Home / Metal News / Copper / Comment on the spot Exchange Day of SMM basic Metals on April 24
Comment on the spot Exchange Day of SMM basic Metals on April 24
Apr 24,2020 20:27CST
Comment on the spot Exchange Day of SMM basic Metals on April 24
The content below was translated by Tencent automatically for reference.

SMM, 24 April:

Copper: Yapanlun copper opened at $5144 / tonne today. After a brief decline in the opening session, it rebounded to a daily high of $5158 / tonne. Due to the lack of upward momentum, Lun copper fell to $5130 / ton, which continued to fluctuate in the $5130-5150 / ton range around the daily average at noon. Entering the European session, copper prices fell unstoppably, falling to a day low of $5105 / ton after rebounding to $5150. At 17: 00, Lun copper closed down $20.50, or 40%, at $5118.5 a tonne. Today's copper shock fell, mainly because the market is pessimistic about the outlook for global demand. The news of the setback in drug trials to treat Xinguan pneumonia during the day made market investors doubt the controllable time of the epidemic, superimposed by sharp fluctuations in international crude oil prices, and investors were pessimistic about the economic recovery and demand recovery. Combined with Minmetals Today's (MMG) said its Peruvian Las Bambas copper mine will resume operations to ship copper concentrate to the port as soon as next week, easing expectations of tight global copper supply. London Copper is blocked by the above 40-day moving average, rising under technical pressure, and in the evening the United States will release orders for durable goods in March and the University of Michigan consumer confidence index in April, waiting for the emotional impact and guidance of the data.

Today, the main contract of Shanghai copper opened as high as 41910 yuan / ton, which was suppressed to 41760 yuan / ton at the beginning of the day, followed by a low rise in copper prices driven by a short departure, reaching a daily high of 41980 yuan / ton. However, the bulls were afraid of heights, the price of copper was weak, and the price of copper fell to 41720 yuan per ton. Copper prices then rose again, closing at 41880 yuan a tonne at midday. At the start of trading in the afternoon, copper prices fluctuated to a daily low of 41620 yuan / ton. Near the closing level, copper prices rose rapidly, closing at 41780 yuan / ton, up 70 yuan per ton, or 0.17%. Today, the daily position of the main force of Shanghai Copper decreased by 1969 hands to 113000 hands, mainly for the reduction of long positions, while trading volume decreased by 42000 hands to 77000 hands. Shanghai Copper 2005 contract day reduction of 5601 hands, to 63000 hands, mainly for the long reduction. Today, the main force of copper in Shanghai is a horizontal shock, difficult to break the 42000 yuan / ton mark, mainly because the market is pessimistic about the outlook for global demand. Yesterday's April PMI figures for major European countries and the eurozone fell sharply short of expectations, with services contracting more sharply than manufacturing. Coupled with the frustrated news of the progress of the new crown pneumonia drug trial, investors expect the economic trauma of the epidemic to continue and worsen. Minmetals's Las Bambas copper mine in Peru will resume shipments of copper concentrate to ports as soon as next week, easing concerns about tight copper supplies, Minmetals (MMG) said on Friday. Shanghai copper is now up slightly from yesterday. The red column of MACD continued to contract, and the bottom was close to the 5th, 10th and 40th moving averages. The daytime shock of 42000 yuan / ton failed, and the bulls' fear of heights still exists.

