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Review of SMM basic Metals spot Trading Day on April 17
Apr 17,2020 18:20CST
Review of SMM basic Metals spot Trading Day on April 17
The content below was translated by Tencent automatically for reference.

SMM4, 17 March:

Copper: Yapanlun copper opened at $5165 a tonne today, US President Donald Trump issued guidelines to reopen the US economy, investors raised expectations for a reopening of the global economy, Asian stock markets rallied, and copper prices rose by $5237.5 a tonne in the morning. In addition, domestic economic data showed that the economic performance in March was significantly better than that in January-February, and the momentum is expected to continue, which also boosted copper prices today. In the Asian session, Lun copper held steady above the daily moving line, based on US $5200, and operated at US $5200-5230 / ton. After entering the European session, the high was blocked, the dollar index rose sharply, US crude oil took the lead in falling, Lun Copper gave up the gains in the sub-session, and the center of gravity hovered near the $5200 mark. As of 17: 00, Lun copper was up $77, or 1.5%, at $5193, or 1.5%, while the dollar index was at 100.150. Macroeconomic data were light at night. At present, Lun copper receiving yang, MACD red column magnification, technical benefits good copper price. Waiting for the guidance of the dollar and crude oil at night, test whether Lun copper can hold the integer mark of $5200 / ton.

Today, the Shanghai copper main contract short jump high at 41800 yuan / ton, short reduction operation pushed up the copper price, and then the bullish copper price rose to 42390 yuan / ton high. At this time, the copper price fell slightly and the center of gravity stabilized at 42230 yuan / ton, and closed at 42210 yuan / ton at noon. In early afternoon trading, copper prices rose slightly and fell back to 42170 yuan / ton, leaving the market at the end of the day. Copper prices rose slightly to close at 42280 yuan / ton, up 1.90 percent. Today, the main force of copper in Shanghai increased its daily position by 349 hands to 114000 hands, mainly showing a long increase in positions, while trading volume increased by 31000 hands to 87000 hands. The daily position of the Shanghai Copper Index decreased by 2962 hands to 318000 hands, mainly by short positions, while trading volume increased by 66000 hands to 195000 hands. Today, the main force of Shanghai copper jumped high and stood at the 42000 yuan / ton mark, mainly due to the announcement of the US economic restart plan. Us President Donald Trump issued guidance on Thursday to gradually lift restrictions on economic activity, spurring increased expectations of a global economic recovery, stronger domestic commodity prices and a big boost to copper prices. At the same time, China's first quarter GDP data released today, the National Bureau of Statistics said that the economy rebounded in March, China will still according to changes in the situation, the camera will launch a stronger hedging policy, it is expected that the next stage of China's economy will continue to pick up, improve and improve in March, giving the market some confidence. Fundamentals, Rio Tinto (Rio Tinto) today announced a reduction in 2020 mineral copper production target, but also to provide support for copper prices. Today, the main force of Shanghai copper, up to hit the 40-day moving average. Next, we will see if the bulls can continue to rush up and make up for the gap in the previous jump.

Today, Shanghai electrolytic copper spot price for the current month contract rose 140 yuan / ton ~ 170 yuan / ton, flat water copper transaction price 42380 yuan / ton ~ 42540 yuan / ton, Shengshui copper transaction price 42390 yuan / ton ~ 42550 yuan / ton. Shanghai copper jump high to 42300 yuan / ton line. Morning market spot quotation continues yesterday's quotation, good copper quotation rose 170 ~ 180 yuan / ton, copper futures rose so that the market is difficult to close, and then adjusted to 160 ~ 170 yuan / ton. Low willingness to receive goods in the market, the holder had no choice but to lower the price, after the second trading session, Pingshui copper down to 140 yuan / ton still has room for pressure, good copper quotation in the rising water 150 yuan / ton, wet copper lower than yesterday, the quotation from early rising water 130 ~ down to 100 yuan / ton. Copper futures rose sharply on Friday, spot water held a strong atmosphere to weaken, trade and downstream lack of willingness to receive goods, holders showed a clear bargain mood, more shippers, there is room to lower prices. In the afternoon, the center of gravity of copper in Shanghai period remained stable in the high and narrow range arrangement, the number of spot quotators decreased, and the quotation returned to a strong situation. It has become unpleasant to smell the active outflow of low-price goods. The inquiry atmosphere has also been significantly weakened due to weekend factors. Pingshui copper quotation rose 150 yuan / ton, good copper 160 yuan / ton. The transaction price remained stable at 42440-42540 yuan / ton.

