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Review of SMM basic Metals spot Trading Day on April 30
Apr 30,2020 19:42CST
Review of SMM basic Metals spot Trading Day on April 30
The content below was translated by Tencent automatically for reference.

SMM, 30 April:

Copper: Yapanlun copper opened at $5278 a tonne today and fell slightly to $5253 a tonne at the start of trading under short pressure. It then rebounded, rising all the way up the daily moving average, hitting a daily high of $5294.5 a tonne. Entering the European session, Lun copper gave up its gains, rapidly falling more than $50 a tonne to a daily low of $5240 a tonne. At this time short positions reduced, copper prices stabilized. Today, Lun copper closed up 0. 50 cents, or 0. 01 per cent, at $5246.5 a tonne. The Fed announced that it would leave interest rates unchanged and reaffirmed its commitment to take all necessary measures to support the economy as a result of the Fed's policy decision to boost market confidence today. And the morning new crown specific drug test data actively strengthened the risk preference of market investors. However, entering the European session, Germany reported that the number of unemployed after the April quarterly adjustment had increased by 373000, far exceeding expectations of 74500, adding to investors' concern that Germany and Europe as a whole would fall into a deep recession, and copper prices fell back. At present, Lun copper closed Yang, but the basic return to the intraday increase, the upper pressure 60-day moving average. Pay attention to the number of jobless claims in the United States as of April 25, and test whether Lun Copper can stand firm at the $5250 / tonne mark and hit the $5300 / tonne mark.

Today, the main force of Shanghai copper skydiving high in the morning opened at 42780 yuan / ton, just opened more flat into the pressure on copper prices to the lowest point of 42650 yuan / ton in the day. Then copper prices quickly rebounded and kept rising, climbing all the way to 42900 yuan / ton. Copper prices fell slightly by noon to close at 42820 yuan per ton. In the afternoon, the long market opened one after another, and copper prices rose again. At this high position, many leave the field. Near the close, the bulls again rushed to a daily high of 42980 yuan / ton, closing at 42940 yuan / ton, up 370 yuan / ton, or 0.87%. The daily position of the main force of Shanghai copper decreased by 553 hands to 112000 hands, mainly by short positions, and trading volume decreased by 4653 hands to 62000 hands. The Shanghai Copper 2005 contract continued to reduce its position by 3146 hands to 41000 hands. Shanghai Copper 2007 contract day to increase positions by 3245 hands, mainly for the long increase in positions. In the morning, the National Bureau of Statistics released China's April PMI index. The official manufacturing PMI index for April was 50.8 per cent, down 1.2 percentage points from the previous value, while the composite PMI output index was 53.4 per cent, up 0.4 percentage points from the previous month. Manufacturing PMI recorded more than 50 ups and downs in April, indicating that the manufacturing sector still improved in April from March, and the market is expected to further strengthen copper demand. In addition, the Fed today reiterated its commitment to zero interest rates, which remained at 0%-0.25% in April, and said it would take all necessary measures to support the economy, boosting market confidence and providing momentum for copper prices to rise. At present, Shanghai copper closing Yang, the top touched the 60-day moving average, has made up for the previous jump gap. Today, the outer plate strongly pulled up, short fled before the festival, bulls into the market, pay attention to the guidelines of copper during the festival, test whether the copper price can stand on the 43000 yuan / ton level.

