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Review of SMM basic Metals spot Trading Day on April 3
Apr 3,2020 21:38CST
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Source:SMM
Review of SMM basic Metals spot Trading Day on April 3
The content below was translated by Tencent automatically for reference.

SMM4, March 3:

Copper: today, the Asian plate opened at $4880 per tonne in the morning. In the morning, as Russia and Saudi Arabia dismissed rumors of Trump's production cuts, oil prices recovered some of the gains within the day, and copper prices also basically maintained a volatile pattern in the Asian market. Although they hit $4871 / ton in the morning, most of them were sorted out above the daily average line, which was blocked at the $4900 level. In the afternoon, as the OPEC meeting was due to be held early next week, the market had strong expectations for a subsequent reduction in crude oil production, and crude oil began to pull up again, leading to a large area of red in the commodity market, and copper prices also rose in the afternoon, breaking through the US $4900 mark and reaching the US $4936.5 / ton mark in one fell swoop. As of 17: 00, the price of Lun copper was $4896 / ton, up 0.3 per cent. The evening focused on the US non-farm payrolls data after the March quarterly survey, which is still expected to be a big bearish for the bulk market. At present, Lun copper smooth station 5, 10 averages, daily averages appear long layout, MACD indicators are also expected to strengthen. Waiting for the guidance of the dollar at night to test whether Lun copper can hold steady the integer level of 4900 US dollars / ton, and fully enter the new operating range of 10-20 moving average.

Today, the Shanghai copper main contract 2005 opened higher at 39650 yuan / ton in the morning and fell slightly to the lowest level of 39440 yuan / ton in the day after the opening of the session. Subsequently, short positions were reduced one after another, pushing up the copper price slowly until it returned to the opening price, and fell back slightly before the end of the afternoon. In the afternoon, most commodities were led by crude oil to start the upward trend, long positions led copper prices to continue to rise, all the way up to 40, 000 yuan, near the close, copper prices climbed to a daily high of 40120 yuan / ton, before the close slightly fell back, closed at 39930 yuan / ton, up 810 yuan / ton, up 2.07%. Today, the main position decreased by 4127 to 105000, mainly by the reduction of short positions, while the trading volume decreased by 25000 to 77000. Shanghai copper index positions fell 3637 hands to 330000, mainly for short positions to reduce positions; trading volume decreased by 56000 hands to 204000 hands. Within days, Shanghai copper continued to rise. In the morning, the domestic announced that the PMI of Caixin service industry in March was better than expected, and the domestic Ministry of Finance issued a new special bond quota for transportation infrastructure construction in advance. The market confidence was boosted. The spot market of superimposed copper has great expectations for the tax reduction and fee reduction of domestic fiscal policy, and the spot market of electrolytic copper is active, which helps to push the copper price higher. At the same time, due to recent disturbances in copper mines due to the impact of the overseas epidemic, the Peruvian government has extended the state of emergency, the Mexican government has also declared a state of emergency, and Rio Tinto has also declared that cathode copper shipments at its refineries have encountered force majeure, triggering expectations of tighter supply at the mine end as a whole, which is also one of the main factors driving up copper prices. At present, Shanghai copper collection of small columns, MACD red columns are elongated, although the technical side is slightly good, but because there is still 40 days of moving average pressure above, a large surge is still relatively high resistance, wait and see the progress of the global epidemic situation and the upcoming meeting of OPEC+, will further affect the trend of copper prices, test whether Shanghai copper can stabilize 40000 yuan / ton mark.

