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Comment on the spot Exchange Day of SMM basic Metals on April 13
Apr 13,2020 18:19CST
Comment on the spot Exchange Day of SMM basic Metals on April 13
The content below was translated by Tencent automatically for reference.

SMM4, 13 March:


LME remains closed for Easter.

Today, the Shanghai copper main contract 2006 opened at 40280 yuan / ton in the morning, after the opening of the copper price was pushed up to 41810 yuan / ton, at this time short high position, the center of gravity fluctuation fell to about 41610 yuan / ton. Copper prices then rebounded slowly, climbing to a daily high of 41930 yuan / ton before noon and closing at 41870 yuan / ton at noon. At the beginning of the afternoon, the main force of Shanghai copper failed to continue the rally, the center of gravity fell about 100 yuan / ton, to 41770 yuan / ton, and fluctuated in a narrow range around this position. In the end, it closed at 41780 yuan / ton, up 600 yuan / ton, or 1.46%. Shanghai copper main contract day position increased by 3424 hands, to 108000 hands, mainly for the long increase; trading volume increased by 9399 hands, to 86000 hands; Shanghai copper index mainly for short positions, spot contracts and short contracts in recent months to reduce nearly 10,000 hands, while the long-month contract Shanghai copper 2006, 2007, 2008 multi-level positions, a total of 7507 hands; trading volume increased 5040 hands to 213000 hands. Today, the main force of Shanghai copper shock crawling, the center of gravity rose slightly, mainly due to the market expectations of macro-environmental improvement further heating up. In China, new credit and social finance reached new and historical highs in March, effectively hedging the impact of the epidemic on the economy and providing strong support for the recovery and development of the real economy. Abroad, OPEC+ production reduction agreement was finally reached, although the production reduction is not as expected, but to a certain extent alleviated the global contradiction between supply and demand of crude oil, providing support for oil prices. The overall macro environment is improving. Superimposed overseas mines continue to disturb, copper supply constraints temporarily difficult to solve, supporting the rise of domestic copper prices. Shanghai copper rose slightly today, close to the 40-day moving average. The position of 41900 yuan / ton is faced with the gap of jumping short two weeks ago. When the upward impact is 42000 yuan, the bulls are afraid to leave the field and try to increase their positions at the same time, and the rising momentum is insufficient. The market closed today and is about to open. Shanghai Copper is waiting for the outer plate to guide.

Today, Shanghai electrolytic copper spot contract rose 60 yuan / ton to 90 yuan / ton, Pingshui copper transaction price 41820 yuan / ton ~ 42010 yuan / ton, Shengshui copper transaction price 41830 yuan / ton ~ 42020 yuan / ton. The return of copper in Shanghai rose to 42000 yuan per ton, up nearly 1,000 yuan from Friday. The spot quotation of the early market holder rises 60 ~ 70 yuan / ton, the good copper rises to the rising water 80 yuan / ton after the first line transaction, the flat water copper is favored by the market, the low price rises 60 yuan / ton after the transaction adjusts to the rising water 70 yuan / ton, the transaction is OK; In the second section of the trading stage, the trend of the price is unchanged, the flat water copper tends to stabilize in the rising water 70 ~ 80 yuan / ton, the good copper quotation is in the rising water 80 ~ 90 yuan / ton, the wet copper follows the market quotation up to 10 ~ 40 yuan / ton. The current common strong characteristics are obvious, the holder price heart has been continuous, the downstream continues to maintain the urgent need, the trader leads the market to close the transaction, the low price supply is favored by the speculator. In the afternoon, the disk was blocked, and the high level gave up a small part of the increase. The quotation is more single and firm, Pingshui copper quotation rises 80 yuan / ton, good copper rises 90 yuan / ton, the transaction price is 41910-42040 yuan / ton, but slightly shows the feeling that the price does not have the market.


The London market remained closed for Easter.