Today, Shanghai electrolytic copper spot price for the current month contract rose 100 yuan / ton ~ 130 yuan / ton, flat water copper transaction price 42970 yuan / ton ~ 43070 yuan / ton, Shengshui copper transaction price 42980 yuan / ton ~ 43080 yuan / ton. Shanghai copper jump high open rebound to 42900 yuan / ton. The last trading day before May Day, the morning market quotation is still rising 120-130 yuan / ton quotation level, but the transaction is weak, so some holders take the lead to open the price adjustment model, strive to change cash, good copper down to 110 ~ 120 yuan / ton, Pingshui copper in the rising water 100 yuan / ton, transaction gradually carried out, wet copper to maintain yesterday's quotation rose 60 ~ 80 yuan / ton. The market continues to rise, the market performance is cautious wait and see, there is no obvious change in the transaction, under the market stalemate, the quotation is not as enthusiastic as the morning market, and the number of people standing in the market is increasing. There are a large number of shippers in the final trading market before the festival, the continuation of the rising water is difficult to attract trade speculators, the downstream performance is more weak, receiving few goods, pre-holiday clearance cash hedge characteristics are prominent. In the afternoon, the disk went straight to the gate of 43000 yuan / ton, the quotation was lighter, and the market basically entered the holiday situation. A small amount of quotation held steady in Pingshui copper rising water 110 yuan / ton, good copper rising water 120 yuan / ton, and the transaction price rose to 43020 yuan / ton.

Aluminum: aluminum opened at $1506 a tonne on Thursday morning. In the Asian session, Lun aluminum fluctuated in a narrow range, touching $1513 / ton above and then falling back. As of the end of Asia, Lun aluminum closed at $1506.5 / ton. However, entering the European market, Lun aluminum long positions to avoid risk, quickly pulled out a big negative line, low touched $1494 / ton, as of 16:17, Lun aluminum closed at $1499.5 / ton, down $4.50 / ton from the opening of the day, down 0.30%, positions reduced by 1381 hands to 814000 hands, mainly long positions. Shanghai aluminum closed tomorrow, Lun aluminum trend is expected to follow the outer plate basic metal rise and fall, need to continue to pay attention to the impact of macro news release on market sentiment.

On Thursday, the main Shanghai aluminum company opened at 12610 yuan / ton in the morning. After the opening, the bulls continuously reduced their positions in the main contract by nearly 7, 000 yuan. In the afternoon, the price difference of 0506 contract once widened to 220 yuan / ton. At the end of the day, the price spread of the 0506 contract widened to 220 yuan / ton. The short end of the market reduced more than 2600 hands, and the hourly line pulled a Changyang line, closing at 12660 yuan / tonne. Compared with the close of the previous day, the trading volume was reduced by 23539 hands to 73611 hands, and the short unilateral position was reduced by 9585 hands to 107000 hands. The main reason is to reduce short positions. Before the end of the day, the bulls moved their positions one after another to the 2007-2011 contract, and they were more emotional about the price trend after the festival. Fundamentals, SMM statistics of domestic electrolytic aluminum social inventory 1.204 million tons, weekly decline of 155000 tons, re-record high, smelter shipments less superimposed demand to maintain, resulting in the spot market to maintain a relatively strong water level, in recent months back structure further expanded. It is expected that on the first trading day after the return of May Day, aluminum prices will remain high under the support of fundamentals, with an operating range of 12500-12800 yuan / ton.

In the early afternoon, aluminum was suppressed first and then raised. Shanghai Wuxi area holders quoted between 12780-12800 yuan / ton, spot prices rose 20 yuan / ton compared with yesterday, the surface rising water concentrated in 60-80 yuan / ton, 11: 00 after the market transaction heat dropped significantly, the rising water narrowed slightly. Today is the last spot trading day before May Day, as most traders close accounts or prepare for a holiday, and a major household has not announced their procurement plans today, the market transaction atmosphere is not as good as the previous two days, buyers and sellers generally trade. Downstream today part of the stock, the enthusiasm of receiving goods is not as obvious as yesterday. The overall transaction in East China is OK today. In the afternoon, aluminum first suppresses and then rises, the market individual holder quotes in 12770-12800 yuan / ton, to the disk rising water 60-80 yuan / ton, the market atmosphere is light actually has few transactions.

Lead: within the day, lun lead opened at $1646.5 / ton, early Lunlun lead shock downward, down to around $1642 to get support, coupled with the strengthening of non-ferrous metals, led to the low level of lead rose to $1653.5 / ton, entering the European period, Lun lead again weak, back to give up the increase, as of 16: 20, Lun lead reported at $1642.5 / ton. The domestic market will be closed tomorrow and pay attention to the overall trend of other metals at night. At present, Lun lead is technically showing signs of stabilizing.