Aluminum: aluminum opened at $1517 per ton on Friday morning. In the Asian session, Lun aluminum rose slightly after a brief horizontal session of $1510 / tonne, and was boosted by Shanghai aluminum to $1534 / tonne at the end of the session. But the trend is similar to yesterday, because its fundamentals are weak and weak, falling back from high levels. As of 17:17 Beijing time, Lunalco closed at $1524.5 / ton, and the daily K line closed at a small positive line, up $11.50 / ton, up 0.76%. Positions increased by 9660 hands to 773000 hands, mainly long positions. It is expected that the evening aluminum disk surface will still be tangled near the 20-day moving average, operating range of 1520-1545 US dollars / ton.

On Friday, the 2006 contract of Shanghai Aluminum Company was opened at 12165 yuan / ton, which was mostly empty before noon, and the disk showed a narrow range of concussion. Afternoon opening long strong position more than 1, 000 hands, the main company price strongly pulled up 155 yuan / ton to 12310 yuan / ton, then the market sentiment was driven, short risk reduction superimposed long one after another entered the market, the market surface rose steadily, closed at 12410 yuan / ton high, up 2.69%, trading volume increased 15399 hands to 122000 hands, unilateral short position reduced 737 hands to 135000 hands. The daily K line receives a large positive line and touches the position of the 40-day moving average. Shanghai aluminum bulls entered the market strongly this afternoon, maintaining a solid back structure between the contracts. The spot market is active, East China spot aluminum ingot trading has finally turned to a small rise in the current month, Guangdong and Shanghai price spread has also expanded to around 50-60 yuan / ton, short-term fundamentals repair logic continues to be realized and recognized by the market. The main company of Shanghai Aluminum has risen smoothly for four consecutive trading days, repairing the decline since March 19, and is expected to be strongly supported next Monday, with a range of 12300-12480 yuan / ton. There is a need to keep an eye on long short mood changes and marginal changes in fundamental demand.

The aluminum price fluctuated in the high range before noon, and the center of gravity of the second trading range rose. In the morning, Shanghai Wuxi area holder quotation between 12140-12160 yuan / ton, 10:30 late aluminum rose, the holder quotation began to focus on 1216012180 yuan / ton, the disk sticking 10-liter 10 yuan / ton, some cardholders quoted close to 12190-12200 yuan / ton, Hangzhou area holders quoted in the vicinity of 1217012190 yuan / ton. Before noon, the trading between the holder and the middleman is more active, because the aluminum price changes greatly in the afternoon, the trader arrives frequently, the transaction between the buyer and seller is very active, the actual trading volume is obviously more than a few days ago. Downstream today on-demand pick-up mainly, although near Friday a small amount of stock, but due to the volatility of aluminum prices, the later performance wait and see. The overall transaction in East China is better today. In the afternoon, aluminum continued to pull up, due to the rising rate of faster holders quoted chaos, between 12320-12370 yuan / ton, flat to 10 yuan / ton, only a small number of transactions between traders, few downstream.