Today, Shanghai electrolytic copper spot price for the current month contract rose 160 yuan / ton ~ 180 yuan / ton, flat water copper transaction price 42060 yuan / ton ~ 42150 yuan / ton, Shengshui copper transaction price 42070 yuan / ton ~ 42160 yuan / ton. Shanghai copper futures slightly rebounded under pressure of 42000 yuan / ton first line. Disk rose, the market continued yesterday's offer, the morning flat copper is unwilling to lower the shipment, quoted in the rising water 170 ~ 190 yuan / ton, but the market holder shipment concentration, and the emergence of the next month ticket quotation, dragged down the firmness of the monthly ticket, good copper quotation concentrated in the rising water 170 ~ 180 yuan / ton, Pingshui copper rose 160 yuan / ton, the low price source is still favored by traders. Downstream to maintain demand, downstream consumption fell at the beginning of the week when the performance stopped, wet copper slightly down to 120 yuan / ton quotation. The market is willing to lower prices, but holders are still pushing prices, the performance of the plate pulled up, recovered some of the decline at the beginning of the week, high restrained part of the downstream buying sentiment, but traders still feel depressed prices, supply and demand is still deadlocked in the jigsaw. After the end of the long order, the low-priced goods of next month's tickets will be more and more favored, and the rising water will still push up the rhythm gradually. In the afternoon, the disk continued to bear pressure of 42000 yuan / ton under consolidation, the domestic inventory fell again within the week nearly 50, 000 tons, to the warehouse to support high water quotation. The holder of the monthly ticket price is firm, so that the good copper price in the rising water 170 yuan / ton, flat water copper adhere to the rising water 160 yuan / ton, low-price supply is still favored by traders, downstream to maintain the demand, the transaction price in 42000 yuan / ton.

Aluminum: aluminum opened at $1510.5 per ton on Friday morning. In the Asian session, Lun Aluminium first raised and then suppressed, rising to a daily high of US $1519 / ton and then weakening. As of 15:00 Beijing time, Lun Aluminium was at US $1509.5 / ton. Entering the European session, Lun aluminum first ran to a low of $1504.5 / ton, and then rebounded slightly. As of 18:43 Beijing time, Lun aluminum closed at $1511 / ton. The daily K line closed at a small positive line near the cross star, up $1 / ton from the opening, up 0.07%. The trading volume was nearly 6807 to 4259 hands, and the position increased by 14722 hands to 798000 hands, mainly by long positions. It is expected to run at US $1500-1520 per ton in the evening and needs to keep an eye on fluctuations in the macro situation overseas.

On Friday, the 2006 contract of the Shanghai Aluminum Company opened at 12195 yuan per ton in the morning. At the beginning of the session, short positions were continuously reduced, and the disk rebounded to 12285 yuan / ton, then continued to fluctuate in a narrow range of 12300 yuan / ton, closing at 12285 yuan / ton, up 40 yuan / ton or 0.33% from the previous day's close. Trading volume decreased by 19039 hands to 74055 hands, position reduced by 5337 hands to 124000 hands, mainly short positions. Intra-day 2005-2006 contract spread to 95 yuan / ton, the spot market is still strong, to maintain the high rise of the month. The main range of Shanghai Aluminum Company is expected to run at 12200-12350 yuan / ton next Monday.

Aluminum shock went up in the early afternoon. Shanghai Wuxi area holder quotation is 12440-12460 yuan / ton, the spot price is 20 yuan / ton lower than yesterday, the surface rising water is concentrated in 40-60 yuan / ton, Hangzhou area price is concentrated in 12480-12490 yuan / ton today. Before noon, the shipper is more active, a large customer to carry out the procurement plan is more active, the sale is active, the later part of the middleman tends to receive the goods, on the whole, the traders are busy before noon. Due to the existence of stock demand on Friday, downstream today showed signs of stock, buying more actively. The overall transaction in East China is better today. In the afternoon, the aluminum center of gravity sank, the market transaction heat fell back, a small number of holders quoted in the vicinity of 12420 yuan / ton, the disk rose 50 yuan / ton, only a small number of transactions between traders, few downstream.

Lead: within the day, Lun lead opened at US $1646 / ton. In the Asian period, Lun lead rose with the outer disk of non-ferrous metals. After that, due to the strong suppression of the 5-day moving average, the pressure fell back to the shock near the daily moving average. After entering the European period, there was a great difference at the US $1650 / ton level. After the wide fluctuation of Lun lead, accelerated downlink, probing lower US $1623.5 / ton, as of 17: 30, Lun lead temporarily closed at US $1635 / ton, down US $9.50 / ton. Down 0.58%. Lun lead temporarily closed for four consecutive negative, the trend of weakening situation has been determined, considering the US finger along the uplink strong, it is difficult to recover 1650 US dollars / ton barrier at night.

