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Review of SMM basic Metals spot Trading Day on April 8
Apr 8,2020 18:47CST
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Source:SMM
Review of SMM basic Metals spot Trading Day on April 8
The content below was translated by Tencent automatically for reference.

SMM4, 8 March:

Copper: today, the Asian plate jumped short at US $4995 / ton. Due to doubts about the unanimous reduction in production by the world's major oil-producing countries last night, and announced that API crude oil inventory data rose 11.9 million barrels, oil prices closed down nearly 7% yesterday, dragging down copper prices. Copper prices hit a bottom of $4964 / ton in the morning, followed by a low repair during the daytime. At present, there is a shortage of mine supply in the copper market, so it was quickly repaired to above the $5000 mark in the morning. At the end of the Asian market, it was up 5065 US dollars / ton. Entering the European market, as the market for evening crude oil stocks still have incremental expectations, continue to drag down copper prices, in addition, LME copper stocks rose 43000 tons, concentrated in Asian warehouses, copper prices are even weaker under pressure, fell back to below the $5000 mark, showing an overall inverted "V" trend. As of 17: 00, the price of copper was $4985 a tonne, down 0.78 per cent. In the evening, the focus was on EIA crude oil stocks from the United States to the week of April 3. As the latest US crude oil stocks in the week to April 3 surpassed expectations, adding to concerns about weak crude oil demand, and the market still has doubts about the recent OPEC+ production cuts, so most of them are under pressure. At present, the top of Lun copper is blocked by Brin middle rail, but the overall technical surface is still significantly improved. Waiting for the dollar to guide at night, the test copper is expected to pick up and sit at the $5000 / tonne level.

Today, the Shanghai copper main contract 2005 early in the morning short jump opened at 40310 yuan / ton, the beginning of the session briefly lower 40140 yuan / ton after the day low opened the trend of all the way higher. Copper prices in the jump on the daily moving average, gradually increased the range of pull, midday close at 40720 yuan / ton. In the afternoon opening, that is, straight up and climbed higher than the day's highest point of 41010 yuan / ton, after two times of high weakness, the pressure of 41000 yuan / ton level made a lot of short profit out of the market, the disk fell back to 40670 yuan / ton. In late trading, a small number of people entered the air and rebounded slightly, and finally closed at 40810 yuan / ton, up 160 yuan / ton, or 0.39%. The daily position of the main contract of Shanghai Copper decreased by 1359 hands to 104000 hands, mainly by short positions, while trading volume increased by 2436 hands to 76000 hands. Shanghai Copper 2006 contract daily increase of 1928 hands, to 101000 hands, mainly for the long increase in positions; trading volume increased by 4970 hands to 67000 hands, the volume is about to move backward. Shanghai copper index daily increase of 1088 hands, to 335000 hands, mainly for the long increase in positions; trading volume increased by 12000 hands to 211000 hands. Within days, the main force of copper in Shanghai opened low and walked high, mainly due to a rebound in optimism in the global market about the alleviation of the new crown epidemic. Many countries in Europe and the United States plan to gradually lift restrictions to restart the economy, and investors are expected to improve the outlook for copper demand. Although the decline in oil prices intensified in late trading yesterday affecting the capital markets, but today's positive news on oil production has effectively soothed investors' concerns, oil prices rebounded, contributing some of the momentum to the rise in copper prices. At the same time, there have been frequent reports of production cuts or suspension of operations at the end of the copper mine in recent days, and the increasingly tight supply of copper has provided support for copper prices. Shanghai copper today, the technical side of the favorable signs, stand firm 20 moving average, Shanghai copper is expected to continue to rise. However, the uptrend space is still affected by many risk factors, whether the 41000 yuan / ton barrier can be broken depends on whether the long energy has the confidence to take advantage of the pursuit or not.