On Monday, the 2006 contract of the Shanghai Aluminum Company was opened as high as 11845 yuan per ton. In the first trading session before noon, short positions increased pressure in the first 30 minutes of the session, and Shanghai Aluminum quickly fell back to the lowest level of 11730 yuan / ton in the day. Then, when the bulls entered the market, Shanghai Aluminum rebounded back to 11790 yuan / ton again. Entering the second trading session, the market rose and fell again, and after a brief finishing in the afternoon, it closed down at 11755 yuan / ton, down 90 yuan / ton, or 0.76%, from the previous day. Trading volume decreased by 14107 hands to 73504 hands, and position increased by 3436 hands to 141000 hands, mainly by short positions. The daily K line closes a small negative line, hovering near the 5 / 20 moving average. Today, the long short game is fierce, crude oil prices continue to boost non-ferrous, domestic fundamentals, the supply side slightly narrowed, the demand side of domestic trade month-on-month warming in the past two weeks, the overall trading mood is optimistic. It is expected that tomorrow the Shanghai aluminum main concussion will run at 11700-11900 yuan / ton.

Before noon, the price of aluminum was suppressed first and then rose. Shanghai Wuxi area holder quotation is between 11790-11810 yuan / ton, 60 yuan / ton higher than Friday's price, 10-liter water 10 yuan / ton, Hangzhou area holder quotation is 11810-11830 yuan / ton. Due to the price rise before noon shippers are active, middlemen are more willing to receive goods, the two sides traded well. Downstream today on-demand goods, replenishment signs are not very obvious. The overall transaction in East China is OK today. In the afternoon, the aluminum center of gravity sinks to maintain the interval fluctuation, the holder quotes in the vicinity of 11770 yuan / ton, between 10 yuan / ton to flat water, the inquiry between buyer and seller is more active, the actual transaction is rare.


The London market is closed overseas for Easter.

Within days, the Shanghai lead main force 2005 contract opened at 13780 yuan / ton, early in the day Shanghai lead in the vicinity of the daily average line short run, after the spot market supply is scarce, and rising water quotation is strong, part of the short choice to leave the market to avoid risk, Shanghai lead center of gravity shock moved up to the day high 13950 yuan / ton, finally closed at 13945 yuan / ton, up 130 yuan / ton, up 0.94%, position reduced to 20752 hands. Shanghai lead acceptance bald small positive line, has not yet broken through the upper limit of the shock range, in addition, last week lead ingot society library continued to decline, however, the rate of decline significantly narrowed, while taking into account the limited recycled lead smelting raw materials, the supply of stage tension is difficult to change, the recent lead price or maintain shock market, pay close attention to the changes in the supply of smelting waste.

Shanghai market Shuikoushan, southern lead 14335-14385 yuan / ton, Shanghai lead 2005 contract price 500-550 yuan / ton, silver 14300 yuan / ton, SMM1# electrolytic lead average price 250 yuan / ton, Wuxi market south, Shuikoushan lead 1425514285 yuan / ton, Shanghai lead 2005 contract 420-450 yuan / ton. Lead in the future maintains the consolidation situation, while the supply of goods in circulation in the market is still relatively limited. The holders generally offer for shipment, and the quotation continues to rise. At the same time, the middle and large downstream are mainly long single purchases, or turn to recycled lead plates, and the main force of receiving goods is still traders.

South China lead in Guangdong market is 14130 yuan / ton, the average price of SMM1# lead is 80 yuan / ton. Henan Yuguang, Wanyang, Jinli and other smelters are mainly long orders, and the market supply of bulk orders is less: 14150 yuan / ton for Shuikoushan, 100yuan / ton for SMM1# lead (trader), 14150 yuan / ton for Jiang copper and 100yuan / ton for SMM network. Today, the supply of bulk orders in the market is still very small, Henan spot has been pre-sold this week, although the outflow of recycled lead has increased, but the current domestic supply is still in a tight balance.


LME will remain closed for Easter.