Within days, Shanghai lead opened at 13800 yuan / ton, at the beginning of the day, the bulls chose a high level to leave the market, Shanghai lead shock downward, the low once reached 13625 yuan / ton, after the basic low shock, finally reported at 13660 yuan / ton, down 0.69%. From the trend point of view, lead prices are in a state of decline, has not yet stepped out of a clear unilateral downward trend, the low first test 13500 yuan / ton support, and focus on overseas news during the holiday period.

Shanghai market Jinsha lead 14285-14335 yuan / ton, Shanghai lead 2006 contract price 600-650 yuan / ton, Wuxi market south, Shuikoushan 14255-14305 yuan / ton, Shanghai lead 2005 contract 300350 yuan / ton quotation. Lead continued to weaken, and the pre-festival market circulation supply is not much, the downstream is also basically completed just need to stock, inquiry is not much, bulk market transactions light.

South China lead in Guangdong market is 14080 yuan / ton, the average price of SMM1# lead is 80 yuan / ton. Henan Yuguang, Wanyang and other smelters are mainly Jiaochang single, Jinli, Wanyangjiang copper 14050 yuan / ton, the average price of SMM1# lead up to 50 yuan / ton, Jiang copper 14100 yuan / ton, the average price of SMM1# lead rose 100 yuan / ton. Today, the purchase intention of the downstream is general, and some of the downstream purchases have been completed before the festival, but there are still not many raw lead supplies in the market.

Zinc: zinc in Geneva opened at US $1949 / tonne, which fluctuated in a narrow range around the daily average of US $1950 / tonne. After trying to fix it in the afternoon, it rose only US $1957.5 / tonne, and then fell rapidly. The ladder fell back to give up all the gains in the past two days. As of 17: 10, Zinc closed down US $1936.5 / tonne, down US $7 / tonne, or 0.36 per cent. Lun Zinc negative decline, overseas outbreaks continue to curb demand, although some countries already have plans to restart the economy, but real consumption is expected to remain low, superimposed mining end may resume to constitute a negative, Lun Zinc is expected to have a strong performance.

Within days, Shanghai zinc completed the main force month, Shanghai zinc main force 2006 contract opened at 16430 yuan / ton, intraday long-short alternately reduce positions, Shanghai zinc around the daily average line around 16370 yuan / ton near a narrow range, the amplitude narrowed in the afternoon. At the end of the day, it closed up at 16400 yuan / ton, up 35 yuan / ton, or 0.21%. The trading volume was reduced by 32745 hands to 67414 hands, and the position was reduced by 5873 hands to 80031 hands.

Intraday Shanghai zinc main force 2007 contract opened at 16355 yuan / ton, intraday long-short game stalemate, Shanghai zinc around the daily average line fluctuated around 16300 yuan / ton, early trading alternately increased positions, Shanghai zinc fluctuations of about 50 yuan / ton, afternoon amplitude narrowed showed a narrow consolidation trend, the final closing price of 16320 yuan / ton, up 15 yuan / ton, an increase of 0.09%, trading volume increased by 516 to 50676 hands, position increased by 2102 to 84851 hands. Shanghai zinc received a long shadow small negative column, during the May Day holiday outer disk independent operation, greater uncertainty, capital operation careful light warehouse holiday, Shanghai zinc index reduced 3456 hands within the day.

