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Review of SMM basic Metals spot Trading Day on April 10
Apr 10,2020 19:00CST
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Source:SMM
Review of SMM basic Metals spot Trading Day on April 10
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Copper: LME was closed today for Easter.

Today, the Shanghai copper main contract 2005 jumped short in the morning low at 40570 yuan / ton, then the center of gravity slowly climbed to 40870 yuan / ton, closed at 40890 yuan / ton in midday. At the beginning of the afternoon, the bulls strengthened to pull up the price of copper from 40830 yuan / tonnage to 41420 / ton. At this time, high multi-flat entry, copper prices fell slightly, all the way up, the market chased up sentiment enthusiastically, the impact of 42000 yuan / ton gate failed, reaching the highest point of 41890 yuan / ton in the day. Then the bulls left the market, copper prices fell slightly, closed at 41790 yuan / ton, up 950 yuan / ton, up 2.33%. Today, the transfer of the main force of Shanghai copper has been completed, Shanghai copper 2006 early opening at 40580 yuan / ton, that is, the lowest point of the day. It rose strongly in the afternoon, climbing to a daily high of 41820 yuan per ton. The intraday position of Shanghai Copper main contract increased by 871 hands to 104000 hands, mainly for long positions; trading volume increased by 2.1hands to 7.1hand; Shanghai Copper 2006 contract daily position increased by 3557 hands to 105000 hands, mainly for long positions; trading volume increased by 29000 hands to 77000 hands, Shanghai copper main positions and trading volume have completed a backward shift. The Shanghai copper index increased by 1320 hands to 334000 hands, mainly by long positions, while trading volume increased by 67000 hands to 208000 hands. The main force of copper in Shanghai opened low and went high today, mainly due to further deterioration of market expectations of tight global copper supply. BHP Billiton today confirmed two confirmed cases of new crown pneumonia at the Escondida copper mine in Chile, the world's largest copper mine, amid concerns about the intensification of the global contradiction between supply and demand for copper, prompting a sharp rise in copper prices in the afternoon. Macroscopically, stimulus policies in Europe and the US increased yesterday in response to the recession caused by the global new crown epidemic. The Fed will launch up to $2.3 trillion in loans to use lending instruments to boost the U. S. economy. For the time being, the Bank of England will be able to monetize government debt directly, allowing the British government to overdraw indefinitely until the epidemic subsides. The policy of further releasing liquidity to underpin the economy has made market expectations more optimistic. And coincided with the Easter holiday, LME closed on Friday and next Monday, the internal market lack of guidance, copper prices rose today, the market chased sentiment enthusiastically. Shanghai copper rose sharply today, the technical side is good. At present, the main force of Shanghai Copper is close to the 42000 level to make up for the gap of jumping empty two weeks ago.

Today, Shanghai electrolytic copper spot price for the current month contract up 30 yuan / ton ~ 60 yuan / ton, flat water copper transaction price 40880 yuan / ton ~ 41010 yuan / ton, rising water copper transaction price 40890 yuan / ton ~ 41020 yuan / ton. Today's Easter LME closed, Shanghai copper prices along the 40900 yuan / ton shock finishing. The morning market quotation rises 50 ~ 70 yuan / ton, but the market quotation transaction is suppressed, the holder strives to exchange, the quotation drops quickly, appears the almost halving situation again, until the flat water copper is as low as 30 yuan / ton, the good copper is as low as 40 yuan / ton, just ushered in a wave of positive trading, the low price source attracts the favor of some long single traders. The rising water can hold up, the flat water copper maintains the stability in the rising water 40-50 yuan / ton, the good copper quotes in the rising water 60 yuan / ton, the rising water maintains the stability but the transaction heat drops rapidly, the wet copper quotation is near the flat water copper. Today, the scope of the concussion, downstream trading participation is limited, the market trading is mainly led by traders, close to the low rising water pattern near Pingshui is favored by long single users, today and next Monday LME are closed, the domestic may lead out of the challenge 41000 yuan / ton barrier situation, but the spot market fear of high caution risk aversion is still difficult to dissipate. In the afternoon, the plate launched a vigorous promotion, broke through 41000 yuan and then rushed to the mark of 42000 yuan / ton, the number of quotators in the spot market decreased, the holders returned to the pricing trend, the quotation rebounded, Pingshui copper rose to 50-60 yuan / ton, good copper rose to 70-80 yuan / ton, and the transaction price followed the plate to 41400-41880 yuan / ton.

