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Review of SMM basic Metals spot Trading Day on April 27th
Apr 27,2020 18:19CST
Review of SMM basic Metals spot Trading Day on April 27th
The content below was translated by Tencent automatically for reference.

SMM, 27 April:

Copper: Yapanlun copper jumped high at $5200 a tonne today and rose slightly to $5230 a tonne at the start of trading. After the opening of Shanghai copper, Lun copper fell slightly by about $20 / ton. Then the bulls continued to increase positions, copper prices quickly pulled up to more than $5260 / tonne, steadily rose to a day high of $5269 / tonne. However, the rush high kinetic energy is difficult to maintain, copper prices fell from high levels, into the European market, the decline was slightly slower, copper prices around $5225 / tonne narrow volatility. Geneva copper jumped high, mainly because market confidence was boosted by good macro news. The rate of new deaths from the epidemic has slowed overseas, and a number of states in the United States, Italy and South Africa have also gradually restarted their economies. The BoJ said today that monetary policy would be further relaxed and boosted risk appetite and helped copper prices rise. However, as international oil prices fell today, concerns about the outlook for crude oil demand continued to weigh on bulls, dragging down copper prices. At 17: 00, Lun copper closed up $33, or 0.64 per cent, at $5221 a tonne. Today, the copper jumped high and moved up close to the 60-day moving average. In the evening, following the Federal Reserve's manufacturing activity index in Dallas and the Chancellor of the Exchequer's update on the economy to Parliament, the test copper was able to return $5250 a tonne.

Today, the Shanghai copper main contract short jump high opened at 42420 yuan / ton, short high position reduction, copper prices fell slightly to the day's lowest point of 42240 yuan / ton. Then the market rose rapidly, climbing to a daily high of 42880 yuan / ton. At this high, the long profit off the market copper prices fell, closed at 42660 yuan / ton at midday. Afternoon market trend is weak, Shanghai copper slowly fell, hit 42500 yuan / ton position after a small rebound, the end of the long divestment led to a fall in copper prices, finally closed at 42490 yuan / ton, up 680 yuan / ton, up 1.63%. Today, the daily position of the main force of Shanghai Copper increased by 2118 hands to 115000 hands, mainly showing a long increase in positions, while trading volume increased by 22000 hands to 98000 hands. The daily position of Shanghai Copper 2005 contract decreased by 5873 hands to 57000 hands, mainly for the reduction of short positions. Within days, Shanghai copper jumped high, with a center of gravity up about 750 yuan / ton from the previous trading day, mainly because on Friday, Yunnan Province expressed support for key enterprises to carry out commercial collection and storage of non-ferrous products, with a total collection and storage of about 800000 tons. The news provided strong support for the rise in copper prices. Coupled with better macro expectations, the pace of economic growth in the world's major economies has accelerated, and more states in the United States want to relax restrictions on the epidemic. Italy will gradually restart its economy from May 4. The Bank of Japan announced today that it will expand its bond purchases and further relax monetary policy. Macro-oriented to boost market risk appetite and stimulate copper prices to rise. At present, the main contract of Shanghai Copper is close to the 60-day moving average, partly to fill the gap in the previous jump. Next, we will continue to focus on whether the decision of the European Bank, the Federal Reserve and China's manufacturing PMI data in April can contribute to a further rise in copper prices.

Today, Shanghai electrolytic copper spot contract rose 130 yuan / ton to 170 yuan / ton, Pingshui copper transaction price 42700 yuan / ton ~ 43000 yuan / ton, Shengshui copper transaction price 42710 yuan / ton ~ 43020 yuan / ton. Shanghai copper jumped short and opened all the way higher, after the end of the long order, the holder's willingness to exchange cash increased, the market supply was abundant, the morning market quotation was still rising 150 ~ 170 yuan / ton, Pingshui copper rose 140 ~ 150 yuan / ton after a short transaction, due to the disk straight line rose to 42800 yuan / ton above, the linear increase exceeded 300yuan / ton, the transaction appeared obviously blocked, the quotation loosened down, Pingshui copper because of the abundant supply, the price can be pressed to 130 yuan / ton. Good copper has dropped to 150 ~ 160 yuan / ton, wet copper has been adjusted down with the market, and the quotation has been lowered to a low level of 90 yuan / ton since the morning market range of 100 / 110 yuan / ton. Today copper futures rose by more than 700 yuan / ton, consumption stopped, the market after last week's concentrated bargain replenishment, today more stop and watch, downstream a small number of just need, although traders are willing to receive the goods, but the quotation is still difficult to reach the desired target price, wait and see an increase. Before May Day, if the disk continues to high shock on the strong side, spot water continues to maintain a strong or difficult. In the afternoon, the disk high fell back, maintain the interval shock, the quotation held steady in the flat copper water 130-140 yuan / ton, good copper water 140150 yuan / ton, the transaction price to 42730-42880 yuan / ton.