The mainstream transaction of zinc in Shanghai was 16445-16505 yuan / ton, and that of Shuangyan was 16495-16545 yuan / ton. The price of zinc was 70 yuan / ton in May, 130 yuan / ton in May, 70 yuan / ton in May, and 16375-16475 yuan / ton in May. The Shanghai zinc 2005 contract rebounded, closing at 16365 yuan / ton in the first trading session of the morning market. With the approach of the holiday, the market trading was relatively light, the holders actively shipped in the morning, the spot rose and decreased rapidly, the traders took the initiative to lower the price of rising water, and the mainstream transactions in the market concentrated on the average price of SMM net-15 billion-20 yuan / ton. In the morning market, the 2005 contract rose by 110 yuan / ton, but the transaction was light. After the spot water down to 2005 contract water of 80 yuan / ton; Entering the second period, the holder continued to hold down the price of rising water, and the main report of the holder was 70 yuan / ton to the 2005 contract, but the market for low rising water had a strong willingness to receive goods. Although there are still quotations for imports in the market today, the overall supply volume is not high. With the end of downstream stock, trading turned weak today, and spot rising water fell rapidly.

The mainstream transaction in Ningbo was 16440-16540 yuan / ton, the ordinary brand rose 120-150 yuan / ton to the 2005 contract, and the price difference between Ningbo and Shanghai ordinary brand widened from 40 yuan / ton to 50 yuan / ton yesterday. May Day holiday is approaching, the holder is actively shipping, and the tentative offer in the morning is lower than yesterday. Huize reported that the May contract rose 150 yuan / ton, Kirin reported 130 yuan / ton on the May contract, Tiefeng reported 120-130 yuan / ton on the May contract, and Hualian News rose 120 yuan / ton on the May contract. Today's market turnover is slightly better than yesterday, and a small number of downstream enterprises have just needed to buy. However, the willingness of the downstream enterprises as a whole to reserve the database is still not strong. Overall, transactions today are warmer than yesterday.

The mainstream transaction of Guangdong zinc was 16350-16430 yuan / ton, and the quotation focused on the Shanghai zinc 2006 contract rose by 10-40 yuan / ton, and the discount of 90 yuan / ton in Guangdong stock market was 20 yuan less than that of the previous trading day. The first trading period, the initial part of the traders for the shipment price is relatively low, waiting for the low price source transaction, the market quotation is relatively stable, but the holder is still active shipment, Kirin, Mengzi, Huize, Tiefeng quotation to Shanghai zinc June contract up 10-30 yuan / ton. The second trading period, downstream early replenishment, today zinc prices continue to go higher to suppress replenishment demand, the later market circulation supply has declined, a small number of transactions in the market, the overall supply and demand are weak. Kirin, Mengzi, Huize and Tiefeng quoted 20-30 yuan per ton for the June contract. Qilin, Mengzi, Huize, Tiefeng mainstream transaction in 16350-16430 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market was 16570-17790 yuan / ton, and that of ordinary brands was 16570-16740 yuan / ton. The contract for 2005 rose by 210 yuan / ton to 330 yuan / ton. Compared with Shanghai stock market, Tianjin market decreased from 190 yuan / ton to 160 yuan / ton. Today, the Shanghai zinc high shock, the spot market downgraded the discount quotation, the quotation is more unified, the ordinary brand lark newspaper in the 05 contract quotation is 210 yuan / ton, the red gold newspaper is in the 05 contract quotation 260 yuan / ton, Chihong has no quotation today, the import KZ quotes 220 yuan / ton to the 05 contract, the high price brand Zijin quotes the water 330 yuan / ton to the May contract. Today, zinc prices fluctuate, traders cut discount prices, of which Zijin prices are relatively strong, and imported kz has been basically out, the next May Day period will also have Guangdong zinc ingots to arrive; downstream, this week has been basically completed before the festival stock, today's willingness to receive the goods is poor. On the whole, the transaction today is flat compared with yesterday. The transaction of zinc ingot is near 16520-16690 yuan / ton.

Tin: after the opening of US $15185 / ton in early trading today, the overall concussion and upward trend occurred from the Asian session to the opening of the European market. As of 17: 00, the latest price of Lunxi was US $15300 / ton, showing a positive line. The physical part is located near the 5-day moving average, the lower shadow line is supported by the 10-day moving average, and the resistance above Lunxi is expected to be near the 60-day moving average of $15600 / ton. In the near future, we can look at the monthly rate of personal expenditure in the United States in March (%).

