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Review of SMM basic Metals spot Trading Day on April 7
Apr 7,2020 18:45CST
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Source:SMM
Review of SMM basic Metals spot Trading Day on April 7
The content below was translated by Tencent automatically for reference.

SMM4, July 7:

Copper: copper jumped to a high of $4941 a tonne in the morning. Copper prices rebounded today as global recession stimulus measures in response to the epidemic continued and market concerns over Friday's larger-than-expected decline in non-farm data in the United States eased. In addition, the South American epidemic has a greater impact on the supply side, Chile and Peru copper mines and copper shipments are more difficult, and last week Mexico declared a state of emergency, there is a strong support below the copper price. As a result, after digging down $4937 / ton in the morning, copper prices rose in a straight line, with the overall center of gravity rising to $5010 / ton above the $5000 mark. Entering the European market, copper prices rose again, rising $5110 / tonne, to 18: 00, Lun copper prices of $5086.5 / tonne, up $177.00 / tonne, up 3.61 per cent. Evening economic data is light, follow-up attention to the epidemic situation in various countries and crude oil market production reduction news. At present, due to the market for the follow-up OPEC video conference production reduction expectations, the recent crude oil prices have also rebounded, good for the bulk. At present, there are many technical indexes of Lun copper, but we should be vigilant that there is a great pressure on the upper Brin middle rail at present. Waiting for the guidance of the dollar at night, the test copper is expected to effectively break through the $5100 / tonne position.

Today, the Shanghai copper main contract 2005 morning jump high at 40330 yuan / ton, after the opening of the bulls strong pull up, copper prices quickly rose to a daily high of 40950 yuan / ton. Subsequently, with the long one after another to reduce positions, copper prices fell back and stabilized at around 40600 yuan / ton. After the opening of the afternoon, the main force of Shanghai copper rose slightly and fluctuated in the position of 40750 yuan / ton, maintained to close half an hour before the close, copper prices fell slightly, closing at 40600 yuan / ton, up 870 yuan / ton, up 2.47%. Today, the main position increased by 709 hands to 105000 hands, mainly for the long increase in positions, while trading volume decreased by 2571 hands to 74000 hands. Shanghai copper index positions increased by 3353 hands to 334000 hands, mainly for the long increase in positions; trading volume decreased by 4641 hands to 199000 hands. The backward shift of position continues to be obvious. Copper prices in Shanghai rose within days, mainly due to a slowdown in the growth rate of new confirmed cases and deaths of new pneumonia in many countries or regions around the world after the weekend, the epidemic seems to have taken a turn for the better, and market panic has receded. As a result, European and American stock markets rebounded sharply, affecting the non-ferrous plate rose. On Friday, China's central bank decided to cut the target for small and medium-sized banks and unexpectedly cut the excess reserve ratio in an attempt to release more liquidity to the banking system to support the recovery and development of the real economy. Confidence in the domestic market was greatly boosted, superimposed by a small rise in international oil prices and interference from the supply side of copper mines, and copper prices were further pushed higher. Shanghai copper continued to rise today, MACD Hongzhu further strengthened, and has passed through the 20-day moving average, the technical side looks to have rising momentum. However, we can not ignore the sudden risks and the long-term hidden dangers brought about by loose liquidity in various countries. Whether Shanghai copper can break through the 41000 yuan / ton barrier is worth looking forward to.