Aluminum: LME is closed today for Easter.

On Friday, the 2006 contract of the Shanghai Aluminum Company opened at 11665 yuan per ton in the morning. Boosted by the optimistic results of overnight crude oil negotiations, Shanghai aluminum rose at the start of trading, mostly flat, closing at 11845 yuan / ton, up 190 yuan / ton from the previous day's close, up 1.63%. The volume of positions increased by 225 hands to 138000 hands, and the trading volume increased by 15184 hands to 87611 hands, mainly by bulls. Daily K line close six Lianyang, the top try to touch the 20-day moving average. Aluminum downstream domestic trade demand slowly improved, superimposed macro news benefit more sentiment, short-term Shanghai aluminum disk performance rose slightly. Continuous attention should be paid to the release of macroscopic news and changes in the demand side of electrolytic aluminum.

Before noon, the aluminum price fluctuated mainly in the range after the aluminum price fluctuated upward. Shanghai Wuxi area holder quotation in 11730-11750 yuan / ton, compared with yesterday's price rose 130 yuan / ton, Hangzhou area holder quotation in 11740-11760 yuan / ton, before noon shippers are active, middlemen trading is also active, in addition, a large household East China received nearly 10,000 tons of goods today, the overall transaction between traders is better. Due to the approach of Friday, the willingness to stock downstream increased, the status of receiving goods has improved significantly compared with the previous two days. East China as a whole closed well today. Afternoon aluminum shock upward, individual cardholders quoted in the vicinity of 11740 yuan / ton, the disk discount of 20 yuan / ton, almost no deal.

Lead: LME is closed today for Easter.

Within the day, the Shanghai lead main force 2005 contract opened at 13780 yuan / ton, at the beginning of the day around the daily average briefly shock, after the overall strength of non-ferrous metals, Shanghai lead center of gravity gradually moved up, and recorded a daily high of 13910 yuan / ton, finally closed at 13835 yuan / ton, up 135 yuan / ton, up 0.99%, position reduced 397 hands to 21319. Shanghai lead closed Xiaoyang line, continue interval concussion, from a technical point of view, the moving average trend of each channel is flat, horizontal trend may continue, from the basic point of view, regeneration / primary upside down phenomenon basically receded, however, smelting waste supply shortage still limits the pace of short selling, recently pay close attention to the changes in waste supply and demand.

Shanghai market Shuikoushan lead 14265 yuan / ton, Shanghai lead 2005 contract up 450 yuan / ton, Jiangsu and Zhejiang market Shuikoushan, southern lead 1421514265 yuan / ton, Shanghai lead 2005 contract 400-450 yuan / ton quotation. Lead shock upward, coupled with the scarcity of market circulation, holders mostly to high water shipment, downstream procurement is more cautious, some have turned to recycled lead, spot high water transaction is very limited.

Guangdong market South China lead 14100-14130 yuan / ton, the average price of SMM1# lead rose by 50 yuan / ton. Henan Yuguang, Wanyang, Jinli and other smelters are mainly long single, and the market supply of bulk orders is less: Hunan Shuikoushan 14025 / 14075 yuan / ton, the average price of SMM1# lead up 50% 100 yuan / ton (traders), Jiang copper 14075 yuan / ton, the average price of SMM net 100 yuan / ton, Anhui bronze crown 14175 yuan / ton, SMM net 200 yuan / ton; Today, the overall market trading turned light, but the market supply is still tight, as the source of recycled lead has flowed out one after another, the downstream began to mainly purchase recycled refined lead.

Zinc: LME is closed today for the Easter holiday.