Today, Shanghai electrolytic copper spot price for the current month contract rose 120 yuan / ton ~ 150 yuan / ton, flat water copper transaction price 39680 yuan / ton ~ 39780 yuan / ton, Shengshui copper transaction price 39690 yuan / ton ~ 39800 yuan / ton. Shanghai copper center of gravity moved up to 39600 yuan / ton above, the holder quotation continues yesterday's trend unchanged, the morning quotation in the water 130 ~ 150 yuan / ton, copper price rebound market stop and see, the holder is still standing in the rising water 130 yuan / ton, supply and demand both sides stalemate. The second section trading stage, the overall transaction is cautious and weak, the holder has the exchange intention volunteer to adjust the quotation actively, the flat water copper quotation rises the water 120 yuan / ton transaction improvement, the good copper quotation is as low as 130 yuan / ton, the transaction initiative is not as good as the flat water copper, the wet copper continues to follow the market to do the adjustment in the rising water 80 ~ 100 yuan / ton range. Copper futures although a brief rebound, but the market is still cautious, the downstream to maintain just need, the market transaction more wait and see, Qingming three days holiday coming, the market cautious stalemate characteristics, the overall activity is low risk aversion strong. In the afternoon, the disk rushed close to 4 yuan. Although the spot market inquiry is still active, but the actual market is still cautious, the offer is stable in flat copper water 120-130 yuan / ton, good copper water 130-140 yuan / ton, the transaction price has jumped to 40000 yuan about 3988040100 yuan / ton.

 

Aluminum: Lun aluminum opens at $1501 per ton in the morning. In the Asian session, Lun aluminum remained in a narrow range before noon, touching $1505 a tonne several times. Lun aluminum weakened in the afternoon, trading at $1496.5 a tonne as of 15: 00. In Europe, Lun aluminum continued to be weak, hitting a low of $1485 a tonne at one point. As of 17: 38, aluminum was quoted at US $1492.5 / ton. Crude oil closed up more than 16% last night, non-ferrous metals as a whole were boosted and benchmark prices rebounded significantly. However, due to the relatively limited support for aluminum prices before the epidemic was brought under control, the current trend of Lun aluminum is highly related to oil prices. Pay attention to the Qingming holiday period, Saudi and Russian crude oil production cuts, if implemented, Lun aluminum is expected to be boosted by a small rebound.

Shanghai aluminum main force 2006 contract opened in the morning at 11530 yuan / ton. Shanghai aluminum only slightly hit the bottom of 11445 yuan / ton, the bulls took the initiative to enter Shanghai aluminum quickly crossed the 5 / 10 moving average, the high once touched 11590 yuan / ton. In the afternoon, Shanghai aluminum fluctuations intensified, long and short mutual positions, Shanghai aluminum once again hit a day low, the end of the session closed at 11545 yuan / ton, up 1.67%. Positions increased by 1013 to 135504, while Shanghai Aluminum Index positions fell 1813 to 464208. Non-ferrous metals generally rebounded significantly, boosted by rising crude oil prices. However, the current domestic fundamentals have not changed significantly, and we still need to pay attention to the implementation of domestic stimulus consumption policies and the new production reduction of electrolytic aluminum enterprises. At present, the consumer side is mainly affected by overseas weak export orders, before the epidemic has not been brought under control, in addition to macro disturbances lead to changes in the overall benchmark price of non-ferrous metals, Shanghai aluminum as a whole is still under pressure.

In the spot market, aluminum prices fluctuated before noon. In the morning, the price quoted by the holder in Shanghai Wuxi area was between 11600 and 11610 yuan / ton, which was more than 300 yuan / ton higher than yesterday's price. After 10: 30, the face price dropped somewhat. The price quoted by the holder was concentrated between 11570 and 11590 yuan / ton. Before noon, the market price was 20 yuan / ton to Pingshui. The price in Hangzhou was concentrated between 11630 and 11650 yuan / ton in the morning, and the transaction was rare. After 10: 30, it fell back to 1157011590 yuan. In the morning, the trading of traders in Shanghai and tin was OK, the middleman's inquiry was more active, and a large customer also received some goods in the morning. As the aluminum price fell back, the transaction heat of the market after 11: 00 was not early either. At this time, although some of the cardholders began to reduce their prices and tend to ship the goods, the actual transactions were not done in the morning. As today is the last spot transaction day before the Ching Ming Festival, the willingness to stock downstream is higher than that of the previous period, and the signs of stock are more obvious today. The overall transaction in East China is OK today. In the afternoon, the aluminum center of gravity sank, the holder quoted between 11530-11540 yuan / ton, the disk sticking around 20 yuan / ton, only a small number of transactions between traders, few downstream.