Today, Shanghai electrolytic copper spot contract rose 130 yuan / ton to 160 yuan / ton, Pingshui copper transaction price 40800 yuan / ton ~ 40840 yuan / ton, Shengshui copper transaction price 40810 yuan / ton ~ 40860 yuan / ton. Shanghai copper jump high to break through the 40, 000 yuan / ton line, copper futures rose by more than 1, 000 yuan, the spot market also maintained a strong upward quotation, early market holders quoted 150 ~ 160 yuan / ton, the market acceptance is low, fear of heights is strong, good copper in the rising water 160 yuan / ton short struggle to fall in the rising water 140 yuan / ton, flat water copper adjusted to the rising water 130 yuan / ton, the transaction is better than the good copper transaction; the market acceptance is low, the fear of heights is strong, the good copper falls in the rising water 140 ~ 150 yuan / ton, the flat water copper adjusts to the rising water 130 yuan / ton, the transaction is better than the good copper; Copper futures rose sharply, more wait and see downstream, wet copper to maintain stability in the rising water 80 ~ 100 yuan / ton. Copper futures rebounded sharply to stack high underwater buying hesitation, traders still tend to lower prices to accept goods, but holders generally do not have an obvious willingness to reduce prices and promotion, sellers are more difficult to maintain strong price room, the first day after the festival, supply and demand continue to saw the state. In the afternoon, Shanghai copper continued to rise rhythm, the disk rushed high hindered 40800 yuan / ton first line, the center of gravity obviously lifted, the holder quotation is firm, still maintains the difficult to press the price space situation, the trader is limited to inquire, few enters the market to place the order, the flat water copper holds steady in the rising water 130-140 yuan / ton, the good copper stalemate in the rising water 140 yuan / ton, difficult also difficult under, the transaction price rises to 40850-40950 yuan / ton.

 

Aluminum: today's aluminum low open high walk, this morning aluminum opened at $1475 / ton. In the Asian session, it was first raised and then suppressed, maintained at the range of 1485-1495 US dollars. Entering the European trading session, the decline of the US dollar boosted the basic metals. Lun aluminum rose from the daily average line, and it was difficult to maintain a stable pressure after rising 1500 US dollars / tonne. As of 18:28, the daily K line closed a small positive line and returned to the 5-day moving average. The trading volume was reduced by 2783 to 8114 hands, and as of 18:28, the daily K line closed a small positive line and returned to the vicinity of the 5-day moving average. The trading volume was reduced by 2783 to 8114 hands. Positions rose 5232 hands, or 1.63 per cent, to 784000, up $24, or 1.63 per cent, from the opening. The basic metals rose within the day, trading sentiment is optimistic, but above the 10-day moving average resistance is obvious, it is expected that the short-term aluminum fundamentals will be difficult to support its continued rise, need to continue to pay attention to the development of the overseas epidemic guidance.

The 2006 contract of the Shanghai Aluminum Company was opened at 11565 yuan per ton on Tuesday. After the opening of the short position reduction of more than 1000 hands, the disk once touched high 11720 yuan / ton after falling back; in the afternoon opening a small correction, closed at 11620 yuan / ton. Daily K line closed a small positive line, up 75 yuan / ton from the previous day, an increase of 0.65%, unilateral positions increased by 1030 hands to 137000 hands, mainly long positions. The third line of daily KDJ is up, and the MACD column changes from green to red. In the near future, the macro side is optimistic, the market has a certain expectation of tax reduction, but also driven by the external disk. Shanghai aluminum is expected to open tomorrow will still be dominated by interval volatility, the market in a row higher after the long short mood is more cautious, running in 11500-11700 yuan / ton.

Lunchtime aluminum maintains interval fluctuations. Before noon, the price quoted by the holder of Wuxi area in Shanghai was between 11630 and 11650 yuan / ton, which was more than 30 yuan / ton higher than that on Friday, while the price in Hangzhou area was concentrated between 11630 yuan / ton and 11650 yuan / ton. Today, aluminum prices have risen for two days in a row, taking into account the rise in the average monthly price, the willingness to ship is high, the overall performance of the market is more and less, the transaction is slightly deadlocked, but in view of the normal procurement of a large customer today, the middleman as a whole is more active before noon. Downstream normal replenishment today. East China as a whole, the deal is OK. In the afternoon, the holder quoted 11630 yuan / nearby, about 10 yuan / ton to the surface sticker, the transaction was light and almost no transaction.

 

Lead: within the day, Lun lead opened low at 1676 US dollars / ton. In the Asian period, the shock of crude oil strengthened, driving the overall upward movement of non-ferrous metals in the outer market. Around US $1700 / ton front line operation, entering the European period, Lun lead briefly continued the shock market, the US index fell, Lun lead took the opportunity to climb, as of 17: 28, Lun lead temporarily closed at US $1714.5 / ton, up 34.50 US dollars / ton, up 2.05%. Lun lead temporary acceptance of the Zhongyang line, the upstream channel appears for the first time, but still in the shock range, the directional choice has not yet been made, if the night index to maintain a weak, Lun lead may continue to strengthen.

