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Review of SMM basic Metals spot Trading Day on April 21
Apr 21,2020 18:31CST
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Review of SMM basic Metals spot Trading Day on April 21
The content below was translated by Tencent automatically for reference.

SMM, 21 April:

Copper: today's Yapanlun copper opened at $5155 / ton, after the opening price rose to $5182 / ton, the overnight collapse in crude oil dragged down, copper prices fell below the daily average, the center of gravity quickly moved down to around $5110 / tonne, and maintained in the narrow range of $51005110 shock consolidation. After entering the European session, the June contract of US crude oil continued to fall, piercing the US $20 mark and falling US $11.79 per barrel. Rising risk appetite caused copper prices to fall back again, finally breaking the US $5100 mark and falling to US $5041.5 / ton. As of 17: 00, Lun Copper closed at $5055.5 / tonne, down $120 / tonne, or 2.14%, with the dollar index at $100.290 and US crude oil at $16.03 per barrel. At night, focus on the annualized total number of existing home sales in the United States in March. At present, the copper is negative, the KDJ opening is down, and the technical side is disadvantageous to the copper price. Waiting for guidance from the dollar and crude oil at night, test whether Lun copper can hold on to the $5050 / tonne position.

Today, the Shanghai copper main contract short jump low at 41860 yuan / ton, the disk center of gravity briefly hovered in the 42020 yuan / ton position. Subsequently, the long and short sides jointly cracked down on copper prices, and the disk fell sharply to a daily low of 41410 yuan / ton. Copper prices rebounded from the low, but the rising momentum is limited, and then fell more than 200 yuan / ton around 41590 yuan / ton position horizontal volatility, closed at 41540 yuan / ton at noon. After a slight fall in copper prices at the start of the afternoon, the price of copper rose slightly to 41690 yuan / tonne, and fell again to close at 41440 yuan / tonne, down 960 yuan / tonne, or 2.26 per cent. Today, the main force of copper in Shanghai increased its position by 160 hands to 115000 hands, mainly by short positions, while trading volume increased by 41000 hands to 118000 hands. The Shanghai copper index increased its position by 4471 hands to 326000, mainly by short positions. Shanghai Copper 07, 08 contract day respectively increased positions by 4262 hands and 1206 hands, 06, 07 and 08 contract price spread narrowed. Within the day, the main contract of Shanghai copper jumped short and opened lower, mainly dragged down by the international price of crude oil. Today is the last trading day of the May WTI crude oil futures contract, contract holders sold sharply, but the oil storage space is limited, the market lack of oil storage capacity participants, the May contract prices plummeted, also had a negative impact on the June crude oil contract prices. Copper prices have been dragged down by investor sentiment. In addition, the National Bureau of Statistics announced that China's refined copper production in March, down 2.5 percentage points from the same period last year, indicating that China's copper smelting and production activities have indeed been affected by the epidemic. Concerns about tight copper supply have not eased, partly supporting copper prices. Shanghai copper closed down today, has given up the previous two trading days of gains, the top pressure 40-day moving average. At present, the 5-day, 10-day moving average and 40-day moving average show an adhesive trend, and the copper price is under pressure above the price. In the evening, we will further test whether copper prices can stand firm in the 10-day moving average.

Today, Shanghai electrolytic copper spot contract rose 130 yuan / ton to 160 yuan / ton, Pingshui copper transaction price 41850 yuan / ton ~ 42190 yuan / ton, Shengshui copper transaction price 41860 yuan / ton ~ 42200 yuan / ton. Overnight crude oil prices fell sharply, US crude oil contract negative for the first time, triggering pessimistic expectations of demand, the overall trend of commodities is still weak, copper prices plummeted to 42000 yuan / ton below as low as 41700 yuan / ton line. The price of copper fell to attract part of the downstream buying, the market morning market continued yesterday's quotation rose 130 ~ 150 yuan / ton, the market inquiry enthusiasm is high, the low price supply transaction is positive, the Pingshui copper rises the water 140 yuan / ton below can press the price 5-10 yuan / ton to have the transaction, the good copper quotes in the rising water 150 ~ 160 yuan / ton, the transaction is inferior to the Pingshui copper. The wet copper is stable in the range of 100 ~ 110 yuan / ton. With the decline of the disk, holders continue to offer, water quotation is stable and there is little room for further decline, traders due to the lack of profit space and stop, the market in the context of precipitous uncertainty in the external environment, the overall performance is cautious. In the afternoon, the disk fluctuated in the range of 41600-41800 yuan / ton, the performance temporarily stabilized, the holder returned to strong will, Pingshui copper rose to 150-160 yuan / ton, good copper rose 160-170 yuan / ton, and the transaction price was 41790-41920 yuan / ton.