Within the day, the Shanghai lead main force 2006 contract opened at 13720 yuan / ton, the whole day basically around the daily average wide fluctuation, and the amplitude does not exceed 100 yuan, the final close at 13775 yuan / ton, position reduced to 24894 hands. Shanghai lead closed at the Xiao Yang line, trading volume narrowed day by day, long and short both sides of the wait-and-see mood warmed up, in the fundamentals of obvious changes, Shanghai lead trend is difficult to have unilateral market, or continue the interval concussion trend.

Shanghai market Jinsha lead 1438014400 yuan / ton, Shanghai lead 2005 contract price of 400-420 yuan / ton. Lead rising momentum is insufficient, holders because of limited supply, more to maintain high water quotation, but the downstream fear of high careful mining, coupled with part of the diversion to recycled lead, bulk single market high price transaction difficulty.

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 give priority to long orders: Jiang copper 14200 yuan / ton, the average price of SMM net rose 150 yuan / ton; Henan basic pre-sale ended, mainly long orders this week, refineries in other regions maintain high water quotation, the supply of goods in the primary market is still relatively tight, lead ingot inventory is expected to decline slightly this week compared with the previous month.

Zinc: zinc in Geneva is open at US $1874 / tonne. Pancuron Zinc gives feedback on the supply side story brought about by the extension of the overseas state of emergency, while the sharp rise in oil prices has heightened optimism in the market. The focus of Zinc has rapidly moved up to a narrow range of fluctuations around $1885 / tonne, with only about $5 / tonne up and down. As of 16: 54, Lun Zinc closed up $1884.5, or $10 a tonne, or 0.53 per cent. Lun Zinc has turned red but continues to be under pressure on all moving averages, the overseas epidemic is a double-edged sword, heavy consumption has reduced the benefits of supply-side stories, and it is expected that Lun Zinc will not be able to perform strongly.

Intraday Shanghai zinc main force 2006 contract opened at 15670 yuan / ton, at the beginning of the day long empty force is more balanced, Shanghai zinc fluctuates in a narrow range near 15740 yuan / ton, up and down amplitude less than 50 yuan / ton, afternoon long warehouse into the market, Shanghai zinc quickly pulled up 15900 yuan / ton after a small drop finishing, closed up 15825 yuan / ton, up 30 yuan / ton, up 0.19%, trading volume increased 4989 to 97129 hands, position increased 2444 hands to 80185 hands. Shanghai zinc received a small red column, with the extension of the overseas border blockade period, the domestic mine story will have more fermentation space, superimposed domestic social inventory will continue to decline, domestic interest will continue, based on the time difference, part of the capital layout of the far month, the Shanghai zinc back will expand significantly within the day, and the zinc trend is expected to remain optimistic.

Shanghai Zinc mainstream transaction in 15920-16000 yuan / ton, Shuangyan transaction in 15970-16020 yuan / ton; Shuangyan ordinary price of 160-170 yuan / ton in May; Shuangyan in May 180-220 yuan / ton; zinc mainstream transaction in 15850-15920 yuan / ton. Shanghai zinc 2005 contract shock upward, the morning market closed at 15835 yuan / ton. Smelter normal shipment, within the month long single entered the final stage, the market trading activity was lower than yesterday, the domestic market quoted water 170180 yuan / ton, high price transaction difficulty, Shuangyan due to tight circulation quotation is on the high side, reported to the rising water 210 yuan / ton also has the transaction. Enter the second trading period, the market quotation down about 10 yuan / ton, will Ze Xishui 180-190 yuan / ton, Shuangyan quotation to maintain a high level, heard quoted to the rising water 240 yuan / ton, near the weekend, downstream into the market slightly inquiry procurement for the weekend to prepare, the overall transaction within the day is generally flat compared with yesterday.