Within the day, the Shanghai lead main force 2005 contract opened at 13710 yuan / ton, at the beginning of the day, stimulated by the domestic reduction news, the non-ferrous metal collective strengthened, Shanghai lead once climbed to 13980 yuan / ton, but there was a strong suppression at the top four levels. Shanghai lead pressure fell back to the shock near the daily average line, and finally closed at 13865 yuan / ton, up 120 yuan / ton, up 0.87%, and the position was reduced by 275 hands to 22933. Shanghai lead barefoot small positive line, short-and medium-term moving average to maintain an upward trend, but the relationship between domestic supply and demand is quietly changing, unless the macro environment mutation, the practice of high short selling is more suitable for the lead price trend of the far moon contract.

Shanghai market Jinsha, southern lead 14200-14250 yuan / ton, Shanghai lead 2005 contract up 300-350 yuan / ton, Jiangsu and Zhejiang market Shuikoushan lead 14250 yuan / ton, Shanghai lead 2005 contract up 350 yuan / ton. By the good policy news, the basic metals generally rose, the main lead will once touch the Wansi barrier, and the spot market with recycled lead supply tends to loose, downstream only on-demand procurement, although holders because of fewer supplies, maintain high water quotation, but only traders receive goods, downstream acceptance of high parallel imports significantly lower than last week.

Guangdong market South China lead 14100 yuan 14130 yuan / ton, the average price of SMM1# lead rose 50 yuan 80 yuan per ton. Henan Yuguang, Wanyang and other smelters are mainly long single, Jinli 14150 yuan / ton, the average price of SMM1# lead increases by 100 yuan / ton, other areas, such as: Hunan Shuikoushan 14100 yuan / ton, the average price of SMM1# lead rises 50% 100 yuan / ton (traders), Jiang copper 14150 yuan / ton, the average price of SMM net rises 100 yuan / ton; The raw material inventory level of the primary lead enterprise is low, the market supply is tight, the smelter bulk order maintains the rising water quotation, the market transaction is general today.

 

Zinc: Geneva Zinc opened at US $1906 / tonne, driven by market optimism at the beginning of the day, Lun Zinc rose rapidly and moved slightly downward after rising US $1935.5 / tonne, and operated along the upper edge of US $1925 / tonne. In the afternoon, Zinc rose again. By 16: 56, Lun Zinc closed up US $1946.5 / ton, up US $48.5 / ton, or 2.56%. Lun Zinc red jump on the 20-day moving average, below the short moving average adhesion constitute support, the current epidemic on the supply side of the impact is gradually expanding, the market short-term forces are slightly cautious, it is expected that Lun zinc short-term is expected to be temporarily strong.

Within the day, the Shanghai zinc main force 2006 contract opened at 15585 yuan / ton, the early market digestion holiday is good, Shanghai zinc up 15875 yuan / ton, further rising power is insufficient, part of the funds to stop the earnings departure, Shanghai zinc slightly adjusted down to the bottom of the daily average around 15800 yuan / ton finishing operation. At the end of the day, it closed up at 15815 yuan / ton, up 320 yuan / ton, or 2.07%. Trading volume decreased by 6746 hands to 62711 hands, and positions increased by 345 hands to 82530 hands. The center of gravity of Shanghai zinc operation has moved up further, although the macro stimulus may not be sustainable, but the return to fundamentals of short-term ore supply to relative tension still constitutes a positive, it is expected that before the resumption of imported ore inflow and replenishment, Shanghai zinc throwing pressure is not large, there is still a possible impact on the Wanliu pass.

The mainstream transaction of Shanghai Zinc was 15920-15990 yuan / ton, Shuangyan and Chi Hong 15940-16020 yuan / ton, and Shuangyan and Chihong 100-100 yuan / ton in May, and 100-110 yuan / ton in Shuangyan and Chihong respectively. The mainstream transaction was 15840-15910 yuan / ton. Shanghai Zinc 2005 contract rose after a small decline, the morning market closed at 15830 yuan / ton. The zinc in the future is higher, the willingness of the smelter to ship is improved, the traders are mainly shipping, the market quotation in the morning market is relatively weak, about 6070 yuan / ton in April, or 90-100 yuan / ton in May, the transaction is very few, and the transaction is relatively active with the average net price and the average price falling by 5 yuan / ton. Entering the second trading session, the quotation remained stable, the market more than received, the transaction further weakened, the downstream wait-and-see, rarely entered the market inquiry, the overall transaction within the day is weak, the performance is not as good as last Friday.

