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Review on the spot Exchange Day of SMM basic Metals on May 6
May 6,2020 18:41CST
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Source:SMM
Review on the spot Exchange Day of SMM basic Metals on May 6
The content below was translated by Tencent automatically for reference.

SMM, 6 May:

Copper: Yapanlun copper opened at $5177 a tonne today and fell to an intraday low of $5146.5 a tonne after opening. Before the opening of Shanghai copper, Lun copper experienced a brief rebound after falling back, and then the level more pulled up copper prices pierced the $5200 / ton mark, the center of gravity stabilized at $5198 / ton. Shanghai copper afternoon opening, Lun copper shock upward, touching the highest point in the day 5219 US dollars / ton. Entering the European session, Lun copper fluctuated around a narrow range of $5210 / ton. Around 16:00, Lun Copper fell about $15 per tonne and returned to the $5200 / tonne level. Geneva copper opened low and walked high, mainly due to the relaxation of epidemic prevention restrictions in Europe and the United States to restart the economy, the market is expected to further improve copper demand, market risk appetite has been boosted. But in the afternoon, Italy, France, Germany and the eurozone released PMI data one after another in April, indicating that the service industry in Europe was almost stagnant in April. Expectations of a European economic recovery were hit, with the euro falling to a one-week low against the dollar and copper falling in the short term. At 17: 00, Lun copper closed up $34, or 0.66 per cent, at $5210 a tonne. At present, Lun copper to collect Yang, there are more than one EMA support. Evening attention to the United States ADP employment in April and the week ended May 1 EIA report to test whether Lun copper can maintain the rally and repair the previous decline.

Today, the main force of copper in Shanghai opened low at 42320 yuan / ton in the morning, and immediately fell back after briefly probing the position of 42540 yuan / ton at the opening, to the lowest point of 42310 yuan / ton in the day. Subsequently, the short position reduced one after another to drive the copper price to rebound, and closed down slightly at 42600 yuan / ton before the close at noon. At the beginning of the afternoon, copper prices continued to rise, shock rose to the highest point of the day 42780 yuan / ton, near the end of the day more profit left, short slightly increased positions, copper prices fell slightly, and finally closed at 42720 yuan / ton, down 42780 yuan / ton, down 0.26%. Today, the daily position of the main force in Shanghai decreased by 665 hands to 112000 hands, and the trading volume decreased by 1443 hands to 60000 hands. The Shanghai Copper 2005 contract reduced its position by more than 2100 hands to 38350 hands, equivalent to 191750 tons of copper, while today's copper warehouse receipt daily showed that the current number of copper warehouse receipts was 80860 tons, a gap of more than 110000 tons. There are still seven trading days left before the May contract delivery date, short positions will be further reduced for that month's contracts, hierarchical positions will hold long-month contracts, and the 0506 contract spread will be further expanded. Today, 07 and 08 contracts increased their positions by a total of 7869 hands. It is expected that the increased positions of 07 and 08 contracts will be further expanded as the contracts accelerate the reduction of positions in the current month. Today, Shanghai copper showed low opening and high walking within the day. During the holiday period, Lun Copper fell due to dismal economic data in Europe and the United States and rising tensions between China and the United States. Shanghai copper was also dragged down, opening about 500 yuan / ton lower in early trading this morning. Copper prices in Shanghai rebounded within days, mainly due to news that many countries relaxed epidemic restrictions to restart the economy, and market demand for copper was expected to improve. From a fundamental point of view, domestic copper consumption is stable and supply is tight, supporting copper prices. At present, Shanghai copper main contract under the 10-day moving average support, above the pressure 60-day moving average, the KDJ index opening up, the technical side still has room to rise. Tonight, the mainland will resume the night trading, waiting for the outer plate guidance, testing whether the Shanghai copper can continue the rally in the evening, hitting the 43000 yuan / ton level.