Aluminum: Monday morning aluminum opened at $1511 per ton. At the beginning of the session, the market rose sharply, the high rushed to $1523 / ton, and in the second half of the Asian session in the second half of the $1510 / ton narrow shock, as of the close of the Asian market, Lun aluminum closed at $1516 / ton; Entering the European trading session, Lun aluminum shock downward, back to the morning rise to 17:13 Beijing time, Lun aluminum closed at $1515 / ton, up 0. 05%, up 0. 03%, trading volume decreased by 6445 hands to 2797 hands, position increased by 7949 hands to 805000 hands, mainly long positions. Geneva aluminum ups and downs still follow Shanghai aluminum, weak fundamentals led to Lun aluminum above 1530 US dollars / ton resistance level is obvious, LME aluminum stocks increased by another 18850 tons today, is expected to continue to operate in the evening narrow shock at 1500-1530 US dollars / ton.

On Monday, the 2006 contract of the Shanghai Aluminum Company opened at 12420 yuan per ton in the morning. After the opening of the session, the disk quickly drilled down to the lowest level of 12335 yuan / ton in the day, and then the bulls increased their positions one after another, repaired the initial decline in the session, reduced the short positions at the end of the session by more than 2000 hands, and the price rose slightly again to a high level of 12440 yuan / ton, closing at 12410 yuan / ton, up 125 yuan / ton from the previous day's close, up 1.02%, the trading volume increased by 7962 hands to 82017 hands, and the long unilateral position increased by 1306 hands to 125000 hands. The main reason is to increase the position of multi-head. Within days, Yunnan and Gansu commercial storage news continued to stimulate the market, but still need to continue to pay attention to the actual strength, in addition to the fundamentals, SMM statistics of domestic electrolytic aluminum social inventory fell another 76000 tons to 1.283 million tons compared with the previous Thursday, the storage cycle stably continued, the disk also formed a strong support, the demand side is expected to remain strong, tomorrow Shanghai aluminum main shock is expected to run at 12150,012,500 yuan / ton.

In the early afternoon, aluminum was suppressed first and then raised. In the morning, Shanghai Wuxi area holder quotation is between 12490-12510 yuan / ton, the spot price is about 50 yuan / ton higher than last Friday, the surface rising water is concentrated in 50-70 yuan / ton, the aluminum goes up at the end of 10:30, the holder quotation rises accordingly, starts to concentrate in 12520-12540 yuan / ton. In the morning, there are many middlemen and inquirers, trading between traders is active in the afternoon, a large household normal procurement, with the aluminum price upward, the market transaction heat down, although the late shipments of the shippers have increased, but at this time the transaction has not been early, Hangzhou today's price concentrated in 12520-12540 yuan / ton. Downstream normal procurement today, due to rising aluminum prices and higher water, downstream receiving did not show positive. Transactions in East China were more active today as a whole. Afternoon aluminum range shock, the holder quoted between 1253012550 yuan / ton, the disk water between 60-80 yuan / ton, the afternoon market atmosphere is light, almost no deal.

Lead: within the day, Lun lead opened at US $1629.5 / ton. In the Asian period, confidence in the relevant domestic collection and storage news boosted, leading to the strengthening of non-ferrous metals on the outer plate. Lun lead once climbed to US $1656 / ton. In the afternoon, domestic lead in Shanghai weakened, Lun lead suffered from shock leakage, as of 17: 39, Lun lead temporarily closed at $1629.5 / ton, up $5.50 / ton, up 0.34%. Lun lead temporarily closed a long shadow small negative line, the technical side to maintain a downward trend, the upper 5-day moving average firmly suppress the trend of Lun lead, stimulated by no unexpected good news, Lun lead at night may fall to the $1600 / ton level.