 

Lead: within the day, Lun lead opened low at 1697 US dollars / ton. In the Asian period, Lun lead basically fluctuated along the daily moving average. In the afternoon, crude oil strengthened again, boosting the outer plate of non-ferrous metals. Lun lead took the opportunity to rush to near the 5-day moving average. In the European period, Lun lead briefly moved around the daily average, and then due to the rising of the US index along the uplink, non-ferrous metals fell under pressure. By 17: 09, Lun lead temporarily closed at 1692 US dollars / ton. It fell $5.0 per tonne, or 0.29 per cent. Lun lead temporary barefoot small negative line, down channel open, at night if the United States index continues to pull up, Lun lead or test below the 10-day moving average support.

Within the day, the Shanghai lead main force 2005 contract opened at 13725 yuan / ton, at the beginning of the day, Shanghai lead around the daily average line narrow operation, afternoon, the overall strength of non-ferrous metals, Shanghai lead homeopathy rose, and recorded a daily high of 13840 yuan / ton, finally closed at 13810 yuan / ton, up 1.14%, position reduced by 747 hands to 23208. Shanghai lead closed at the Xiao Yang line, has not yet broken the shock interval, the 5-day moving average trend has leveled off, but the 10-day moving average below is still supported, and the phased tension at the supply end of the domestic fundamentals may be alleviated in April. the strong support of the fundamentals may be gradually diluted. During Qingming Festival short holiday, pay close attention to the impact of overseas epidemic development on the outer plate, if the outer plate continues to weaken, or will drag down the Shanghai lead trend.

Shanghai market Jinsha lead 14100-14150 yuan / ton, Shanghai lead 2004 contract 100-150 yuan / ton quotation, Jiangsu and Zhejiang market Shuikoushan lead 14150-14160 yuan / ton, Shanghai lead 2004 contract 150-160 yuan / ton quotation. Lead in the future to maintain the consolidation situation, coupled with the limited supply of goods in the market, the holder quotation is stable, while the downstream does not hold optimistic expectations for future consumption, as well as the increment of recycled lead supply, most of them are purchased on demand, and the transaction in the bulk order market is weak.

Guangdong market South China lead 14025 yuan 14055 yuan / ton, the average price of SMM1# lead rose 50 yuan 80 yuan per ton. Henan Yuguang, Wanyang and other smelters to long single, Jinli 14025 ~ 14075 yuan / ton, the average price of SMM1# lead rose 50% 100 yuan / ton (traders); other areas such as: Hunan Shuikoushan 14025 yuan / ton, the average price of SMM1# lead rose 50% 100 yuan / ton (traders); Jiang copper 14075 yuan / ton, the average price of SMM net rose 100 yuan / ton; near the Qingming Festival holiday, some enterprises prepared goods before the festival, the market as a whole improved.

 

Zinc: zinc in Geneva was opened at US $1885 / ton, and the market activity was low at the beginning of the day. Lun Zinc fluctuated within a narrow range around the daily average of US $1885 / ton, and the amplitude gradually narrowed. In the afternoon, with crude oil pulling up again in the afternoon, market optimism led to an upward shock of US $1898 / ton. Near European trading time, sentiment receded and returned to fundamentals. Lun Zinc gave up all its gains downward, and there was still a further downward trend, as of 16: 58. Lun Zinc closed down $1874.5, or 0.08 per cent, at $1.50 a tonne. Lun Zinc continues to be blocked for 20 days, which is weaker than at home. Under the influence of the epidemic, overseas demand is still at a freezing point. Although the mining end has announced one after another to stop production and boost it is still limited, if the epidemic situation is still not effectively alleviated, it is expected that Lun zinc may be difficult to break the US $1900 / ton integer barrier, and the internal strength and external weakness will continue to deepen.

Intraday Shanghai zinc main force 2006 contract opened at 15370 yuan / ton, at the beginning of the day long short alternately reduce positions, Shanghai zinc market around the daily average line around 15340 yuan / ton narrow range fluctuation, up and down space less than 50 yuan / ton, afternoon market optimism heating up, bulls have increased positions one after another, Shanghai zinc upward to 15390 yuan / ton near a little finishing that is to accelerate repair. At the end of the day, it closed up at 15495 yuan / ton, up 125 yuan / ton, or 0.81%. The trading volume decreased by 30585 hands to 69457 hands, and the position increased by 2444 hands to 80185 hands. Shanghai zinc jumped up the 20-day moving average, and the short moving average turned upwards. Due to the epidemic, shipping has temporarily stagnated and imported ore supplements have been temporarily absent. Considering only China as a whole, there is a risk of shortage at the domestic mining end, and the willingness to sell short in the market has been greatly reduced. Shanghai zinc is expected to remain strong in the short term.