Within the day, the Shanghai zinc main force 2006 contract opened at 15550 yuan / ton, the initial capital test again, Shanghai zinc quickly fell down 15450 yuan / ton, then the bulls gradually bought the market, Shanghai zinc quickly backfilled the downward trend shock upward, the market buying force was relatively strong, the final closing price rose 15660 yuan / ton, up 0.68%, trading volume increased 5287 hands to 88662 hands, position increased 2616 hands to 87487 hands. Shanghai zinc warehouse turned red, short moving average upward adjustment, short-term supply-side story there is still room for fermentation, can be moderately optimistic about zinc, pay attention to the Wanliu pass.

Shanghai zinc mainstream transaction in 15560-15730 yuan / ton, Shuangyan transaction in 15580-15740 yuan / ton; zinc general price of 80 yuan / ton in May; Shuangyan reported 90 yuan / ton in May; zinc mainstream transaction in 15490-15660 yuan / ton. Shanghai zinc 2005 probing low rebounded, the first trading session in the morning closed at 15555 yuan / ton, the first time in the morning, the market is dominated by long single trading, the mainstream transaction in the market is concentrated in the average price of SMM net or discount 5 yuan / ton, and some of the holders reported a rise of 80 yuan / ton to the 2005 contract. In the second period, the spot rose more smoothly, and the mainstream reported to the 2005 contract rose 80 yuan / ton. Zinc prices rebounded, the market trading is active, downstream active inquiry, buy more, downstream in the low price purchase intention is strong.

The mainstream transaction in Ningbo was 15590-15710 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands narrowed from 40 yuan / ton to 20 yuan / ton from 40 yuan / ton yesterday. Today, the market reported fewer goods as a whole. In the first period of the morning, some holders continued yesterday's quotation. Tiefeng, Xikuang and other brands quoted around 120 yuan / ton in May, while other brands such as Hualian quoted lower prices. The basic quotation is around 100-110 yuan / ton for the May contract, Kirin quotes about 130-140 yuan / ton for the May contract, and the transaction is concentrated on the brand with lower water rise. Overall, zinc prices fell slightly today, superimposed rising water slightly lower, today's market inquiry atmosphere is better, the overall transaction situation is basically flat compared with yesterday.

Guangdong zinc mainstream transaction in 15450-15630 yuan / ton, the quotation focused on Shanghai zinc 2005 contract discount 10-20 yuan / ton, Guangdong stock market than Shanghai stock market discount 90 yuan / ton is flat compared with the previous trading day. In the first trading session, the center of gravity of futures prices moved down from yesterday, and the sentiment of holders was relatively strong. Some traders pressed prices to receive goods, and the market as a whole was still dominated by discount transactions. Kirin, Mengzi, Huize and Tiefeng quoted prices for Shanghai Zinc May contract discount of 1020 yuan / ton. The second trading period, futures month spread of 30 yuan, the holder of the next month contract quotation is relatively strong, the willingness to let the price is not enough, the downstream bargain slightly procurement, the market trading is still general. Kirin, Mengzi, Huize and Tiefeng offer 10-20 yuan per ton for the May contract. Qilin, Mengzi, Huize, Tiefeng mainstream transaction in 15450-15630 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market was 15790-17170 yuan / ton, that of ordinary brands was 15790-15840 yuan / ton, and that of the 2004 contract was 210 yuan / ton to 240 yuan / ton. Compared with Shanghai stock market, Tianjin market rose from 40 yuan / ton to 140 yuan / ton. Today, the Shanghai zinc low shock, the spot market sharply raised the discount quotation, the quotation is more unified, the ordinary brand red Ye lark reported in the 05 contract to rise the water 210 yuan / ton near, Chihong spot market almost no quotation, the high price brand Zijin to the April contract quotes 240 yuan / ton near. Today, traders significantly raised the discount quotation, due to Chihong pre-maintenance led to the current spot file, superimposed purple gold to a longer single, while the rest of the smelter exists to cherish the sale phenomenon, resulting in the spot market circulation of goods significantly reduced than the previous period, traders have a strong willingness to raise prices, today's Tianjin spot price upward, did not see the weakening of transactions, downstream still maintain the need for procurement. On the whole, the transaction today is flat compared with yesterday. The transaction of zinc ingot is near 1566015730 yuan / ton.