Within days, the Shanghai lead main force 2006 contract short opened at 13790 yuan / ton, domestic commercial storage news to boost non-ferrous metals, but the fundamentals weakened Shanghai lead upward force is insufficient, the whole day basically to the bottom of the daily average, and the top pressure Wansi level shock, during the period recorded a high of 14030 yuan / ton, finally closed at 13940 yuan / ton, position increased by 670 hands to 25564 hands, up 185 yuan / ton, an increase of 1.34%. Shanghai lead closed barefoot small positive line, the stimulation of macro news, it is still difficult to promote Shanghai lead station on the Wansi pass, superimposed spot market trading turn weak, downstream pre-festival stock mood has not been reflected, the bulls in this position to increase the confidence has also weakened.

Shanghai market Jinsha lead 1458514605 yuan / ton, Shanghai lead 2005 contract up 380400 yuan / ton quotation. Boosted by the collection and storage news, strong rise in lead prices, coupled with a small supply of goods in circulation in the market, some still maintain high water prices, while downstream procurement is cautious, gradually turning to factory sources or recycled lead, bulk single market transactions are few.

South China lead in Guangdong market is 14305 yuan / ton, the average price of SMM1# lead is 80 yuan / ton. Henan Yuguang, Wanyang and other smelters give priority to cross-length orders, Jinli 14325 yuan / ton, SMM1# lead average price up 100yuan / ton, Jiang copper 14375 yuan / ton, SMM1# lead average price up 150yuan / ton; with the lead price rising, the smelter scattered single began to flow out, but still maintained high water, today the market primary lead procurement to dilute, downstream inquiry recycled lead more.

Zinc: zinc in Geneva was opened at US $1890.5 / tonne. Boosted by domestic news on the collection and storage, Zinc rose rapidly at the beginning of the day, and the center of gravity moved up to around US $1920 / tonne. With the rebound of the US dollar, the superimposed optimism gradually receded and returned to the fundamentals. Zinc quickly gave up the increase of US $1904.5 / ton and then accelerated the rebound to fill in all the declines. As of 16: 28, Zinc closed up at US $1923 / ton. Up $36 / tonne, or 1.91%. Lun Zinc closed a big red column breakthrough above 10, 40 days moving average adhesion suppression, the performance is relatively strong, the current supply side story has lasted a month and a half, although consumption fell to freezing point but LME zinc inventory did not continue to grow substantially, at the same time, overseas zinc smelter also has the risk of mine supply tightening, from a short-and medium-term point of view, overseas zinc supply side disturbance may be strengthened, Lun zinc may be able to completely break through the short moving average suppression higher.

Within the day, the Shanghai zinc main force 2006 contract opened at 15900 yuan / ton, the market optimism spread at the beginning of the day, Shanghai zinc more into the blank quickly pulled up, in the vicinity of 16140 yuan / ton slightly up again touch high 16235 yuan / ton, then part of the long lock profit exit, Shanghai zinc down to give up the rise, short end of the market left low, Shanghai zinc rebounded slightly. The final price rose to 16090 yuan / ton, up 265 yuan / ton, or 1.67%. The trading volume increased by 25963 hands to 123000 hands, and the position decreased by 2103 hands to 87518 hands. Shanghai zinc closed a long shadow positive column breakdown 60-day moving average, the performance is quite strong, the current mine tightening superimposed social inventory continued to decline double good support, Yunnan introduced commercial storage news to further boost market sentiment, short-term zinc benefit is expected to continue, zinc is still expected to have optimistic performance.

Shanghai Zinc mainstream transaction in 16290-16410 yuan / ton, Shuangyan, Chi Hong in 16330-16440 yuan / ton; Shuangyan and Chihong quoted 150-160 yuan / ton in May; Shuangyan and Chihong reported 180-200 yuan / ton in May; Shuangyan and Qihong traded in 16200-16320 yuan / ton. Shanghai Zinc 2005 contract opened high after finishing operation, the morning market closed at 16190 yuan / ton. The smelter shipped normally, after the end of the month, the traders entered the settlement closing stage, the market trading atmosphere became weaker, the intra-day market quotation remained stable at 150-160 yuan / ton, and the low price was the invoice source next month. The morning market did not recognize the rising water relatively smoothly, with the average price and average price-5 relatively smooth, and the transaction on the second exchange was limited, while Shuangyan circulation was tight and the quotation was more divergent. There are reported water 200 yuan / ton, there are also reported water 240 yuan / ton, however, the disk significantly increased after the downstream consumption is obviously suppressed, Shuangyan follow-up actual quotation transaction for the rising water 180-190 yuan / ton, the overall volume is small, the overall transaction within the day is slightly dull.