Lead: within the day, Lun lead opened low at 1696 US dollars / ton. In the Asian period, Lun lead ran along the daily moving average, entering the European period, the dollar index returned to more than 100. the US crude oil 05 contract fell below 20 US dollars / barrel again, probing into the vicinity of 18 US dollars / barrel. The outer disk of non-ferrous metals as a whole weakened, Lun lead fell ahead of the decline, as of 17: 48, Lun lead temporarily closed at $1681 / ton, down $9.50 / ton, down 0.56%. Lun lead temporary barefoot small negative line, 5-day moving average showed a downward trend, if crude oil continues to weaken at night, Lun lead or test below the 20-day moving average support.

Within the day, the Shanghai lead main force 2006 contract opened at 13800 yuan / ton, the whole day basically around the daily average shock, near the close, the consumer end of the downturn, superimposed recycled lead discount quotation increase, short capital entry pressure, Shanghai lead center of gravity slowly moved down, finally closed at 13715 yuan / ton, up 65 yuan / ton, up 0.48%, position increased by 2158 hands to 24196 hands. Shanghai lead closed small negative line, to 5, 10 moving averages formed by the formation of the platform as the support shock, the weekend to pay close attention to the changes in macro news.

Shanghai market Jinsha, Shuikoushan lead 14340-14370 yuan / ton, Shanghai lead 2005 contract price 400-430 yuan / ton, southern lead 14370-14390 yuan / ton, Shanghai lead 2005 contract 430450 yuan / ton. Lead continues to concussion below Wansi, the spot market circulation supply is still limited, the holder of high price delivery, and downstream receiving high water supply receiving enthusiasm in general, bulk market transactions are few.

South China lead in Guangdong market is 14055 yuan / ton, the average price of SMM1# lead is 80 yuan / ton. Henan Yuguang, Wanyang, Jinli and other smelters are mainly composed of Yuguang, Wanyang and Jinli smelters: 14075 yuan / ton in Shuikoushan, Hunan Province, 100 yuan / ton for SMM1# lead (trader), 14075 yuan / ton for Jiang copper and 100 yuan / ton for SMM network. This week, the smelters are basically long orders, the supply of traders in various regions is less, the quotation is mainly high water, only some refineries single high water quotation, downstream procurement is mainly recycled lead, the market trading is still good.

Zinc: zinc in Geneva opened at US $1940.5 / tonne, followed by a fall in the US dollar, which rose US $1962.5 / tonne again, then fell back to a narrow consolidation around US $1950 / tonne, and entered the European trading session. Crude oil fell while the US index rose, and the center of gravity of Zinc once again moved down to around US $1945 / tonne. As of 16: 24, Lun Zinc closed up at US $1950 / tonne, up US $18 / tonne. An increase of 0.93%. Lun zinc center of gravity smoothly lifted, stand firm 40-day moving average, the current overseas supply side story is still not finished, Lun zinc short-term is expected to maintain a strong.

Intraday Shanghai zinc main force 2006 contract opened at 16075 yuan / ton, at the beginning of the day, Shanghai zinc increased its position and rose again, after touching 16195 yuan / ton, a large number of stop earnings emerged again, Shanghai zinc recorded a V fell back to 16100 yuan / ton or so narrow range finishing, closed up 16130 yuan / ton, up 160 yuan / ton, up 1%, trading volume increased 4069 hands to 102000 hands, position volume decreased to 98608 hands. The center of gravity of Shanghai zinc operation has moved up further, and the driving force of buying funds has slowed down, but it is undeniable that there is still room for fermentation at the end of the mine, and it can still be optimistic about zinc in the future.

Shanghai Zinc mainstream transaction in 16160-16280 yuan / ton, Shuangyan transaction in 16180-16300 yuan / ton; Shuangyan ordinary price of 100-110 yuan / ton in May; Shuangyan in May 120-130 yuan / ton; zinc mainstream transaction in 16080-16200 yuan / ton. The Shanghai zinc 2005 contract rose and fell back, closing at 16065 yuan / ton in the morning market. Zinc high smelter shipment is normal, near the weekend traders shipment intention to thicken, domestic market offer 110 yuan / ton market feedback is slightly light, the average net price transaction is still OK. Entering the second trading period, the market quotation is slightly lower than the first period, reporting a rise of 100-110 yuan / ton, low prices drive some of the transactions, coupled with downstream into the market for weekend procurement, but the absolute price of high enterprises to buy goods is not high, the overall transaction within the day is generally flat compared with yesterday.