Aluminum: Tuesday morning, aluminum opened at $1501.5 / ton, showing a complete downward trend within the day, breaking the $1500 / ton mark after the opening, struggling around $1490 before midday, falling at $1485 / ton in the afternoon, and closing at $1488 at the end of the Asian plate. European trading time, gradually away from the daily average, once lower 1482 US dollars / ton, temporarily supported to rise, long-short game under the wide shock, as of 17:42 Beijing time, Lun aluminum closed at 1485 US dollars / ton, down 20 US dollars / ton, down 1.33%, trading volume decreased by 10123 hands to 5068 hands, position increased by 871 hands to 783000 hands, mainly short positions. The day K line temporarily receives a small negative line, the MACD red column shortens. Lun aluminum followed the outer plate color fell, crude oil plummeted to form a certain impact on the disk, superimposed aluminum itself demand is weak, the price fell more smoothly within the day. It is expected that in the evening, Lun aluminum will strive to stick to the first-line platform of US $1480 / ton under increased pressure from above, and it is necessary to continue to pay attention to the trend of crude oil prices and the repair of Shanghai-aluminum ratio.

On Tuesday, the 2006 contract of the Shanghai Aluminum Company opened at 12290 yuan per ton in the morning. Before noon, the bulls continuously reduced their positions by nearly 4, 000 hands, and the disk quickly leaked; in the afternoon, the opening bears waited for an opportunity to enter the market, and the hourly line quickly pulled down a long shadow line to 12005 yuan / ton. at the end of the day, the bulls continued to reduce their positions, closing at 12105 yuan / ton, down RMB235 / ton, or 1.9 per cent, from the previous day's close. Day K line closed a negative line, trading volume increased by 10120 hands to 139000 hands, position reduced by 4054 hands to 127000 hands, mainly long positions. Intra-day non-ferrous oil plunge affected by the overall decline, Shanghai aluminum is also subject to fluctuations, the main force back to give up the previous two days of gains. In terms of fundamentals, the cost side has stabilized, the supply side has not changed more, the spot on the demand side is still strong, the futures will remain rising, and the back structure of the contract will be maintained in recent months. In the case of domestic demand repair, the lower 10-day moving average position is expected to form a certain support in the short term. It is expected that the Shanghai aluminum main concussion will run at 11950-12350 yuan / ton tomorrow, so it is necessary to pay continuous attention to the changes of long short mood and fundamentals.

Aluminum prices fluctuated and sank before noon. In the morning, the quotation of the holder in Shanghai Wuxi area was between 12240-12260 yuan / ton, a large household received some goods near 12260 yuan / ton, the market trading was more active, the seller and receiver performed actively, the aluminum fell after 10: 30, the holder quotation began to concentrate between 12210-11230 yuan / ton, due to the tight spot circulation in the market in the past two days, the plate rose to 2040 yuan / ton, and the quotation of individual cardholders was around 12200 yuan / ton. Due to price fluctuations, the late market transaction heat fell back, the holder wait and see attitude gradually, Hangzhou area holder quotation in 12530-12550 yuan / ton. The downstream bought goods normally today and did not hoard large quantities of goods as a result of the sharp fall in aluminum prices. The overall transaction in East China is OK today, slightly worse than yesterday. In the afternoon, aluminum first suppresses and then rises, the previous quotation of the holder is around 12150 yuan / ton, the disk surface rises water about 30-40 yuan / ton, there is almost no deal.

Lead: within the day, Lun lead opened at 1679 US dollars / ton. In the Asian period, Lun lead briefly fluctuated along the daily average line. The overnight collapse of crude oil dragged down the whole non-ferrous metals. Lun lead also dropped to around 1666.5 US dollars / ton. Due to the strong support of the 1660 US dollar / ton platform, Lun lead was upgraded to near the daily average line and entered the European period. Lun lead continued to fluctuate around the daily average line by 16: 15. Lun lead closed at $1674.5 a tonne, down $9, or 0.53 per cent. Lun lead temporarily closed long shadow small negative line, the center of gravity continues to decline along the 5-day moving average, if the crude oil weakens again at night, the position at the bottom of Lun lead may not be stable.

Within days, the Shanghai lead main force 2006 contract opened at 13605 yuan / ton, long and short differences between the two sides, resulting in Shanghai lead wide concussion throughout the day, the upper pressure 13685 yuan / ton platform, the bottom of the 13525 yuan / ton first-line support, finally closed at 13620 yuan / ton, up 15 yuan / ton, up 0.11%, the position was reduced by 1451 to 24976 hands. Shanghai lead closed at the Xiaoyang line, the 5, 10-day moving average formed a dead fork, but the lower 13500 yuan / ton platform support still exists, the spot market is in a weak situation of supply and demand, pay attention to this week's lead ingot social inventory changes, or will guide the trend of lead prices.

Shanghai market Jinsha lead 14085-14135 yuan / ton, Shanghai lead 2005 contract up 300-350 yuan / ton quotation; southern Shuikoushan lead 14235-14285 yuan / ton, Shanghai lead 2005 contract 450-500 yuan / ton; Wuxi market Shuikoushan lead 14235 yuan / ton, Shanghai lead 2005 contract up 450 yuan / ton. Lead continued to consolidate the situation, some holders with supplementary sources to the warehouse, the price rose slightly down, while the market is still a few extraordinarily high quotations, the other downstream still maintain on-demand procurement, bulk market trading volume is still limited.

South China lead in Guangdong market is 14030 yuan / ton, the average price of SMM1# lead is 80 yuan / ton. Henan Yuguang, Wanyang, Jinli and other smelters to cross long list: Hunan Shuikoushan 14050 yuan / ton, the average price of SMM1# lead up to 100 yuan / ton (traders); Jiang copper 14050 yuan / ton, the average price of SMM net rose 100 yuan / ton; today's lead price is weak, but Henan smelters cherish the selling mood is obvious, mainly to send long orders, scattered single temporary, downstream procurement today, mostly to purchase recycled lead.

Zinc: zinc in Geneva was opened at US $1936 / tonne. Affected by the collapse in crude oil at the beginning of the day, market risk sentiment rose. Lun Zinc fell rapidly, with its center of gravity directly moving down to around US $1910 / tonne. In the afternoon, it continued to break through US $1900 / tonne and hit a bottom of US $1892 / tonne. Subsequently, a V-word reversal was recorded, returning to a weak consolidation around US $1910 / tonne. As of 16: 32, Lun Zinc closed down US $1904 / tonne, down US $41 / tonne. It was down 2.19%. Lun Zinc fell sharply, affected by the record negative price collapse in oil prices, the market investment sentiment has deteriorated, the current zinc fundamentals have not changed significantly, pay attention to whether Lun zinc can hold steady the integer mark of 1900 US dollars / ton in the evening.

Intraday Shanghai zinc main force 2006 contract opened at 16015 yuan / ton, accompanied by a large number of long departure at the beginning of the day, Shanghai zinc shock fell directly to touch the 60-day moving average bottom 15535 yuan / ton, followed by more empty into, Shanghai zinc slightly revised after the end of the session fell again, closed down 15635 yuan / ton, down 3.07%, trading volume increased 73897 hands to 161000 hands, position volume decreased 6902 hands to 89028 hands. Shanghai zinc received a big negative column back to give up almost all of the decline last week, the upward trend has been completely broken, the current zinc fundamentals have not changed significantly, but the overseas situation is not optimistic that the market risk aversion surge, Shanghai zinc is expected to still have a good performance after a short-term adjustment.

Shanghai Zinc mainstream transaction in 15900-16040 yuan / ton, Shuangyan transaction in 15920-16060 yuan / ton; Shuangyan ordinary price of 150 yuan / ton in May; Shuangyan in 170 yuan / ton in May; mainstream transaction in 15830-15970 yuan / ton. Shanghai zinc 2005 contract shock fell back, the first trading session in the morning closed at 15805 yuan / ton, the first time in the morning, as the price fell, downstream began to inquire, the market trading is active, while the trade market is still dominated by long orders, spot rising water continues to rise, the market mainstream transactions concentrated in the SMM net average price to 10 yuan / ton, the mainstream quotation of 2005 contracts rose 130% 140 yuan / ton; Enter the second period, traders continue to raise the water shipment, the mainstream of the holder reported to the 2005 contract up to 150 yuan / ton; as zinc prices strengthened a few days ago, most of the downstream wait-and-see, procurement intention is general, today as prices fall, downstream enterprises increase procurement efforts, today the overall transaction is more active.

The mainstream transaction in Ningbo was 15920-16140 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands narrowed from 30 yuan / ton to 20 yuan / ton from 30 yuan / ton yesterday. Today, the supply of goods in Ningbo market has tightened again, and there is almost no circulation of western mines in the market. In the morning, the first period of the market fell, and the offer from the holder was relatively strong. Tiefeng and Huize quoted prices around 170 yuan / ton for the May contract. Kirin and Hualian News delivered 210 yuan / ton for the May contract. The freight deduction is also basically 170 yuan / ton for the May contract. Today, the market quotation is more unified, the purchase intention of the downstream is better in the morning, although the order continues to be weak, but because the stock of raw materials in the early stage has almost been consumed, the willingness to buy in the lower reaches has improved. On the whole, today's transactions are mainly downstream low-price replenishment, and the transaction situation is better than yesterday.

Guangdong zinc mainstream transaction in 15720-15960 yuan / ton, the quotation focused on Shanghai zinc 2006 contract rose 20-40 yuan / ton, Guangdong stock market compared with Shanghai stock market discount 130 yuan / ton is flat compared with the previous trading day. In the first trading period, the price fluctuated downward, the holder offered the goods, the quotation was mostly flat or floating 10 yuan, the futures quotation was due to the expansion of the price difference between the futures month and the next month, the market quotation turned to the 06 contract, Kirin, Mengzi, Huize, Tiefeng quoted on the Shanghai zinc June contract rose 20-30 / ton. The second trading period, the downstream bargain into the market replenishment, leading to the transaction, the holder is still high prices for shipment, traders inquiry is more active. Kirin, Mengzi, Huize and Tiefeng quoted 30-40 yuan per ton for the June contract. Qilin, Mengzi, Huize, Tiefeng mainstream transaction in 15720-15960 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market was 15980-17280 yuan / ton, and that of ordinary brands was 15980-16120 yuan / ton. The contract for 2005 rose from 250 yuan / ton to 350 yuan / ton. Tianjin market rose from 120 yuan / ton to 140 yuan / ton compared with Shanghai market. Zinc fell sharply in Shanghai today. In the spot market, the discount quotation was upgraded and the quotation was divided. The ordinary brand lark reported a rise of 230 yuan / ton on the 05 contract, and 320 yuan / ton on the 05 contract. Chi Hong reported 250 yuan / ton on the 05 contract, and Zijin, a high-priced brand, reported 350 yuan / ton on the May contract. Today, zinc prices broke down, traders raised discount water delivery, however, due to the downstream for short-term prices to maintain bearish sentiment, the willingness to receive goods is not good, before the close of early trading traders cut discount quotation, each variety has 20-30 yuan / ton downgrade; downstream, after today's price plunge, purchasing willingness has not seen a significant improvement, still maintain the need to purchase, among them Zijin transaction is better. On the whole, the transaction today is flat compared with yesterday. The transaction of zinc ingot is near 15930-16070 yuan / ton.

Tin: after the opening of US $15125 / ton today, due to the sharp drop in crude oil prices, the sub-session to the opening of the European market generally showed a concussive downward trend, as of 17: 30, the latest price of $14840 / ton, showing a long negative line, the physical part is near the 5-10 moving average, and the support below Lunxi is expected to be around $14700 / 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 17 (10,000 barrels) and the changes in EIA crude oil stocks for the week ended April 17 in the United States (10,000 barrels).