The mainstream transaction of Shanghai Zinc was 15450-15530 yuan / ton, Shuangyan and Chi Hong 15460-15540 yuan / ton, and Shuangyan and Chihong 100-100 yuan / ton in May, and 100-110 yuan / ton in Shuangyan and Chihong. The mainstream transaction was 15370-15450 yuan / ton. The Shanghai zinc 2005 contract fluctuated within a narrow range, closing at 15390 yuan per ton in the morning market. Period zinc narrow consolidation, some refineries still cherish the sale. Near the holiday, the market selling intention is strong, the quotation from the rising water 70 or so down to the rising water 60 yuan / ton to the transaction stimulus is still limited, the consignee tends to receive the goods at the average price of-10, the buyer and seller have differences, heard that the average price-5 transaction is relatively OK. Entering the second trading period, the market quotation turned to the May quotation, domestic quoted water 100 yuan / ton, Shuangyan Dongling and other reported rising water 100-120 yuan / ton, the market transaction slightly improved, the holiday near the downstream to purchase goods, the overall transaction slightly warmer than yesterday.

The mainstream transaction in Ningbo was 15520-15600 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands widened from 50 yuan / ton to 60 yuan / ton, the price difference between Ningbo and Shanghai increased from 50 yuan / ton to 60 yuan / ton. Trading in the Ningbo market remained weak today. In the first period of the morning, the holdings quoted around 100 yuan / ton for the West Mine contract for April, 120 yuan / ton for Tiefeng contract for April, and 170 yuan / ton for Yongchang contract for May. Converted to around 100-110 yuan / ton for April in the same month, and a small number of Kirin reported around 130 yuan / ton for April contract. Overall, the disk rose today, but the degree of downgrade is very limited, downstream enterprises in the case of poor orders, the willingness to buy is very weak, overall, the transaction situation is worse than yesterday.

The mainstream transaction of Guangdong zinc was 15370-15440 yuan / ton, and the quotation focused on 10-60 yuan / ton of Shanghai zinc 2005 contract. The discount of 80 yuan / ton in Guangdong stock market was 30 yuan less than that of the previous trading day. In the first trading period, individual cardholders bid higher in the water trial quotation stage, but there was no deal in the high water market, some of the cardholders quoted loosely, and a small number of transactions were completed in the market. Kirin, Mengzi, Huize and Tiefeng quoted prices for the Shanghai zinc May contract by 30-60 yuan / ton. In the second trading session, futures prices fluctuated near recent highs, insufficient procurement demand downstream, and the willingness of traders to receive goods was also limited. in order to realize the realization of shipments, the holders continued to lower the prices for shipment, and the rising water fell back more obviously. most of the market transactions are contributed by traders. Kirin, Mengzi, Huize and Tiefeng quoted 10-20 yuan per ton for the May contract. Qilin, Mengzi, Huize, Tiefeng mainstream transaction in 15370-15440 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market was 15500-17050 yuan / ton, and that of ordinary brands was 15500-15570 yuan / ton. The contract for 2004 rose from 60 yuan / ton to 100 yuan / ton. Compared with Shanghai stock market, Tianjin kept rising from 10 yuan / ton to 30 yuan / ton. Today, the Shanghai zinc low shock upward, the spot market to maintain the discount quotation, the quotation is more unified, the ordinary brand red Ye lark reported in the 04 contract to rise the water 80 yuan / ton near, Chi Hong reported in the 04 contract to rise the water 60 yuan / ton near, the high price brand Zijin to the April contract reported 100 yuan / ton near. Today, traders maintain a discount quotation, some traders still have hoarding gambling tax reform expectations, superimposed smelters due to the long delivery of long orders at the beginning of the month led to less circulation of goods in the market, the downstream side, is gradually recovering, there are still some downstream enterprise staff are in a state of isolation, at present, just need to purchase. On the whole, the transaction today is flat compared with yesterday. The transaction of zinc ingot is near 15450-15520 yuan / ton.