Within the day, the Shanghai zinc main force 2006 contract opened at 15660 yuan / ton, mainly into the empty, Shanghai zinc shock upward touch high 15805 yuan / ton, then part of the long flat warehouse left the market, Shanghai zinc fell back at the end of the day, closed up 15735 yuan / ton, up 75 yuan / ton, up 0.48%, trading volume decreased 17275 hands to 71387 hands, position volume increased 1321 hands to 88808 hands. Shanghai zinc operation center of gravity has moved up again, short moving average upward has a long trend, the current inventory continues to decline, at the same time, the rapid reduction of mine processing fees to verify the mine end shortage expectations, zinc basic face profit more support has been strengthened, can maintain moderate optimism for zinc, but need to be vigilant tomorrow LME return to the market.

Shanghai zinc mainstream transaction in 15730-15800 yuan / ton, Shuangyan transaction in 15740-15810 yuan / ton; zinc general price of 80-90 yuan / ton in May; Shuangyan reported 90-100 yuan / ton in May; zinc mainstream transaction in 15650-15720 yuan / ton. Shanghai zinc 2005 probe low rebounded, the morning market closed at 15705 yuan / ton. Smelter normal shipment, the first time in the morning market traders to long single trading, domestic quoted water about 80 yuan / ton, but also quoted the average price or the average price + 5 yuan / ton, the overall market transaction is more active. In the second trading period, the market quotation rose slightly by about 10 yuan / ton, and the domestic quoted water rose by about 90 yuan / ton. In addition, a small amount of imported Spanish circulation recently, reported that the water rose by 50 yuan / ton in May, and some of the lower reaches were also procured. the intraday market is stronger, coupled with the rising water is on the high side, the downstream inquiry procurement is less, the overall trading is mainly contributed by traders.

The mainstream transaction in Ningbo was 15750-15830 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands widened from 20 yuan / ton to 30 yuan / ton on Friday. The price difference between Ningbo and Shanghai ordinary brands widened from 20 yuan / ton to 30 yuan / ton on Friday. Today, the circulation of goods in Ningbo market is more abundant, with more concentrated quotations from morning holders. in the first period of market quotation, Xikuang and Tiefeng reported an increase of 120 yuan / ton on the May contract, Hualian reported a rise of 110 yuan / ton on the May contract, Kirin reported about 130 yuan / ton on the May contract, and Huazawa reported around 150 yuan / ton on the May contract. Overall, today's Ningbo market in the first trading session of the market transaction situation is better, into the second trading session, the disk to take the higher and lower reaches of the willingness to receive goods gradually weakened. Overall, trading in the market today is slightly worse than on Friday.

Guangdong zinc mainstream transaction in 15630-15720 yuan / ton, the quotation focused on Shanghai zinc 2005 contract discount 10-20 yuan / ton, Guangdong stock market than Shanghai stock market discount 10-20 yuan / ton than the previous trading day expanded by 20. In the first trading period, the morning shipper was relatively active, and the quotation was mainly 5-10 yuan lower than the net price. Traders received the goods at lower prices, and a small number of transactions were concluded in the market. Kirin, Mengzi, Huize and Tiefeng quoted prices for Shanghai zinc May contract discount of 10-20 yuan / ton. In the second trading period, there is a stalemate between supply and demand in the market, some traders purchase quotations are low, but the shippers are not willing to ship, the downstream just need to purchase, the demand is limited, the market trading is still general. Kirin, Mengzi, Huize and Tiefeng offer 10-30 yuan per ton for the May contract. Qilin, Mengzi, Huize, Tiefeng mainstream transaction in 15630-15720 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market was 15940-17310 yuan / ton, and that of ordinary brands was 15940-16020 yuan / ton. The contract for 2005 rose from 250yuan / ton to 300yuan / ton. Compared with Shanghai market, Tianjin market rose from 140yuan / ton to 190yuan / ton. Today, the Shanghai zinc high shock, the spot market once again up the discount quotation, the quotation is more unified, the ordinary brand red Ye lark reported in the 05 contract to rise the water 260 yuan / ton near, the fourth ring newspaper in to the 05 contract rises 250 yuan / ton, Chihong spot market has few quotes, the high price brand Zijin to the April contract quotes 300 yuan / ton near. Today, traders continue to raise their discount quotations, mainly due to the poor shipments of smelters, resulting in less goods in circulation in Tianjin spot market, less or even no goods available, resulting in increased willingness of traders to offer prices. Downstream, downstream consumption in April than earlier improved, zinc prices rebounded today superimposed higher discount level, downstream willingness to take goods weaker than last Friday, the spot market as a whole trading in general. Overall, today's deal was weaker than last Friday. The transaction of zinc ingot is near 1589015970 yuan / ton.