Shanghai tin 2006 contract opened early today 130500 yuan / ton, the beginning of the long reduction Shanghai tin pressure downward, the lowest down to the day low 128730 yuan / ton, the end of the short a small amount of departure, Shanghai tin bottom rebounded, wiping out the previous half of the decline, finally closed at 129550 yuan / ton, down 280 yuan / ton, down 0.22%, trading volume 9844 hands, position 10422 hands, reduced 2132 hands. Today, Shanghai tin 2006 contract closed with a small negative line, the physical part is located near the 5-day moving average, the bottom is supported by the 10-day moving average and 60-day moving average, and it is expected that the support below the Shanghai tin 2006 contract is near 128000 yuan / ton in the early horizontal plate range.

Spot market, today's mainstream transaction price 132500-134500 yuan / ton, today is the last trading day before the May Day holiday, downstream enterprises and some traders only a small amount of procurement, the overall performance of the Shanghai-tin spot market is generally weak. Shanghai tin 2006 contract set Yunxi rising water 5000-5500 yuan / ton, ordinary cloud word rising water 4000-4500 yuan / ton, small brand rising water 4000 yuan / ton.

Nickel: today Lunni opened at $12320 per tonne and fluctuated within a narrow range around the daily average of $12300 / tonne after the opening of the session. By afternoon, dragged down by Shanghai nickel selling, Lunni fell to $12220 / tonne line. After the close of the Asian market, Lunni re-sought a breakthrough to the $12300 / tonne front line, but both fell back under pressure, falling as low as $12216 / tonne near the 10-day moving average. As of 17: 50, Lunni closed at $12265 a tonne, down $75, or 0.61 per cent, from yesterday's settlement price. Daily trading volume decreased by 2591 hands to 1830 hands, and position volume decreased by 598 hands to 222000 hands. Pay attention to whether Lonel can recover $12300 a tonne in the evening.

Today, Shanghai Nickel 2007 main contract opened at 101000 yuan / ton, after the opening of a small drop of 100520 yuan / ton, and then rebounded to a daily high of 101310 yuan / ton. Since the beginning of the second trading session in the morning market, Shanghai nickel has shown a decline, falling below the daily average and falling step by step, with the lowest falling to 99900 yuan / ton, closing at 99950 yuan / ton, down 770 yuan / ton, or 0.76%. Today's trading volume was reduced by 29554 hands to 226000 hands, and position volume was reduced by 1550 hands to 58834 hands. This week four trading days recorded a small negative column, today's trend is similar to yesterday, are high open low walk, the end of the day there is a more concentrated risk aversion to close the position. Although Shanghai nickel closed below the 10-day moving average today, it is still standing above the 60-day moving average. Pay attention to the direction of the outer disk during the holiday period.

Today, SMM1 Electrolytic Nickel quoted 100700-102400 yuan / ton, the average price is down 150 yuan / ton compared with yesterday. Today, Shanghai nickel continues to continue the pattern of high opening and low walking. In the spot market, traders quoted prices to extend yesterday's rising water range, overreporting next month's ticket. The offer and inquiry were light. Some traders had an early holiday today, and the number of departures increased in the afternoon. Today, Russia Nickel to Shanghai Nickel 2006 contract more than 100 yuan / ton to Pingshui. It is reported that in order to promote transactions, a small amount of non-deliverable Russian nickel can be posted 150 yuan / ton to pick up the goods, but the demand is weak and the transaction is limited. Jinchuan nickel to Shanghai nickel 2006 contract rose 1400-1500 yuan / ton, the current supply is tight, Jinchuan rising water is still at a high level, few transactions. Nickel beans to Shanghai Nickel 2006 contract reported 700 yuan / ton, the recent 2 weeks of discount range almost no fluctuation. Recently, the import of Russian nickel has been cleared one after another, and the port will continue to be in stock after entering May. The supply of Russian nickel may be gradually alleviated and the discount may be expanded. Jinchuan nickel, need to pay attention to the recent shipments of manufacturers, is expected to change little in the first week after the festival.


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