 

Tin: Lunxi electronic disk today after the opening of $14335 / ton, the Asian session to the European plate early Lunxi overall showed a small concussion upward trend up to $14395 / ton. Subsequently, Lunxi was blocked and quickly withstood the pressure. After diving to $14150 / ton, it rebounded to the bottom. As of 18: 00, the latest price of Lunxi was $14200 / ton, showing a small negative line, and the upper shadow line was under pressure at the 5-day moving average. It is expected that the support below Lunxi is located near the integer level of 14000 yuan / ton.

Shanghai tin main force 2006 contract this morning 118550 yuan / ton after the opening, Shanghai tin overall maintained at 119700 yuan / ton shock finishing. In late trading, affected by the reduction of short positions, it rose rapidly, and finally closed at 120580 yuan / ton, up 610 yuan / ton, up 0.51%, trading volume 44281 hands, position 34316 hands, down 1547 hands. Today, Shanghai tin closed at the positive line, the physical part is located near the 5-day moving average, and the resistance above Shanghai tin is expected to be near the integer gate of 122000 yuan / ton.

Spot market, today quoted 123000126500 yuan / ton. In the morning, a small number of downstream enterprises just need to purchase, and some traders receive a small number of goods. The overall transaction atmosphere of Shanghai tin spot market is weak. Shanghai tin 2006 contract set Yunxi rising water near 7000 yuan / ton, ordinary cloud word rising water 5000 yuan / ton, small brand rising water 4500 yuan / ton.

 

Nickel: Lunni opened today at US $11340 / tonne. Before noon, Lunni fluctuated in a narrow range around US $11300 / tonne, with a pressure of US $11350 / tonne above. At noon, lunchtime nickel fell slightly and was arranged in the first line of US $11290 / tonne. In the afternoon, Lunni re-engraved the trend before noon, the center of gravity again moved up to the center of gravity before noon, and then fluctuated slightly, as of 16: 40, it was reported at $11305 / ton, up $5 / ton, up 0.04% from the settlement price of the previous trading day, trading volume decreased by 4005 hands to 1665 hands, and position increased by 566 hands to 225500 hands. Lunni temporarily closed in the small negative column today, K column as a whole in the 5 / 10 moving average position, follow up to pay attention to the pressure of $11350 / ton above Lonel.

Shanghai Nickel 2006 contract opened at 92900 yuan / ton today, Shanghai Nickel today long and short game is strong, mainly to reduce positions. At the beginning of the session, the Shanghai nickel shock broke through the 10-day moving average to 92200 yuan / ton, and was supported by the Shanghai nickel center of gravity upward to 92500 yuan / tonnage, and around this position slightly fluctuated, the operating range is 9.2-93000 yuan / ton, and finally closed at 92640 yuan / ton, 1230 yuan / ton higher than the settlement price of the previous trading day, up 1.35%, the trading volume decreased by 277000 hands to 383000 hands, and the position decreased by 5013 hands to 79216 hands. Shanghai nickel closed in the small negative column today, the K column as a whole stood above the 10-day moving average, 5 / 10 moving average is still supported, the top is faced with 93000 yuan / ton level, nearly two weeks, Shanghai nickel as a whole around 93000 yuan / ton center of gravity wide shock, follow-up attention to the continuation of Shanghai nickel trend, weak and stable operation.

Today's SMM1 Electrolytic Nickel offer is 92650-94750 yuan / ton. Today, Russian nickel to Shanghai nickel 2005 contract reported flat to 100 yuan / ton, today's market transaction is mostly the flow between traders, downstream replenishment enthusiasm is weak, the market low water quotation transaction is OK, high water traders shipment situation is not good, the afternoon market is still light; Jinchuan nickel Shanghai nickel 2005 contract rose 1600-1700 yuan / ton, the rise rate is stable compared with yesterday, but the transaction situation has weakened. Today Jinchuan Company Shanghai ex-factory price of 94500 yuan / ton, Shanghai area is still out of stock. Today, nickel beans to Shanghai nickel 2005 contract reported 500 yuan / ton, recently continued to have the original factory nickel beans import, but most of the terminal manufacturers long association orders, the spot market is still weak supply and demand.

 

 

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