The mainstream transaction in Ningbo was 15970-16020 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands widened from 40 yuan / ton to 50 yuan / ton, the price difference between Ningbo and Shanghai increased from 40 yuan / ton to 50 yuan / ton. The supply of goods in the Ningbo market continues to be tight. In the first period of the morning, traders continued to quote yesterday. Huize reported a rise of 230 yuan / ton for the May contract, while Kirin, Hualian and Tiefeng reported near 220 yuan / ton for the May contract, but the transaction situation was more general. The main reason is that the rising water in Shanghai today is lower, Ningbo market due to tight supply, traders are willing to offer higher prices, superimposed follow-up high-speed or will resume charges, some traders control the pace of delivery. Some of the goods from Guangdong have been transferred to Ningbo and will arrive next week or one after another. Overall, today's lower reaches of the willingness to buy is poor, the overall transaction situation is basically flat compared with yesterday, more light.

The mainstream transaction of Guangdong zinc was 15780-15870 yuan / ton, and the quotation was concentrated on the Shanghai zinc 2006 contract rising 80-90 yuan / ton, and the discount of 140 yuan / ton in Guangdong stock market was 10 yuan less than that of the previous trading day. In the first trading period, the holder offered to ship the goods mainly, the willingness to let the price is not big, the market basic net price floated to close the transaction, the trader according to the single harvest mainly, the market small amount of transaction, Kirin, Mengzi, Huize, Tiefeng quoted price to Shanghai zinc June contract rises 8090 tons. The second trading period, market holders increased shipments, but the overall price is higher, traders undercut the price of goods, downstream less mining on demand, it is difficult to boost transactions, the market as a whole in general. Kirin, Mengzi, Huize and Tiefeng quoted 80-90 yuan per ton for the June contract. Qilin, Mengzi, Huize, Tiefeng mainstream transaction in 15780-15870 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market was 16080-17190 yuan / ton, and that of ordinary brands was 16080-16210 yuan / ton. The contract for 2005 rose by 300 yuan / ton to 400 yuan / ton. Compared with Shanghai market, Tianjin market rose from 130 yuan / ton to 190 yuan / ton. Today, Shanghai zinc low open rise, the spot market up discount quotation, the quotation is more unified, the ordinary brand lark newspaper in the 05 contract up 300 yuan / ton, red newspaper in the 05 contract rose 360 yuan / ton, Chihong did not quote today, the high price brand Zijin to the May contract reported 400 yuan / ton near. Today, zinc prices rose at a low level, the spot market rose slightly, and traders shipped fewer goods, indicating that the spot market spot liquidity is relatively tight. Next week, Guangdong zinc ingots will be shipped to Tianjin to superimpose imports of zinc, which will alleviate the pressure of spot shortage; downstream, we still need to buy goods today. On the whole, the transaction today is flat compared with yesterday. The transaction of zinc ingot is near 1603016160 yuan / ton.

Tin: after the opening of US $15095 / ton today, Lunxi tumbled all the way to US $14865 / ton after the opening of the Asian session, wiping out most of the previous decline. After the opening of the European market, Lunxi generally maintained a concussive finishing trend. As of 18: 00, the latest price of Lunxi was $15100 / ton, showing a cross star line, located near the 5-10 and 40-day moving averages. the support below Lunxi is expected to be near the 20-day moving average of $14700 / tonne, and the upper resistance is near the 60-day moving average of $15600 / tonne.

After the Shanghai tin main force 2006 contract opened 128740 yuan / ton early today, it quickly rose to a daily high of 129320 yuan / ton at the beginning of the day, and was affected by the increase of short positions and the reduction of long positions, with the lowest falling to 127100 yuan / ton, the lowest point of the day. Subsequently, short positions reduced, Shanghai tin bottom rebounded and shock upward, erased most of the previous decline, and finally closed at 128870 yuan / ton, down 180 yuan / ton, down 0.14%, trading volume 40777 hands, position 34549 hands, down 1741 hands. Today, Shanghai tin closed with a cross star line, with the lower shadow line near the 60-day moving average and supported by the 5-10 moving average. It is expected that the short-term upper resistance of tin in Shanghai is near the integer level of 130000 yuan / ton, and the lower support is near the 40-day moving average of 125000 yuan / ton.