Today, Shanghai electrolytic copper spot contract rose 130 yuan / ton to 150 yuan / ton, Pingshui copper transaction price 40620 yuan / ton ~ 40820 yuan / ton, Shengshui copper transaction price 408630 yuan / ton ~ 40830 yuan / ton. The low opening and high walking of copper in Shanghai period has moved up from 40300 yuan / ton to 40800 yuan / ton. The opening of the market continues yesterday's quotation of 130 yuan / ton to 150 yuan / ton, the willingness to raise the price remains unchanged, the source of low-cost goods is difficult to find, the actual shipment of the market is still concentrated in flat water copper 130 yuan / ton, good copper water 140 yuan / ton, there is little room for price difference, traders are difficult to make a difference. Downstream is still in demand, wet copper to maintain 90 ~ 100 yuan / ton quotation. Spot copper stocks are still declining, spot rising water is difficult to have room to decline, copper futures is strong, tidying up above 40,000, the pattern of transaction sawing stalemate is also difficult to break for a while. In the afternoon, the market inquiry atmosphere is more light, and the quotation is a little looser than in the morning, but there is little transaction. Pingshui copper quotation rises 120-130 yuan / ton, good copper 130-140 yuan / ton, and the transaction price rises greatly from 4088041100 yuan / ton to 4088041100 yuan / ton.

 

Aluminum: aluminum opened at $1479 a tonne on Wednesday morning. In the Asian session, the disk fluctuated upward slightly, and at the end of the Asian plate, it struggled to reach a daily high of $1485 / ton, and then fell after the initial shock in the European market. As of 18:24, it closed at $1462.5 / ton, giving back all the gains in the day. Day K line temporary receipt of a small negative line, mainly long warehouse reduction. Yesterday, the macro optimism significantly subsided, Lun aluminum followed the decline of overseas metals, and there is a further downward trend. The current overseas supply side production reduction is very limited, but the demand weakens obviously, today the Lun aluminum inventory increases another 13700 tons, and the increment comes mostly from the Asian warehouse, therefore the fundamental weak pattern is difficult to change, it is expected that the short-term Lun aluminum will still try to probe down, test the position of 1450 US dollars / ton.

Today, the 2006 contract of Shanghai Aluminum Company was opened as low as 11535 yuan / ton. After a short period of hesitation after the opening, then more empty, the disk tried to return to yesterday's closing level, closing at 11620 yuan / ton. Day K line closed a small positive line, compared with yesterday's closing level, position increased by 1792 hands to 138000 hands, trading volume reduced by 11409 hands to 78156 hands, mainly long positions. Today, the domestic tax reduction news continues to ferment, feedback to the disk performance 06 contract long warehouse obvious, but under the background of weak fundamentals, Shanghai aluminum trend is difficult to break away from the 5 / 10 moving average, is expected to run in the range of 1150011650 yuan / ton tomorrow.

Aluminum prices fluctuated upwards by noon. In the morning, the price quoted by the holder in Shanghai Wuxi area is between 11540-11560 yuan / ton, which is 90 yuan / ton lower than yesterday's price. With the rise of aluminum price, the price quoted by the holder after 11: 00 began to concentrate between 11580-11590 yuan / ton, and the price in Hangzhou area was concentrated between 11570-11580 yuan / ton before noon. Morning shippers are more active, middlemen can trade, with aluminum prices upward, shippers converge, although middlemen have demand for goods, it is difficult to close a deal at this time. Downstream today on-demand procurement, due to the fall in aluminum prices slightly available. The overall transaction in East China is OK today. The afternoon aluminum is mainly interval shock, the holder quotes in the vicinity of 11620 yuan / ton, about 10 yuan / ton to the disk surface discount, the whole light almost does not have the transaction.

 

Lead: within the day, Lun lead opened low at $1722 / tonne. In Asia, Lun lead fluctuated around the daily average line, entering the European period, and Lun lead around the daily average line. Canada rose $1732 / ton to $17130 at 17: 30, up $1.50 / ton, or 0.091%, according to the wide shock, which rose $1732 / ton to $17130 / ton, up 0.091% as of 17: 30. Lun lead temporarily closed a small negative line, copper, aluminum and zinc LME stocks rose sharply, one after another rushed to fall back, or will drag down the lead, nocturnal lead or test the strength of the $1700 / ton integer level support.