The mainstream transaction in Ningbo was 15970-16020 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands widened from 50 yuan / ton to 60 yuan / ton on Friday. The price difference between Ningbo and Shanghai increased by 180-230 yuan / ton to 180-230 yuan / ton, and the price difference between Ningbo and Shanghai increased from 50 yuan / ton to 60 yuan / ton on Friday. Today, Ningbo market has some of the goods pulled by Guangdong circulation, alleviating the shortage of goods in the market. In the morning, the market quotation was more concentrated in the first period of the morning. Tiefeng reported an increase of 200 yuan / ton on the May contract, Kirin reported an increase of 210-220 yuan / ton on the May contract, and Huize News raised the water by 230 yuan / ton on the May contract. In addition, some of Guangdong's Feilong supply was reported near 190 yuan / ton in May. However, due to the larger increase in disk size, the transaction is poor, and the willingness to buy downstream is poor. In the second period, some traders cut Kirin's offer to about 180 yuan / ton, and transactions improved slightly. Overall, today's deal was worse than last Friday.

The mainstream transaction of Guangdong zinc was 16130-16280 yuan / ton, and the quotation focused on the Shanghai zinc 2006 contract rising 30-70 yuan / ton. The discount of 140 yuan / ton in Guangdong stock market was the same as that in the previous trading day. In the first trading session, futures prices rose sharply, but due to the recent sharp decline in Guangdong inventory, the holder still sold mainly, but the warehouse orders outflow, individual brand quotation is lower, the late price is slightly loose, Kirin, Mengzi, Huize, Tiefeng quoted on the Shanghai zinc June contract rose 5070 yuan / ton, flying dragon 30-40 yuan / ton. In the second trading session, the willingness to purchase at high prices downstream is insufficient, the demand for rising water by traders is also limited, the quotation of individual brands in the market has been slightly lowered, and the overall transaction is general. Kirin, Mengzi, Huize and Tiefeng quoted 45-60 yuan / ton for the June contract. Kylin, Mengzi, Huize, Tiefeng mainstream transaction in 16130-16280 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market was 16510-17620 yuan / ton, and that of ordinary brands was 16510-16660 yuan / ton. The contract for 2005 rose 300 yuan / ton to 400 yuan / ton. Tianjin market compared with Shanghai stock market from 190 yuan / ton to 180 yuan / ton. Today, Shanghai zinc high open high walk, the spot market to maintain the discount quotation, the quotation is more unified, the ordinary brand lark newspaper in the 05 contract up 320 yuan / ton, the red dragon newspaper in the 05 contract bid up 350 yuan / ton, Chi Hong reported in the 05 contract rose 320 yuan / ton, Shuangyan newspaper in the 05 contract reported 300 yuan / ton, the high price brand Zijin reported 400 yuan / ton to the May contract. Today, zinc prices open high, the spot market to maintain a discount quotation, today Shuangyan and imported kz have arrived, Guangdong zinc ingots are still on the way, the spot market liquidity has been supplemented; downstream, today's price increases, downstream inquiry willingness to accept weaker, only part of the downstream to maintain the need to buy goods. Overall, trading today was weaker than last week. The transaction of zinc ingot is near 1646016610 yuan / ton.

Tin: Lunxi electronic disk today morning $15215 / ton jump high open after the overall concussion upward trend, sub-session climbed to $15500 / ton. The center of gravity of Lunxi fell back after the opening of the European market. As of 17: 00, the latest price of Lunxi was $15400 / ton, showing a positive line, with the physical part between the 40-60 day moving average. The resistance above Lunxi is expected to be near the 60-day moving average of $15600 / tonne, and the lower support is near the 40-day moving average of $15000 / tonne. In the near future, we can pay attention to the changes in API crude oil stocks (10,000 barrels) announced in the early hours of Wednesday morning in the United States for the week ended April 24.

Shanghai tin main force 2006 contract this morning after the opening of 129110 yuan / ton, affected by the flight of a large number of short funds in the morning, Shanghai tin quickly rushed to a daily high of 134780 yuan / ton. In the afternoon, the bulls took advantage of the highs, and the center of gravity of the tin market in Shanghai fell back under pressure, and finally closed at 132710 yuan / ton, up 3840 yuan / ton, up 2.98%, 48470 hands in trading volume, 23936 hands in positions, and 10613 hands less. Today, Shanghai tin closed at the Changyang line, with the physical part above all EMA, with a longer impact. Shanghai tin above the resistance test in the early jump gap of 134000 yuan / ton.