Tin: LME is closed today for Easter.

After the Shanghai tin main force 2006 contract opened today, affected by the sharp rise in Lunxi overnight, the bulls increased their positions in Shanghai tin rapidly, and then the center of gravity remained in the vicinity of the daily average line of 125500 yuan / ton. at the end of the day, the bulls increased their positions again, Shanghai tin rose to a daily high of 126750 yuan / ton, and finally closed at 126410 yuan / ton, up 3710 yuan / ton, up 3.0%, trading volume 37777 hands. The number of positions held was 36438, an increase of 1062. Shanghai tin closed today with the Changyang line, the physical part of the bottom by the 5-day moving average support, Shanghai tin resistance is expected to be around the 40-day moving average of 127000 yuan / ton.

Spot market, today quoted 128500-130500 yuan / ton, Shanghai tin plate rose sharply, spot rising water range has not significantly changed Shanghai tin spot price is high, some traders and downstream enterprises within the day to purchase, Shanghai tin spot market overall transaction atmosphere is general. Shanghai tin 2006 contract set Yunxi rising water near 5500 yuan / ton, ordinary cloud word rising water 45005000 yuan / ton, small brand rising water 40004500 yuan / ton.

Nickel: LME was closed today for Easter.

Last night, OPEC+ production reduction agreement was initially reached, Lunni was affected by the night pull up, Shanghai nickel opened higher, Shanghai nickel 2006 contract opened today at 95400 yuan / ton, Shanghai nickel 2006 contract opened at 95400 yuan / ton today, Shanghai nickel pulled up, pierced yesterday's pressure position Boll line middle track, all the way up 97840 yuan / ton, under pressure this position, the center of gravity around 97500 yuan / ton narrow shock, afternoon, long reduction, Shanghai nickel slightly down 96600 yuan / ton, Subsequently, the trend continued again before noon to return to the concussion level of 97500 yuan / ton, fluctuating until the close, and finally closed at 97310 yuan / ton, up 2210 yuan / ton, or 2.32%, from the settlement price of the previous trading day. Trading volume increased by 111000 hands to 483000 hands, and positions increased by 7959 hands to 107151 hands. Shanghai nickel closed today in the sun column, K column uplink through the Boll line in the middle of the track, the top facing 40 days of pressure, today's overall trend for the long dominant, follow-up attention to the long power can once again promote the nickel price upward, as well as the upper 40-day moving average pressure.

Today, SMM1# offers 97100-99000 yuan per ton for electrolytic nickel. As the Federal Reserve announced a new round of large-scale stimulus package, European and American stock indexes rose sharply last night, while easing policies made precious metals more popular. LME closed today, and Lunni closed at $11700 / tonne. Many advantages stimulated Shanghai Nickel to quickly pull up after the opening of trading today, re-standing above the 97000 yuan / tonne line. The sharp rise in nickel prices has dampened downstream demand to some extent, with trading slightly light. Russia Nickel to Shanghai Nickel 2005 contract reported 50 to 50 yuan / ton, due to different insurance costs, the willingness of market operators to lower the rising water is lower, the transaction situation is weaker today; Jinchuan Nickel Shanghai Nickel 2005 contract rose 1400-1500 yuan / ton, it is reported that 1400 yuan / ton has a small number of transactions. Recently, the downstream demand for Jinchuan nickel is relatively weak, but because the cost of traders receiving goods from manufacturers is still high, the increase of 1400 yuan / ton is already the biggest profit for the holders. It is expected that the Jinchuan nickel rise in the short-term market will not be further reduced. Today, nickel beans to Shanghai nickel 2005 contract reported 500 yuan / ton, due to the recent lack of nickel bean imports, domestic supplies are relatively scarce.

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