed at 144000 yuan / ton, compared with the previous trading day settlement price fell slightly 90 yuan / ton, down 0.06%, trading volume 1.701 million hands, position reduced 5000 hands to 418000 hands. Shanghai nickel closed in the small positive line, shadow line down 5-day moving average 142200 yuan / ton first line rebounded, the whole around the daily average shock operation, pay attention to the Shanghai nickel above 145000 yuan / ton first line integer barrier resistance situation. Today, Russia nickel than Shanghai nickel 1910 discount to about 100 yuan to Pingshui, Jinchuan nickel than Shanghai nickel 1910 contract generally reported a water rise of 200 to 300 yuan / ton. Russian-nickel discount to maintain the original level, the closure of the import window so that the holder has no intention of loosening the discount for the time being, the transaction is still dominated by rigid demand procurement; Jinchuan Shengshui is also flat. This morning, the disk concussion is weak, near noon close when the disk again sharply down, spot transaction atmosphere does not look obvious change, downstream basic rigid demand to take goods, trading volume is not large. Jinchuan Company Shanghai ex-factory price of 143000 yuan / ton, the same as yesterday, the mainstream transaction at 143000 to 143300 yuan / ton. In the afternoon, the disk concussion rose to 144000 yuan, and there was no significant change in the water and trading atmosphere.