Spot market, today quoted 134000-136500 yuan / ton, within the day Shanghai tin plate significantly higher, Shanghai tin spot market due to the sharp rise in tin prices to buy light, downstream enterprises and traders are in a wait-and-see state. Shanghai tin spot market overall transaction atmosphere is relatively light. Shanghai tin 2006 contract set Yunxi rising water near 4000 yuan / ton, ordinary cloud word rising water 3000-3 500 yuan / ton, small brand rising water 2000-3000 yuan / ton.

Nickel: the recent trend of Lunni follows the trend of Shanghai nickel more obviously, and the whole day is also in the state of flushing and falling. Lunni jumped high today to open $12260 / ton. Before the opening of the Asian market, Lunni was under pressure of $12300 / ton. Then the dollar index fell sharply. Lunni rose. After the short-term entanglement of $12400 / ton, it continued to rise to $12600 / ton and fell back to $12500 / ton. after a narrow range of shocks, the downward trend continued to fall below the daily average of $12450 / ton and then operated under pressure. As of 16: 11, It was reported at $12430 / tonne, up $180 / tonne, or 1.47 per cent, from the previous day's settlement price. The trading volume was reduced by 206 hands to 2938 hands, with a position of 221000 hands. Lunni today temporarily closed in the long shadow line small balcony, the shadow line piercing the Boll line on the rail, the K column is located in the boll line on the rail and the 60-day moving average interval, the lower 5 / 60 day moving average adhesion, follow-up attention to the continuation of the rising trend, stand on the boll line on the track.

Shanghai nickel came out of the trend of falling back today, as Yunnan Province issued a policy to support enterprises to collect reserves, although nickel is not included in the collection and storage, but the macro mood of basic metals has been boosted. Morning market bulls confidence increased, today Shanghai nickel 2006 contract jump over the 60-day moving average opened at 101000 yuan / ton, although the opening of a short correction down 100712 yuan / ton, but soon quickly stabilized, the center of gravity moved up to the daily moving average, consolidated in the 101600-101800 yuan / ton range. After 10: 00 in the morning, Shanghai nickel began to show a strong momentum, the bulls quickly increased their positions to 103200 yuan / ton, and in the opening of the second trading session, it reached 103706 yuan / ton, the highest point in the day. After that, the bulls gradually left the market after slowing down the offensive, and Shanghai nickel slowly gave up its intraday gains, among which the reduction in positions was more obvious at the end of the day, with the long shadow line closing at 101520 yuan / ton, up 1250 points, or 1.25 percent. Daily trading volume increased by 26887 hands to 178000 hands, but still less active than Shanghai Nickel 07 contract, 07 contract volume has significantly exceeded 06 contracts, reaching 339856 hands, daily position reduced by 2170 hands to 74117. Today, with a boost in macro sentiment, the nickel market bulls took this opportunity to launch an offensive, although once higher, but dragged down by the weak trend of downstream stainless steel, the bulls still dare not stay for a long time and leave the field within the day. Focus on new domestic stimulus guidance.

Today, SMM1# Electrolytic Nickel quoted 101600-104200 yuan / ton, up 1400 yuan / ton from last Friday. As a result of the previous Yunnan Province issued a policy to support enterprises to collect reserves, although nickel is not included in the collection, but macro sentiment has been boosted, bullish confidence increased, Shanghai nickel rose today. In the spot market, due to higher prices, downstream fear of high wait-and-see, light transactions. Among them, Russian nickel, Shanghai nickel 2006 contract reported to Pingshui, the holder due to the early receiving costs, so the discount down space is limited, and the market low price supply is less, the circulation is not prosperous, it is reported to paste 100 yuan / ton quotation has a small number of transactions, flat water quoted shipment situation is not good, part of the import of Russian nickel in the late morning market 150 yuan / ton to reach a transaction; in the afternoon market, trading gradually weakened. Jinchuan nickel, today Shanghai nickel 2006 contract reported 1200-1300 yuan / ton, more 1200 yuan / ton to reach a transaction, the total transaction volume is less; today Jinchuan ex-factory price of 104500 yuan / ton, a larger increase in water than the disk, at the same time, the recent manufacturers in Shanghai less goods, Jinchuan Shengshui is expected to be more difficult to fall back; at present, the supply of nickel No. 1 is tight, and some traders receive Jinchuan No. 2 nickel from Gansu today. Nickel beans, the Shanghai Nickel 2006 contract reported 700 yuan / ton, the transaction is relatively weak.


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