Spot market, today quoted 131000-133000 yuan / ton, near the weekend market buyout is generally weak, downstream enterprises just need to purchase, traders also received only a small number of goods. The overall transaction atmosphere of Shanghai tin spot market is generally weak. Shanghai tin 2006 contract set Yunxi rising water 5000-5500 yuan / ton, ordinary cloud word rising water 45005000 yuan / ton, small brand rising water 4000 yuan / ton.

Nickel: Lunni opened at US $12170 / ton today. Lunni opened under pressure for 5 days. After the opening of the Asian market, it followed Shanghai Nickel's upward trend and rose by US $12315 / ton. However, the upper pressure on the 60-day moving average returned, and all the gains before giving up were as low as US $12045 / ton. after being supported to rebound to US $12150 / ton, it was difficult to jump over the daily moving average and fluctuate in a wide range of US $12100 to US $12,200 / ton. As of 18: 39, it was reported at US $12145 / ton, down US $40 / ton, down 0.33%, trading volume decreased by 2926 hands to 1538 hands, position reduced by 107 hands to 221102 hands, Lunni temporarily closed in the small shaded column today, exploring the 5 / 60 daily moving average on the shadow line, the K column is still standing below the two moving averages, follow-up attention to the wide fluctuation of the 5 / 60 moving average and the 10-day moving average range between the 5 / 60 moving average and the 10-day moving average.

Shanghai Nickel 06 main contract opened today at 99110 yuan / ton, as overnight US crude oil continued to rebound, the dollar index closed higher, superimposed by the Philippine government to extend the isolation period in individual regions. After the opening of the long active increase in positions, Shanghai nickel rose sharply through the 100, 000 mark, the highest up to 101250 yuan / ton, and then fell back to 101000 yuan / ton consolidation. At the beginning of the second trading in the morning market and at the beginning of the afternoon market, the bulls all had concentrated positions, and Shanghai nickel showed a step-down trend. Around 14:00 in the afternoon, under the continuous selling pressure of the short side, Shanghai nickel instantly dropped sharply to 98900 yuan / ton, but then recorded a reversal of the word "V" and re-rose to the bottom of the 100000 pass. As a result of the approach of the weekend, the long and short sides have no intention to fight, have closed positions and reduced their holdings. Shanghai nickel closed today at 99780 yuan / ton, up 820 yuan / ton, or 0.83%, from yesterday's settlement price. Daily trading volume decreased by 28262 hands to 151000 hands, while far month Shanghai Nickel 07 contract volume of 298000 hands was more active; 06 main monthly position decreased by 7653 hands to 76287 hands. Today, Shanghai nickel trend showed a pullback trend, although today temporarily closed above the 60-day moving average, but the short pressure above the 100000 level is still relatively strong, it is expected that Shanghai nickel will continue to adjust in this position in the short term.

Today, SMM1 Electrolytic Nickel quoted 100650102350 yuan / ton, the average price increased by 1750 yuan / ton compared with yesterday. Russian nickel to Shanghai nickel 2006 contract reported 100 yuan / ton to ping shui, nickel price rose back above 100000 today, although the nickel price gradually fell back, but the nickel price center of gravity is still higher than yesterday; some holders reduced the Russian nickel discount to 100000 yuan / ton in the morning there are a small number of shipments, but there are still some holders because of the cost reported in the flat, the overall transaction situation within the day is light. Jinchuan Nickel to Shanghai Nickel 2006 contract rose 1300-1400 yuan / ton, due to manufacturers in Shanghai area out of stock, Jinchuan nickel downgrade space is limited, inquiry and transaction situation is also not good. Other brand nickel plate situation, today Sumitomo nickel newspaper water rose 1100-1200 yuan / ton, Bofeng nickel newspaper post 300-200 yuan / ton or so. Nickel beans to Shanghai Nickel 2006 contract affixed 700 yuan / ton. Overall, prices rose for two days in a row, more wait-and-see downstream, spot trading was suppressed.


Scan QR code, apply to join SMM metal communication group, please indicate company + name + main business

SMM Daily Review
basic Metals Daily Review

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn