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Review of SMM basic Metals spot Trading Day on April 28
Apr 28,2020 19:09CST
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Source:SMM
Review of SMM basic Metals spot Trading Day on April 28
The content below was translated by Tencent automatically for reference.

SMM, 28 April:

Copper: Yapanlun copper opened as low as $5180.5 a tonne today, rising to $5197.5 a tonne at the beginning of the day. But the impulse energy is insufficient, Lun copper shock fell, fell to a day low of $5170 / ton. The bulls entered the market on a low basis, and copper prices rebounded and pierced the daily moving average and broke through the $5200 mark, peaking at $5207 a tonne. However, it is difficult to stand stable above $5200, and the center of gravity of copper prices has moved down to $5190 near the daily moving average. In the European session, the fluctuation of copper around the daily moving average intensified, peaking up to $5207 / ton and then falling rapidly. Fluctuating in the range of $51805203 / ton. At 17: 00, Lun copper closed down $2, or 0.04 per cent, at $5184 a tonne. Today's low opening of copper is mainly affected by the linkage of international oil prices. At present, the oil storage space is about to run out, and ETF's move to sell the WTI6 monthly contract has once again triggered panic in the oil market. Russian Energy Minister Novak also said today that it will be difficult for oil prices to rise sharply in the short term because of weak demand for crude oil. As a result, copper prices were dragged down, falling below the 5200 mark and hovering around $5190 a tonne. However, due to macro optimism, the dollar index pierced the 100 mark today, the dollar fell sharply, and investors' risk appetite helped copper prices rise again. At present, the copper is negative, but there is a 5 -, 10-and 40-day moving average support below. Pay attention to the difference in retail sales of CBI in the UK and the US API crude oil inventory changes released tomorrow morning to test whether Lun Copper can once again stand at the $5200 / tonne level.

Today, the main contract of Shanghai copper opened low at 42300 yuan / ton, opening short to reduce the short position of copper prices pulled up about 42300 yuan / ton. After that, the price of copper was suppressed to a daily low of 42130 yuan / ton. At this time, copper prices rebounded, climbing to the top of the daily moving average, closing at 42410 yuan / ton at noon. In the afternoon, the overall fluctuation of the disk is small, basically in the range of 42320-42390 yuan / ton to maintain stability. Near the close of the long departure, copper prices fell slightly, and finally closed at 42300 yuan / ton, down 260 yuan / ton, down 0.61%. Today, the daily position of the main copper contract in Shanghai decreased by 1613 hands to 113000 hands, mainly by the reduction of long positions, while the trading volume decreased by 27000 hands to 71000 hands. Shanghai Copper 2005 contract day reduction of a total of 5944 hands, to 51000 hands, mainly for the long reduction. The low opening of copper in Shanghai today was mainly affected by the decline in international crude oil prices. The largest oil-listed trading fund sold the June WTI crude contract, causing its price to fluctuate again, falling below $11, significantly widening the spread from the July contract. Fears of a collapse in crude oil prices have returned in the early days, dragging down copper prices. And basically in the face of copper prices still have support. In China, following the planned commercial collection and storage of Yunnan Province, Gansu Province has also formulated a storage plan for 436000 tons of non-ferrous metal products, the news boosted copper prices, and concerns about tight supply of copper mines remain, providing bottom support for copper prices. At present, Shanghai copper receives the cross star, the long and short sides game situation is still not clear, the rush high pressure is still big. Next, we will continue to pay attention to the global macro situation and whether we can further push up copper prices.

Today, Shanghai electrolytic copper spot contract rose 110 yuan / ton to 150 yuan / ton, Pingshui copper transaction price 42370 yuan / ton ~ 42550 yuan / ton, Shengshui copper transaction price 42380 yuan / ton ~ 42560 yuan / ton. The copper in Shanghai period increased to 42400 yuan / ton, and the import of copper into the market increased within the week. Most of the holders were eager to speed up the exchange before the May Day holiday. The morning market quotation rose 130 ~ 150 yuan / ton, with few responders. The holder took the initiative to adjust and reduce the water, the quotation rose 120 ~ 130 yuan / ton, and the transaction was still difficult to attract until the good copper was adjusted to 120 yuan / ton, and Pingshui copper rose to 110 yuan / ton. The market only picked up when the market closed. Individual importers lead the sale of wet copper, the price is 70% 80 yuan / ton and there is still room for price reduction. Due to the lack of actual purchase support of downstream consumption, trade flow also tends to stop the cautious state before the festival, the holder shipments actively, the transaction continues to be weak, the characteristic of supply exceeding demand appears gradually. In the afternoon, the horizontal plate is arranged in the first line of 42400 yuan / ton, the low price flat water copper is favored by the market, the trader has been difficult to press the price to receive the goods, the flat water copper quotation rises to the rising water 120 yuan / ton earlier, the good copper quotes in the rising water 130 ~ 140 yuan / ton, the downstream meets the bargain appropriate replenishment, the transaction price is 42520 yuan / ton.