The mainstream transaction in Ningbo was 1617016270 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brand increased from 20 yuan / ton to 40 yuan / ton. Today, there are fewer market reporters, the market supply circulation is slightly tightened, the spot market quotation in the first time of the morning is more concentrated, Xikuang, Huize and so on reported in the May contract rose 140 yuan / ton near, in addition, Tiefeng quoted in the May contract rose 130-140 yuan / ton, transactions concentrated in the lower rising water. Zinc prices rose again today, raising the willingness to wait and see downstream, subject to the drag of foreign demand on orders from alloy enterprises, as well as some enterprises previously overdrawn orders in April, the overall price rebounded, downstream buying is very weak. Transactions in the spot market today are once again worse than yesterday.

The mainstream transaction of Guangdong zinc was 1606016170 yuan / ton, and the quotation focused on 10 yuan / ton to 10 yuan / ton of Shanghai zinc 2006 contract, and the discount of 130 yuan / ton in Guangdong market was 10 yuan less than that of the previous trading day. The first trading period, today's price increases, the market wait-and-see mood is strong, individual cardholders quoted lower in the early stage, the source of low prices was soon wiped out, the market began to offer goods, Kirin, Mengzi, Huize, Tiefeng quoted price of Shanghai zinc June contract discount 10-30 yuan / ton. In the second trading period, the circulation of goods in the market has increased, but the holders have offered more goods at a higher price, and a small number of sources have been quoted at a lower price, while the downstream has just needed to purchase, and the market has been trading in general. Kirin, Mengzi, Huize, Tiefeng quoted for June contract discount 10 to 10 yuan / ton. Kylin, Mengzi, Huize, Tiefeng mainstream transaction in 16060-16170 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market was 16290-17630 yuan / ton, and that of ordinary brands was 16290-16450 yuan / ton. The contract for 2005 rose by 210 yuan / ton to 330 yuan / ton. Compared with Shanghai stock market, Tianjin market decreased from 160 yuan / ton to 150 yuan / ton. Today, Shanghai zinc rushes higher again, the spot market maintains the discount quotation, the quotation is more uniform, the ordinary brand lark newspaper in the 05 contract bid up 220 yuan / ton, the red bull newspaper in the 05 contract bid up 250 yuan / ton, Chi Hong reported in the 05 contract rose 210 yuan / ton, the high price brand Zijin reported 330 yuan / ton to the May contract. Today, zinc prices broke through the Wanliu barrier, among which Chihong and lark due to the small market volume, supply is not sustainable, resulting in lower quotations from traders, Zijin strong willingness to raise prices; downstream, prices continue to rise, downstream procurement according to orders, the overall mood of receiving goods is weaker than yesterday. On the whole, transactions today are slightly weaker than yesterday. The transaction of zinc ingot is near 1624016400 yuan / ton.

Tin: after the opening of US $15200 / ton today, the electronic disk of Lunxi rose rapidly to US $15400 / ton at the beginning of the session. Then, until the opening of the European market, Lunxi generally showed a wave-like concussion downward trend. As of 17:45, the latest price of Lunxi was US $15060 / ton, showing a negative line. The physical part was near the 5-day moving average, the upper shadow line was near the 40-day moving average, and the support level near the integer level of $15000 / ton was tested below Lunxi.