Within days, the Shanghai lead main force 2005 contract opened at 13930 yuan / ton, the macro impact receded, Shanghai lead trend returned to its own fundamentals, as the relationship between domestic supply and demand quietly changed, the long profit market stopped earnings, the Shanghai lead center of gravity was weak, and finally closed at 13715 yuan / ton, down 2005 yuan / ton, down 1.15%, positions reduced by 1218 hands to 21715. Shanghai lead closed in the negative line, the continuation of the horizontal market, the 5-day moving average has turned down, and regeneration / primary upside down there are signs of narrowing, the recent fundamentals, pay attention to smelting waste supply changes, technical aspects, pay attention to the shock interval lower limit of 13600 yuan / ton support.

Shanghai market Jinsha lead 14120 yuan / ton, Shanghai lead 2005 contract up 350 yuan / ton quotation, Jiangsu and Zhejiang market Shuikoushan lead 14120-14140 yuan / ton, Shanghai lead 2005 contract 350370 yuan / ton quotation. Lead rising momentum is insufficient, but the market warehouse receipt supply is less, the holder maintains the high rising water quotation, at the same time downstream on-demand purchase, and part of the demand flows to recycled lead, the bulk order market transaction is limited.

Guangdong market South China lead 14025-14055 yuan / ton, the average price of SMM1# lead rose by 50 yuan / ton. Henan Yuguang, Wanyang and other smelters are mainly long single, Jinli 14150 yuan / ton, the average price of SMM1# lead increases 100 yuan / ton, other areas such as: Hunan Shuikoushan 14025 yuan 14075 yuan / ton, the average price of SMM1# lead rises 50% 100 yuan / ton (traders), Jiang copper 14075 yuan / ton, the average price of SMM net increases 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: zinc in Geneva opened at US $1921 / tonne, market optimism receded at the beginning of the session, and the center of gravity of Lun Zinc's renewed decline moved slightly to around US $1915 / tonne. However, the supply side story did not end. Lun Zinc revised upward to record a daily high of US $1929 / tonne. With the oil price falling again, some of the funds chose to leave the market, while LME zinc stocks rose more than 14000 tons in European trading to be bearish. Lun Zinc fell straight through the US $1900 / ton integer threshold of US $1891 / ton and finished temporarily. At 16: 18, Lun Zinc closed down US $1893 / ton, down US $30 / ton, or 1.56%. Lun Zinc received a large negative column to test the strength of the short moving average support below, the current overseas epidemic has not yet ushered in an inflection point, the existing blockade behavior of the major mining-producing countries has not been lifted, the supply side still has a story to tell, from the perspective of supply pricing, it is expected that Lun zinc may be difficult to fall sharply in the short term, pay attention to the lower short moving average adhesion support.

Intraday Shanghai zinc main force 2006 contract opened at 15710 yuan / ton, at the beginning of the day, short positions poured in, Shanghai zinc slowly moved down to 15650 yuan / ton, part of the buying capital inflow in the afternoon, Shanghai zinc up to repair the intraday decline, but further pulled up the lack of confidence in the market, Shanghai zinc empty level turned into a decline, closing down 15650 yuan / ton, down 165 yuan / ton, down 1.04%, trading volume increased by 2118 hands to 64829 hands. Positions increased by 2524 to 83054. Shanghai zinc is negative, the market is willing to sell short on a high, the main reason is that consumption is bleak, but in the short term, the supply-side story has not completely disappeared, and the decline in zinc is expected to be limited.

The mainstream transaction of Shanghai zinc was 15770-15815 yuan / ton, Shuangyan and Chi Hong 15780-15825 yuan / ton, and Shuangyan and Chihong 85-100 yuan / ton. The mainstream transaction was 15700-15740 yuan / ton. The Shanghai zinc 2005 contract fell back in intraday trading and closed at 15705 yuan / ton in the morning market. Zinc out of recent highs, smelters stop selling normal shipments, market liquidity increased, the morning market for May reported water 80-90 yuan / ton, transaction is relatively stable, net average price and net average price down 5 yuan / ton more attractive, rising water and disk synchronous fall after the enthusiasm of traders to buy warmer than yesterday. Enter the second trading period, the market quotation differences, part of the rising water in May 90-95 yuan / ton, but also part of the rising water 80-85 yuan / ton, the low price transaction is relatively active, and the downstream day on demand to enter the market in a small amount of buying, the absolute price high downstream buying enthusiasm is still not high, the overall transaction within the day is warmer than yesterday.

The mainstream transaction in Ningbo was 15800-15880 yuan / ton, the ordinary brand raised the water by 120-150 yuan / ton to the 2005 contract, and the price difference between Ningbo and Shanghai ordinary brand was maintained at about 40 yuan / ton. Today, traders actively ship the goods, the quotation is more uniform, the morning holder reported Tiefeng, Hualian, West Mine and other brands in the 05 contract to raise water 120 yuan / ton, Yongchang also reported in the 05 contract rose 120 yuan / ton, will be reported in the May contract rose 150 yuan / ton. In the first period, the market transaction atmosphere is better, the downstream inquiry willingness has been enhanced, enter the second period, the disk slightly lower, downstream market inquiry willingness to buy again improved. Generally speaking, the transaction of high-priced brands is weak today, and the transaction of most ordinary brands is better.

The mainstream transaction of Guangdong zinc was 1566015750 yuan / ton, and the quotation focused on the discount of 1020 yuan / ton to the Shanghai zinc 2005 contract. The discount of 100 yuan / ton in Guangdong stock market was 10 yuan larger than that of the previous trading day. In the first trading session, futures prices fell from yesterday. The foreign quotation of individual cardholders is higher, but most of them look for the source of water goods, the market begins to adjust the price, and a small number of transactions are concluded between traders. Kirin, Mengzi, Huize and Tiefeng offer 20 yuan / ton to flat water for the Shanghai zinc May contract. The price of Qilin, Mengzi, Huize and Tiefeng is 20 yuan / ton to Pingshui. In the second trading session, the die-casting alloy factory had poor orders this month and limited purchases into the market, and the decline in demand was difficult to support the market price, but due to the narrowing of the contract price gap between the futures month and the next month, the discount rate quoted by the holder was limited. Kirin, Mengzi, Huize and Tiefeng offer 10-20 yuan per ton for the May contract. Qilin, Mengzi, Huize, Tiefeng mainstream transaction in 15660-15750 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market was 15780-17330 yuan / ton, and that of ordinary brands was 15780-15840 yuan / ton. The contract for 2004 rose by 90 yuan / ton to 120 yuan / ton. Compared with Shanghai stock market, Tianjin kept rising from 20 yuan / ton to 40 yuan / ton. Today, Shanghai zinc weakened, the spot market up discount quotation, the quotation is more unified, the ordinary brand red Ye lark and so on in the 04 contract bid up 100 yuan / ton near, Chi Hong reported in the 04 contract rose 90 yuan / ton near, the high price brand Zijin reported 120 yuan / ton to the April contract. Today, traders raised their discount quotations, as smelters handed in long orders at the beginning of the month, resulting in a smaller volume of goods circulating to the spot market and a stronger willingness of traders to offer prices. After zinc prices fell today, downstream enterprises' willingness to inquire was better than yesterday and kept just in need of procurement. Overall, transactions today are better than yesterday. The transaction of zinc ingot is near 15730-15790 yuan / ton.

 

Tin: after opening of $14675 / ton today, Lunxi electronic disk quickly fell to $14465 / ton at the beginning of the session and then hit bottom and rebounded. As of 17: 15, the latest price of Lunxi was $14550 / ton, showing a small negative line, and the lower shadow line was supported by the 5-20 moving average line. It is expected that the support below Lunxi is located near the integer level of $14000 / ton.

Shanghai tin main force 2006 contract opened today morning 121350 yuan / ton, at the beginning of the day affected by the impact of short positions quickly fell to a daily low of 119540 yuan / ton, then long short left the market, Shanghai tin bottom rebounded and fluctuated all the way up, and finally closed up 122100 yuan / ton, up 0.71%, trading volume 30861 hands, position 34780 hands, an increase of 571 hands. Today, Shanghai tin closed at a small positive line, the lower shadow line is located near the 5-and 20-day moving average, the bottom is supported by the 10-day moving average, and the resistance above Shanghai tin is expected to be around 123000 yuan / ton.

Spot market, today quoted 124500127000 yuan / ton, early Shanghai tin plate center of gravity down, but the spot price did not significantly follow the decline. In terms of transaction, only a small number of traders and downstream enterprises purchase cautiously, the source of low-price small-brand goods is relatively favored, and the overall transaction atmosphere of Shanghai-tin spot market is generally weak. Shanghai tin 2006 contract set Yunxi rising water 6500-7000 yuan / ton, ordinary cloud word rising water 5000-5500 yuan / ton, small brand rising water 4500 yuan / ton.

 

Nickel: Lunni opened at $11415 / tonne today, with a daytime low of $11330 / tonne at the beginning of the day. Then it was supported and rebounded at that position, breaking through the 20-day moving average of $11450 / tonne all the way up. $11590 / tonne resistance. Entering the European period, the high level of Lunni fell back, bearing pressure on the daily average line, once fell below $11500 / tonne probe lower $11450 / tonne, and around the narrow range of $11500, as of 17: 30, reported at $11500 / tonne, up $70 / tonne, up 0.61% from the previous trading day settlement price, trading volume decreased by 1339 hands to 4589 hands, position reduced by 764 hands to 221896 hands. Lunni temporarily closed in the small balcony today, the K column broke through the 20-day moving average resistance, follow-up attention to Lunni 11500 US dollars / ton position support.

The Shanghai Nickel 2006 contract opened at 92960 yuan / ton today. Shanghai nickel basically rose unilaterally today. The price of a large number of long positions rose to 95000 yuan / ton. At the end of the day, short confidence was insufficient to reduce their positions. Shanghai nickel broke through the gate to explore 95410 yuan / ton, and finally closed at 95310 yuan / ton. compared with the settlement price of the previous trading day, the settlement price rose 1800 yuan / ton, an increase of 1.92%, and the trading volume increased by 101000 to 488000 hands. Position increased by 26000 hands to 108000 hands, Shanghai nickel today closed in the sun column, K column through the early shock pressure level 20 averages 95000 yuan / ton position, follow-up attention to Shanghai nickel can stand stable 20 days moving average.

Today's SMM1# Electrolytic Nickel offer is 9340095300 yuan / ton. Shanghai nickel opened low in the morning market, and soon after opening it began to recover steadily, recovering all its losses before the second trading session in the morning market. In the afternoon, news came from the Philippines that Suriname mining enterprises had decided to suspend their mining and export business, pushing the nickel price back to 95000 yuan / ton. In the spot market, due to the price all the way up, the downstream mentality has been restrained, spot discount in the afternoon has also been down. The Russian nickel to Shanghai nickel 2005 contract quoted flat water to rise 50 yuan / ton; when the opening price of the morning market fell, some traders rose to 100 yuan / ton, the transaction situation was relatively weak, and soon fell back to 50 yuan / ton. With the disk upward, the market supply is mostly flat quotation, the overall transaction situation is mediocre. Jinchuan Nickel to Shanghai Nickel 2005 contract rose 1600-1700 yuan / ton; this morning, the supply of low prices in the market is relatively small, most traders quoted according to 1600 yuan / ton, some traders only lowered to 1500 yuan / ton in the afternoon, the transaction situation is still on the weak side. Nickel beans, today's Shanghai Nickel 2005 contract offer 600 yuan / ton, although the supply is scarce, but the demand is also weak, so nickel beans up discount has also been down with the market price.

 

 

 

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