The mainstream transaction in Ningbo was 15950-16040 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands narrowed from 60 yuan / ton to 40 yuan / ton from 60 yuan / ton on Friday. The price difference between Ningbo and Shanghai was narrowed from 60 yuan / ton to 40 yuan / ton. Today, the disk rose, zinc rebounded, smelters and traders actively shipped, but downstream transactions are very weak. In the first period of the morning, some of the holders quoted an increase of 130 yuan / ton on the May contract at Tiefeng and Hualian, 150 yuan / ton on Kirin in May, 120 yuan / ton on the May contract for a small amount of Shuangyan newspaper, and 140 yuan / ton on the May contract. However, the downstream transaction situation is very weak, Kirin in the second period of the downward rise to 130 yuan / ton. Overall, the disk pulled up today, but the downstream order situation is poor, the overall transaction situation is worse than last Friday.

The mainstream transaction of Guangdong zinc was 15810-15900 yuan / ton, and the quotation focused on 10 yuan / ton of Shanghai zinc 2005 contract. The discount of 90 yuan / ton in Guangdong stock market was 10 yuan larger than that of the previous trading day. In the first trading period, the futures price is high, the overall increase is larger, the market shipping enthusiasm is enhanced, but the quotation is relatively cautious, the downstream price inquiry is less, a small number of transactions between traders, Kirin, Mengzi, Huize, Tiefeng offer to Shanghai zinc May contract discount 10 to 10 yuan / ton. The second trading period, futures prices are still high volatility, downstream procurement demand is still small, traders discount shipment willingness is also limited, the market as a whole trading in general. Kirin, Mengzi, Huize and Tiefeng quoted 10 yuan / ton to flat water for the May contract. Kylin, Mengzi, Huize, Tiefeng mainstream transaction in 15810-15900 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market was 15920-17470 yuan / ton, and that of ordinary brands was 15920-15960 yuan / ton. The 2004 contract rose 70 yuan / ton to 90 yuan / ton. Compared with Shanghai stock market, Tianjin kept the rising water from 30 yuan / ton to 20 yuan / ton. Today, the Shanghai zinc high open shock, the spot market maintains the promotion discount quotation, the quotation is more unified, the ordinary brand red Ye lark and so on reports to the 04 contract to rise the water 80 yuan / ton near, Chi Hong reports in to 04 contract to rise the water 70 yuan / ton near, the high price brand Zijin to the April contract quotes 90 yuan / ton near. Today, traders still maintain the discount quotation, because the smelter handed in long orders at the beginning of the month, resulting in less circulation to the spot market, resulting in some traders have a strong willingness to ship, but today, due to larger price increases, downstream enterprises are less willing to inquire and receive goods, only a small number of enterprises just need to purchase. Overall, there were only sporadic deals today. The transaction of zinc ingot is near 1587015910 yuan / ton.

 

Tin: after the opening of US $14400 / ton today, the Asian plate quickly rose to US $14650 / ton at the beginning of the session, then came back under pressure and returned to the horizontal plate near the opening price. After the opening of the European market, at the beginning of the session quickly rushed to $14895 / tonne after maintaining the horizontal finishing around $14800 / tonne, as of 17: 45, the latest price of Lunxi is $14840 / tonne. Affected by the sharp rise in the three major stock indexes in the United States, the spread of the international epidemic slowed down today, most of the metal in London rose during the day, and Lunxi showed a Changyang line. The physical part is located near the 20-day moving average, and the bottom is supported by the 5-day moving average. Resistance above Lunxi is expected to be near the integer level of $15000 / ton. In the near future, we can pay attention to the changes in API crude oil stocks in the United States for the week ended April 3 (10,000 barrels).