Aluminum: Tuesday morning aluminum opened at $1508 / ton, after the opening of aluminum steadily rose, high to $1517 / ton, the Asian plate afternoon aluminum fell back, the end of the plate closed at $1510 / ton; Entering the European trading session, Lun aluminum continued to decline, low hit $1500 / ton after a slight rebound, as of 18:10 Beijing time, Lun aluminum closed at $1506.5 / ton, down $0.50 / ton from the opening of the day, down 0.03%, trading volume decreased by 4047 hands to 5535 hands, position increased by 10183 hands to 816000 hands, mainly short positions. Lun aluminum narrow shock pattern is difficult to change, is expected to run in the evening range of $14901530 / ton, today LME inventory continued to increase by 10225 tons, need to continue to pay attention to the delivery situation and overseas macro news release guide.

On Tuesday, the Shanghai aluminum main company 2006 contract opened at 12370 yuan / ton in the morning. After the opening, the long position increased continuously, the market surface steadily rose to 12510 yuan / ton, the short profit above 12500 yuan led to more profit leaving the market, and closed down at 12485 yuan / ton at the end of the day, up 75 yuan / ton, up 0.6%. Trading volume increased 6961 hands to 88978 hands, position volume decreased 1269 hands to 124000 hands. The Japanese K line receives a large positive line. Intra-day basic metal but aluminum alone red, fundamental demand to form a strong support, spot rising water before the festival still maintained a high level, Guangdong and Shanghai prices around 260 yuan / ton. Today, the main Shanghai aluminum company has a steady 5-day moving average, breaking through the resistance level of 12500 yuan / ton, and is expected to try to stand above this position tomorrow, with an operating range of 1230012600 yuan / ton. Continuous attention needs to be paid to the impact of downstream pre-node storage on the demand side.

Aluminum shock went up in the early afternoon. In the morning, Shanghai Wuxi area holder quotation is between 12580-12600 yuan / ton, the spot price is 90 yuan / ton higher than yesterday, the surface rising water is concentrated in 60-80 yuan / ton, the morning market trading is more active, the consignee inquiry is numerous, after 11: 00 the aluminum center of gravity moves up, the holder quotation starts to concentrate in 12610 yuan / ton, but the later market transaction heat drops, the actual transaction situation has not been early. Downstream today, mainly on-demand procurement, due to the rise in aluminum prices and higher water, for the time being did not show a positive willingness to stock. The overall transaction in East China is OK today. Afternoon aluminum shock upward, the holder quoted in the vicinity of 12600-12620 yuan / ton, the disk water 60-80 yuan / ton, the market trading atmosphere is light, the actual transaction is few.

Lead: within the day, Lun lead opened at US $1628 / ton, Asia time, undertake bargain entry, Lun lead in the early consolidation platform 1620 US dollars / ton rebounded, but the inner market trend is weak, restrained Lun lead back to the pace of rising, Lun lead pressure 1650 US dollars / ton first-line operation, in the afternoon, once dropped to 1636 US dollars / ton, entered the European period, Lun Zinc pulled up, led Lun lead slightly upward, as of 16: 24, Lun lead temporarily closed at 1645 US dollars / ton. Up $8.50 a tonne, or 0.52 per cent. Lun lead temporarily took barefoot small positive line, temporarily stopped falling, and with 1620 US dollars / ton platform bottom shock, but Lun lead technology is still in the downward channel, pay attention to 1620 US dollars / ton platform support at night.