Shanghai tin main force 2006 contract opened 127900 yuan / ton early today, due to the sharp fall in overseas crude oil prices, the impact of long positions, Shanghai tin fast shock downward, the lowest down to a day low of 125520 yuan / ton after a small rise, finally closed at 125530 yuan / ton, down 2740 yuan / ton, down 2.14%, trading volume 43706 hands, position 32360 hands, reduced 1384 hands. Today, Shanghai tin closed at a long negative line, and the physical part is located near the 5-10 and 40-day moving averages. It is expected that the lower support of Shanghai tin is around 122000 yuan / ton in the early horizontal plate interval.

Spot market, today's mainstream transaction price 130000132000 yuan / ton near. Today, tin in Shanghai fell, some downstream enterprises just need to purchase, traders also received some goods. 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 4500 yuan / ton, small brand rising water 4000 yuan / ton.

Nickel: Lunni opened today at $12470 / tonne, the sub-session, that is, from a high of $12500 / tonne to open the way down, Shanghai nickel morning selling pressure dragged down, Lunni accelerated downward away from the daily average, once down to $12170 / tonne before stabilizing, followed by a 60-day moving average of $12250 / tonne. Until the Asian afternoon crude oil prices temporarily stabilized, Lunni center of gravity was lifted back to the daily average price near the shock. After entering the European market period, crude oil continued to fall, Lunni pressure gradually fell back to the 60-day moving average. As of 17:50, Lunni closed at $12240, down $255a tonne, or 2.04 per cent, from the previous day's settlement price. The trading volume was reduced by 3602 hands to 2834 hands, and the position was reduced by 560 hands to 219000 hands. At night, we should pay attention to the support strength of Lonel at the 60-day moving average.

Shanghai nickel 2006 contract opened at 102030 yuan / ton today, briefly probed 102500 yuan / ton after the opening, but as overnight US crude oil fell to a negative value, the market risk aversion heated up, the bulls left the market one after another, so that the nickel price retreated to 100000 above the 60-day moving average near the adjustment, the lowest bottom to 100160 yuan / ton, and then continue to run below the daily moving average. Although the morning market nickel price several times to the 100000 gate down, but all within the day the new empty warehouse to suspend the offensive. In the afternoon, as the price of crude oil stopped falling and the market panic eased, Shanghai nickel gradually stabilized and rebounded to above the daily average of 101000 yuan / ton, until the close, the long and short sides closed their positions, Shanghai nickel closed at 100920 yuan / ton, settlement price rose 290 yuan / ton, up 0.29%. The trading volume was reduced by 43989 hands to 289000 hands, and the position was reduced by 23831 hands to 99334 hands. As a result of yesterday's sharp rise in nickel prices, although retreated to the 100000 level today, but still above the 60-day moving average, waiting to pay attention to the outer disk guide in the evening to test whether the domestic long energy still exists.

Today, SMM1 electrolytic nickel quoted 100500-102200 yuan / ton, the weakening of crude oil caused market panic, nickel prices in the morning market back to 100, 000 above the shock. Spot aspect, Russia nickel to Shanghai nickel 2006 contract report 150 to paste 100 yuan / ton, the discount rate is more stable than yesterday, today's downstream is still holding wait and see on demand, the transaction has not improved. Jinchuan nickel to Shanghai nickel 2006 contract rose 800-1000 yuan / ton, Jinchuan company Shanghai ex-factory price 101800 yuan / ton, the same as yesterday. Although yesterday's low water supply into the market, but today Jinchuan nickel rising water has not been significantly reduced. On the one hand, due to the market merchants wait and see Jinchuan company ex-factory price adjustment, not in a hurry to ship, on the other hand, most traders still have a certain high-cost inventory, price reduction willingness and space is limited. Today, Jinchuan nickel in Shengshui 800 yuan / ton has a certain transaction, Gaoshengshui quotation is more difficult to ship. Jinchuan Company Shanghai ex-factory price of 101800 yuan / ton, compared with yesterday's flat, Shanghai area has goods for sale.

 

 

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