After the Shanghai tin main force 2006 contract opened 127000 yuan / ton early today, at the beginning of the day, affected by the long increase in positions, the center of gravity quickly rose to a daily high of 128870 yuan / ton. After that, the center of gravity moved slightly down, and then until the close of Shanghai tin remained in the vicinity of the daily average line of 128000 yuan / ton shock finishing, finally closed at 128140 yuan / ton, up 1960 yuan / ton, up 1.55%, trading volume 34104 hands, position 34750 hands, an increase of 349 hands. Today, Shanghai tin closed at a positive line, and the physical part was supported by the 5-day moving average. Resistance above Shanghai tin is expected to be near the integer level of 130000 yuan / ton.

Spot market, today's mainstream transaction price 131500-133000 yuan / ton near, by the Shanghai tin disk center of gravity up affected by the spot price rise obviously. Only a small number of downstream enterprises in the market just need to purchase, and traders also receive a small number of goods. Shanghai tin spot market overall transaction atmosphere is general. Shanghai tin 2006 contract set Yunxi rising water 5000-5500 yuan / ton, ordinary cloud word rising water 4500-5000 yuan / ton, small brand rising water 4000-4500 yuan / ton.

Nickel: Lunni opened at $11810 / tonne today, breaking through yesterday's pressure of $11800 / tonne, before noon, Shanghai nickel shock rose to $11940 / tonne line, and then put pressure on the center of gravity around $11900 / tonne narrow shock. In the afternoon, Lunni rose sharply above the 40-day moving average and the $12000 / tonne mark by $12050 / tonne, and then fell back slightly under pressure. As of 17: 16, it was reported at $12010 / tonne, up $250 / tonne, or 2.13%, from the previous day's settlement price, while trading volume decreased by 12050 hands to 2864 hands, and positions increased by 637 hands to 218377 hands. Lunni temporarily closed in the small balcony today, the 40-day moving average changed from the pressure level to the support level, the upper $12000 / ton position is still under pressure, follow up to pay attention to the operation of the position.

Domestic data for the better, colored items today basically turned red, Shanghai nickel 2006 contract opened today at 96550 yuan / ton, at the beginning of the day, short positions, long follow-up, Shanghai nickel shock upward, explore 98000 yuan / ton gate position, before noon, under pressure at this position narrow shock. In the afternoon, the bulls increased their positions sharply, and Shanghai nickel rose 99140 yuan / ton all the way through the resistance level, and finally closed at 98970 yuan / ton, up 2640 yuan / ton, or 2.74%, from the settlement price of the previous trading day. Trading volume increased by 44000 hands to 234000 hands, and position volume increased by 6231 hands to 111097 hands. Shanghai nickel closed today in the sun column, K column upward through the 40-day moving average, K column center of gravity in 98000 yuan / ton line, the top facing 100000 yuan / ton level, follow up to pay attention to the pressure of the gate.

Today, Electrolytic Nickel SMM1 offers 97150-99050 yuan per ton. Russia Nickel to Shanghai Nickel 05 contract flat to 100 yuan / ton, Jinchuan Nickel to Shanghai Nickel 2005 contract in the rising water 1300-1500 yuan / ton. The transaction of Russian nickel today is mixed. Today, traders in the market have quoted prices for 06 contracts one after another, and the range is reported to be between 06 and 200, with transactions on the weak side. Some traders still offer flat water to 100 yuan / ton for Shanghai Nickel 2005 contracts, and the transaction situation is slightly better than that of traders quoted in the next month. Jinchuan nickel, the morning market quotation on the 2005 contract rose 1300-1500 yuan / ton, Shanghai nickel 2006 contract overreported in the vicinity of 1300 yuan / ton, the morning market transaction is relatively light, the second trading period, traders in order to promote transactions, the market has a small amount of 06 liters 1200 yuan / ton quotation. Jinchuan Company ex-factory price of 98600 yuan / ton, but only in Gansu Province. After the afternoon market, nickel prices continue to stabilize upward, the downstream to take goods to a certain extent, trading gradually tends to be light.


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