Within days, the Shanghai lead main force 2006 contract short opened at 13995 yuan / ton, pre-season stock expected to be basically desalinated, superimposed recycled lead discount small expansion, short the opportunity cost of funds decreased, Shanghai lead center of gravity shock fell to 13770 yuan / ton, finally closed at 13770 yuan / ton, the position increased 209 hands to 25773 hands, down 170 yuan / ton, down 1.22%. Shanghai lead closed in the negative line, there is a strong suppression at the Wansi pass, this wave breakthrough also ended in failure, the expectation of weak fundamentals, or will be reflected after May Day, before the Shanghai lead probability to maintain the range of operation.

Shanghai market Jinsha lead 14480-14500 yuan / ton, Shanghai lead 2005 contract price 380-400 yuan / ton, Wuxi market south 14400-14450 yuan / ton, Shanghai lead 2005 contract 300-350 yuan / ton quotation. Pre-festival spot market circulation supply is still few, part of the quotation for pre-sale, while the downstream pre-holiday stock is limited, the holder quotation rising water slightly down, bulk market transaction activity is not high.

South China lead in Guangdong market is 14230 yuan / ton, the average price of SMM1# lead is 80 yuan / ton. Henan Yuguang, Wanyang and other smelters give priority to long orders, Jinli 14230 yuan / ton, SMM1# lead average price up 80 yuan / ton, Jiang copper 14250 yuan / ton, SMM1# lead average price rise 100 yuan / ton; today lead price weakens, downstream procurement is better, mostly for pre-festival stock, the current market procurement is mainly recycled lead, the original market single liter water price has been lower.

Zinc: zinc in Geneva was opened at US $1907.5 / tonne, with a narrow range of fluctuations around US $1915 / tonne, with a amplitude of less than US $10 / tonne. Entering the European trading session, Lun Zinc began to shake out of the room for intraday consolidation. By 15: 38, Lun Zinc closed up at US $1920 / ton, up US $10 / ton, or 0.52 per cent. Lun Zinc red operation center of gravity continues to move up, but has not yet got rid of the multi-day moving average, highlighting the weak trend of the outer plate, the current weak overseas demand for the epidemic is still the focus of the market, if there is no more favorable release, it is expected that short-term Lun zinc will continue to follow the weak market.

Intraday Shanghai zinc main force 2006 contract opened at 16045 yuan / ton, intra-day market long and short forces are more balanced, Shanghai zinc slowly rose, in 16100 yuan / ton about narrow range finishing operation, intraday once touched 16160 yuan / ton after a rapid decline, the final price rose 16125 yuan / ton, up 35 yuan / ton, an increase of 0.22%, trading volume decreased 39001 children 84091 hands, position reduced 2458 hands to 85060 hands. Intraday Shanghai zinc upward break through the 60-day moving average suppression, two consecutive days to reduce positions upward, this week funds gradually to the far moon layout, zinc far moon Back structure has been weakened, on the near-term fundamentals, expected zinc is expected to stand firm all averages.

The mainstream transaction of zinc in Shanghai was 16200-16280 yuan / ton, and that of Shuangyan was 16220-16300 yuan / ton, that of zinc was 130 yuan / ton in May, that of 150 yuan / ton in May, and that of Shuangyan was 160 yuan / ton in May, while that of Shuangyan was 16130-16210 yuan / ton. The low level of Shanghai Zinc 2005 contract rebounded, closing at 16060 yuan / ton in the first trading session of the morning market. In the first time of the morning, with the end of the long market order and the weakening of trading in the trade market, traders took the initiative to lower the price of rising water. The mainstream transaction in the market was concentrated in the average price of SMM net-10 yuan / ton, and the price of follow-up quotation was more chaotic in the morning. The high price had a rise of 170 yuan / ton to 2005 contract, and the mainstream quoted water of 140 yuan / ton to 2005 contract. However, transactions in the trade market are relatively light; In the second period, the holder continued to hold down the price of rising water, with the mainstream reporting a rise of 130 yuan / ton to the 2005 contract. Today, the source of imports began to flow out of the market, trading in the trade market was active, downstream procurement prices fell today, bargain purchases, downstream transactions are still good today.