Shanghai tin main force 2006 contract opened today morning 122510 yuan / ton, at the beginning of the day affected by the impact of short positions quickly fell to a daily low of 120600 yuan / ton, then a small number of long positions in Shanghai tin bottom rebounded to a daily average of 121200 yuan / ton near shock finishing, the end of the day a small number of long leave, the final close to 121240 yuan / ton, up 122510 yuan / ton, up 0.55%, trading volume 32632 hands, position 34209 hands, reduced 122510 hands. Today, Shanghai tin closed with a negative line, the physical part is supported by the 20-day moving average, the lower shadow line is supported by the 5-day moving average, and the support below Shanghai tin is expected to be near the 10-day moving average of 119000 yuan / ton.

Spot market, today's mainstream transaction price 124700-128000 yuan / ton, Shanghai tin disk overall focus on the rise in spot prices, but the market only a small number of downstream enterprises on-demand procurement, Shanghai tin spot market overall transaction atmosphere is generally weak. The Shanghai period tin 2006 contract set Yunxi rising water 6500-7500 yuan / ton, the ordinary cloud word rising water 5500 yuan / ton, the small brand rising water 4500 yuan / ton.

 

Nickel: Lunni opened at 11320 US dollars / ton today, rising 11470 US dollars / ton at the beginning of the day, facing pressure from the 20-day moving average of 11500 US dollars / ton. Then Lunni pressurized the position and moved its center of gravity to 11380 US dollars / tonne. It fluctuated around this position in a narrow range. In the afternoon, Lunni shook up again and fell back slightly at the same position before noon. After European time, the dollar fell back. Basic metals rose to varying degrees, but Lunni remained calm, still maintaining a narrow range of $11400-11450 / tonne, reported at $11450 / tonne as of 17: 30, up 170 from the settlement price of the previous trading day, $/ tonne, up 1.51%. Trading volume increased by 597 hands to 2812 hands, with a position of 223000 hands. Lunni temporarily closed in the small balcony today, the K column as a whole stood on the 5 / 10 EMA adhesion, the top 20 EMA $11500 / top, if the evening dollar index continues to weaken, or will help Lunni break through the pressure of $11500 in one fell swoop into a new operating space.

Affected by macro positive factors, today's futures market basically turned red. The Shanghai Nickel 2006 contract opened at 93800 yuan / ton today. At the beginning of the session, the bulls' confidence increased, and Shanghai Nickel opened high and probed into 94400 yuan / ton. However, the high pressure bulls took profits, which made Shanghai Nickel go out of the high opening and low walking trend within a day, and the shock went down to 93100 yuan / ton. then Shanghai nickel fluctuated slightly around the center of gravity 93400 yuan / ton until the end of the day, and finally closed at 93330 yuan / ton. Compared with the settlement price of the previous trading day, the settlement price increased by 830 yuan / ton, up 0.9%, the trading volume increased by 3627 hands to 386549 hands, and the position increased by 2798 hands to 82014 hands. Shanghai Nickel closed in the small shade column today. The 5 / 10 moving average below the K column is gradually adhered to, and the lower 92600 yuan / ton is supported. MACD Green Pillar began to turn red yesterday. In the later stage, it is concerned about whether Shanghai nickel can continue to rise, based on 925 million yuan / ton and stand firm at 93000 yuan / ton. Continue to store energy to hit the short-term target of 95500 yuan / ton.

Today SMM Electrolytic Nickel offers 9330095300 yuan per ton. On Friday, the central bank announced a cut in the central bank, and nickel rose higher in the morning market. As today is the first trading day after the festival, most of the transactions in the lower reaches of the spot market are in a wait-and-see attitude, and most of the transactions are between traders. Russian nickel to Shanghai nickel 2005 contract reported flat water to 50 yuan / ton, today flat water supply has a small number of transactions, rising water quotation transaction is relatively weak. Jinchuan Nickel Morning Market quotation of Shanghai Nickel 2005 contract rose 1500-1700 yuan / ton, demand is also light. However, during the holiday period, Jinchuan Company has arrived in Shanghai, and the supply situation has eased somewhat. Today, the traders have replenished the goods and received the goods. It is expected that in the future Jinchuan nickel rising water will follow the quotation range of the ex-factory price, holding steady at 1500-1800 yuan / ton. Today, nickel beans to Shanghai nickel 2005 contract reported 500 yuan / ton, supply and demand is still weak.

 

 

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