LME remains closed for Easter.

Shanghai tin main force 2006 contract opened 127000 yuan / ton early today, affected by short positions in Shanghai tin center of gravity upward, climbing to a daily high of 128730 yuan / ton. Subsequently, the long reduction in Shanghai tin pressure fell back, and finally closed at 126990 yuan / ton, up 580 yuan / ton, up 0.46%, trading volume 34521 hands, position 35201 hands, down 1237 hands. Today, Shanghai tin closed at the cross star line, located near the 40-day moving average. It is expected that the resistance above the tin in Shanghai period is near the integer level of 130000 yuan / ton, and the lower support is near the 5-day moving average of 124000 yuan / ton.

Spot market, this morning mainstream transaction price 130500-133000 yuan / ton. In the morning, the center of gravity of tin disk in Shanghai maintained a high level, some traders in Shanghai received the goods relatively actively, the purchasing willingness of downstream enterprises was general, and the market transaction situation was mixed. Shanghai tin spot market overall transaction atmosphere slightly warmed up. Shanghai tin 2006 contract set Yunxi rising water 5000-5500 yuan / ton, ordinary cloud word rising water 45005000 yuan / ton, small brand rising water 4500 yuan / ton.


LME remains closed for Easter.

Shanghai Nickel 2006 contract opened today at 97100 yuan / ton, the beginning of the session slightly fell 96800 yuan / ton, was supported to rebound to 97500 yuan / tonnage, pressure fell back to below the daily average line, the center of gravity around the 97000 yuan / ton barrier position narrow range shock. In the afternoon, Shanghai nickel fell again, mainly long positions, Shanghai nickel day low 96020 yuan / ton, this position was boll line rail support rebounded, and finally closed at 96430 yuan / ton, compared with the settlement price of the previous trading day fell 630 yuan / ton, down 0.65%, trading volume decreased 137000 hands to 346000 hands, position volume reduced 6153 hands to 100998 hands. Shanghai nickel closed in the small negative column today, the shadow line down to explore the Boll line middle rail, the top is faced with 98000 yuan / ton level, follow-up attention, Shanghai nickel can continue the upward trend, stand on the gate position.

Today, SMM1 Electrolytic Nickel quoted 9690098600 yuan / ton, the average price is down 300 yuan / ton compared with last Friday. Russia Nickel to Shanghai Nickel 2005 contract 50-up 50 yuan / ton, Jinchuan Nickel to Shanghai Nickel 2005 contract up 1400-1500 yuan / ton. Today's morning market in the city Shang Sheng discount quotation is flat compared with last Friday, Russian nickel, taking into account the proximity of delivery (Wednesday, April 15), the market low price supply is less, more reported in flat water, morning trading in general, nickel prices continue to lower in the afternoon, the market transaction has not improved. Jinchuan nickel, more reported in the rising water 1400-1500 yuan / ton, terminal demand is weak, the transaction situation is few; Jinchuan company Shanghai has arrived, the ex-factory price of 98200 yuan / ton, but today the disk is high and low, traders receive hedging water is still above 1400 yuan / ton, so there is little low price supply in the market. Nickel beans to Shanghai nickel 2005 contract report 600 yuan / ton, domestic nickel beans continue to decline in the near future, the supply is tight, but the demand is relatively light, it is expected that the rising water will gradually weaken.



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