The mainstream transaction in Ningbo was 1628016360 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands narrowed from 60 yuan / ton to 50 yuan / ton. Today, some of the goods from Guangdong arrived, and the circulation of goods in the Ningbo market increased. In the first period of the morning, the quotation of the holder was basically concentrated around 170 yuan / ton for the May contract, Kirin reported the rising water for the May contract at 170-180 yuan / ton, and in the morning quoted 210 yuan / ton for the rising water in May. However, few transactions were concluded, and Kirin's quotation was quickly reduced to 180 yuan / ton. Huize newspaper raised water by 200 yuan / ton in May, and Yongchang newspaper raised water by 140 yuan / ton in May contract. Overall, the market turnover in the first period was better than yesterday, while the transaction in the second period was higher and worse. Overall, market trading has picked up from yesterday.

The mainstream transaction of Guangdong zinc was 16040-16190 yuan / ton, and the quotation focused on the Shanghai zinc 2006 contract rising 30-50 yuan / ton, and the discount of 150 yuan / ton in Guangdong stock market was 10 yuan larger than that of the previous trading day. In the first trading period, the early price fell and the market still offered mainly for shipment, but as the price rebounded, there were few inquiries downstream, the market quotation was lowered, and trading was mainly concluded between traders. Kirin, Mengzi, Huize, Tiefeng quoted price on the Shanghai zinc June contract rose 40-50 yuan / ton, Feilong 30 yuan / ton. In the second trading period, the supply of warehouse receipts has increased recently, and the market can be circulated with abundant resources. The holders are worried about the increase in market arrivals during the May Day holiday, and the demand for cash delivery is higher, and shipments in rising water are more active, while traders mainly purchase goods at low prices and close transactions at low prices in the market. Kirin, Mengzi, Huize and Tiefeng quoted 30-40 yuan per ton for the June contract. Kylin, Mengzi, Huize, Tiefeng mainstream transaction in 16040-16190 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market was 16430-17500 yuan / ton, and that of ordinary brands was 16430-16540 yuan / ton. The contract for 2005 rose by 300 yuan / ton to 400 yuan / ton. Compared with Shanghai stock market, Tianjin market rose from 180 yuan / ton to 190 yuan / ton. Today, the Shanghai zinc high shock, the spot market maintains the promotion discount quotation, the quotation is more unified, the ordinary brand lark newspaper in the 05 contract quotation 300 yuan / ton, the red gold newspaper in the 05 contract quotation water 340 yuan / ton, the car macro newspaper in the 05 contract quotes the water 300 yuan / ton, the import KZ quotes in the 05 contract quotes the water 350 yuan / ton, the high price brand Zijin quotes the water 400 yuan / ton to the May contract. Today, zinc prices fluctuate, the spot market to maintain a discount quotation, some zinc ingots in Guangdong have arrived in Tianjin today, but the impact on the overall market is limited, the discount is still high; downstream, prices fell today compared with yesterday, downstream willingness to receive better, some enterprises have pre-festival reserve behavior. On the whole, today's deal is better than yesterday's. The transaction of zinc ingot is near 16380-16490 yuan / ton.

Tin: after the opening of US $15360 / ton in early trading today, the sub-session generally showed a trend of rising and falling, rising to US $15400 / ton and falling rapidly after the opening of the European market. As of 17: 00, the latest price of Lunxi was US $15305 / ton, showing a small negative line. The physical part is between the 40-60 day moving average, and the support below Lunxi is expected to be near the 5-10 and 40-day moving average of $15000 / ton.

Shanghai tin main force 2006 contract today morning 130630 yuan / ton low opening, the beginning of the day to maintain an overall daily average of 131000 yuan / ton shock finishing, and then affected by the long reduction in the Shanghai tin breaking daily moving average support shock fell, the lowest down to a day low 129140 yuan / ton after the shock rebounded, and finally closed at 129850 yuan / ton, down 2860 hands, down 2.16%, trading volume 28324 hands, position 16699 hands, reduced 7273 hands. Today, Shanghai tin closed at a small negative line, the physical part is above all moving averages, and the support below Shanghai tin is expected to be near the 5-10 and 60-day moving averages of 128000 yuan / ton.

Spot market, today quoted 133000-136000 yuan / ton, Shanghai tin disk center of gravity has moved down from yesterday, the range of spot rising water range is limited. In terms of transactions, downstream enterprises are relatively weak, and some traders have purchased. Shanghai tin spot market overall transaction atmosphere is general. Shanghai tin 2006 contract set Yunxi rising water 4000-4500 yuan / ton, ordinary cloud word rising water 2500-4000 yuan / ton, small brand rising water 2000 yuan / ton.

Nickel: Lunni opened at US $12250 / ton today. In the Asian session, dragged down by the weakening of the Shanghai nickel morning market, it fell below the daily average line twice, falling to US $12125 / ton and US $12110 / ton respectively. Then gradually recovered the decline to $12280 / tonne when again under pressure, fell back to the 60-day moving average above, in the $12200 / tonne shock adjustment. After the close of the Asian market, Lunni gradually turned red, closing at $12305 / ton as of 17:25, up $70 / ton, up 0.57% from yesterday, and temporarily recording a small penny post with a long shadow line. The trading volume was reduced by 2720 hands to 2684 hands, and the position was reduced by 832 hands to 222000 hands. Yesterday's high of $12595 / tonne line will form a short-term target resistance, if the pressure falls back, the lower $12000 / tonne can get short-term support. Pay attention to the trend of crude oil and the impact of the dollar index on Lunni in the evening to test whether Lunni can rebound effectively.

Shanghai nickel was dragged down by weaker oil prices last night. Shanghai nickel opened low at 101110 yuan / ton this morning. At the beginning of the day, the lower 5-day moving average of 99800 yuan / ton was supported. The center of gravity fluctuated around the daily average of 100000 yuan / ton. Until 10: 30, Shanghai nickel strengthened slightly, exploring the day high of 101440 yuan / ton. In the afternoon, Shanghai nickel fell slightly below 101000 yuan / ton, the overall horizontal concussion above the daily average line, until the close, and finally closed at 100480 yuan / ton, down 1760 yuan / ton, or 1.72%, from yesterday's settlement price, recording a small negative column with a long shadow line. The trading volume was reduced by 70292 hands to 108000 hands, and the position was reduced by 7539 hands to 66578 hands. Today, Shanghai Nickel 2007 contract position increased by 3033 hands to 62015 hands, trading volume decreased by 77000 hands to 262000 hands, become the main contract, but the main position today that Shanghai Nickel 2006 contract, follow-up attention to Shanghai Nickel transfer month situation. Today, the Shanghai Nickel 2006 contract closed at the lower shadow line small negative column, the shadow line pierced the 5 / 10 moving average and other averages, but it is still above the 100000 yuan / ton pass, and the lower moving average is temporarily supported. Fundamentals, yesterday's collection and storage news stimulated the major metals floating red, however, the collection and storage news on the real impact of nickel is not great. At present, steel production remains normal, but the improvement in downstream demand is limited, the good news is not obvious, more is a kind of looking forward to rising mood, if the stainless steel price is not effective, for the raw material nickel iron to continue to push the price will also have greater difficulties, and consumption continues to be lacklustre, the overall nickel market is still in a long-short intertwined situation. It is expected that if there is no obvious policy advantage in the future, Shanghai nickel will still fluctuate around 100000.

Today, SMM1 Electrolytic Nickel quoted 99850-101850 yuan / ton, the average price rose 2050 yuan / ton yesterday. The price of nickel jumped short today. At one point it bottomed out below 100000. Morning market enquiries have warmed up, but only a small number of goods downstream, the transaction situation is mediocre, the afternoon market transaction is weak. Russian nickel, the morning Shanghai nickel 2006 contract reported to 100 to flat, after the opening of the morning market, the market price fell, some traders offered Russian nickel to water quotation, but more difficult to close, as the nickel price stabilized above 100000, the quotation mostly returned to Pingshui near, it is reported that today's discount quotation can record a small number of transactions, the overall trading is slightly better than yesterday. Jinchuan nickel to Shanghai nickel 2006 contract rose 1300-1400 yuan / ton, downstream pick up the goods in general, the transaction of each trader is mixed, Jinchuan Shanghai ex-factory price 101600 yuan / ton, Jinchang price 101150 yuan / ton, Shanghai is still out of stock, but some traders actively receive goods in Jinchang. It is expected that if the market price rises in the future, Jinchuan rising water can be reduced slightly. Today, nickel beans reported 700 yuan / ton to Shanghai Nickel 2006 contract.

 

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