Today, Shanghai electrolytic copper spot contract rose 130 yuan / ton to 160 yuan / ton, Pingshui copper transaction price 42750 yuan / ton ~ 42890 yuan / ton, Shengshui copper transaction price 42760 yuan / ton ~ 42900 yuan / ton. Shanghai copper opened low after the opening of the market, the first day after the festival holders quoted actively, the price in the morning market slightly up to 130 ~ 140 yuan / ton, low prices to attract traders to accept goods, transactions can be done, then flat copper up to 140 yuan / ton, good copper 150 ~ 160 yuan / ton, up into a stalemate after the transaction, downstream after the delivery of goods to maintain a state of need, wet copper quotation deadlock in about 100 yuan. Today's overall transaction is general, most of the morning market consignees are some large traders, mainly for their post-festival low inventory state of the appropriate replenishment, the holder is not willing to sell at a low price, the supply and demand sides show the characteristics of wait-and-see saw on the first day after the festival. In the afternoon, Shanghai copper futures continued to rise to 42850 yuan / ton above, spot quotation water remained stable, the market is still difficult to find low-price flat water copper supply, although the market inquiry atmosphere is active, but due to difficult to press the transaction is limited, flat water copper water 140-150 yuan / ton, good copper water 150-160 yuan / ton, transaction price pulled up to 42900-43040 yuan / ton.

 

Aluminum: aluminum opened at $1488 / ton in the morning, fluctuated upward after the opening, hit a daily high of $1496.5 / ton at noon, continued to lack upward power, and fell back under pressure at the Wan Wu level. During the period, it was difficult to change the downward trend. It continued to fall back into the European trading session. The low fell to $1482 / ton. As of 18:10, Lun aluminum showed horizontal trading, closed at $1483 / ton, down $7 / ton, down 0.5%. Closed in the small negative line, the center of gravity is below all EMA, the daily KDJ third line continues to face down. Today's dollar index continued its holiday low rally, breaking through more than 100 points in one fell swoop. Brushing a new week high, Lun aluminum itself is difficult to withstand its pressure in the case of weak operation, it is expected to continue to maintain a low shock at night, the upward space is limited.

The Shanghai aluminum main force 2006 contract opened in the morning at 12595 yuan / ton, the first trading stage all the way up, more into the level to push up the aluminum price up to 12760 yuan / ton intraday high point, the second trading stage under pressure to run under 13740 yuan / ton, Shanghai aluminum first crept down to 12690 yuan / ton in the afternoon, as the short part reduced warehouse departure, the end of the day to 12760 yuan / ton, closed at 12740 yuan / ton, up 80 yuan / ton, up 0.63%, closed at the Xiaoyang line. Four Lianyang was recorded, the center of gravity stood firm except the 60-day moving average, the trading volume increased by 13862 hands to 87473 hands, the position decreased by 2554 hands to 104000 hands, and the short position was mainly reduced on the fourth day. SMM statistics after the festival compared with the mainstream consumption of electrolytic aluminum inventory did not increase but decreased by 32000 tons. Under the background of marginal improvement of fundamentals, it is expected to maintain a strong concussion at night, and need to pay attention to long short positions and changes in market sentiment at night.

Aluminum shock went up in the early afternoon. Shanghai Wuxi area holder quotation is between 12970-12990 yuan / ton, the spot price is 190 yuan / ton higher than that before the festival, the disk rising water is concentrated in the range of 80-100 yuan / ton, and the spot price in Hangzhou area is between 12990RMB / ton and 13010 yuan / ton. Today is the first spot transaction day after May Day, the shipper is more active, although the middleman has the demand for receiving the goods and the inquiry is positive, but the actual transaction between the two sides is slightly deadlocked, it is difficult to reach an agreement on the price. A big account buys normally today. There is some replenishment demand after the downstream festival, but due to the sharp rise in aluminum prices, the attitude of receiving the goods is a little hesitant. The overall transaction in East China is OK today. In the afternoon, aluminum maintained a narrow fluctuation in the horizontal plate, the holder quoted in the vicinity of 12960-12970 yuan / ton, the disk rose about 80 yuan / ton, only a small number of transactions between traders, few downstream.

 

Lead: within the day, Lun lead opened at US $1636 / ton. In the Asian period, boosted by the strong trend of non-ferrous metals in the inner plate, Lun lead climbed to US $1651.5 / ton at one point. However, the US $1650 / ton platform was strongly suppressed, and Lun lead fell back under pressure. In the European period, Lun lead fell to US $1633 / ton at one point. After that, due to the adhesion of the moving average on the 5th and 10th to form a strong support, Lun lead rose slightly. By 17: 45, Lun lead closed at US $1642.5 / ton. Up 1 dollar / ton, or 0.06%. Lun lead temporarily received a small positive line, maintained in the range of operation, because the United States finger along the uplink strong, it is difficult to make a big breakthrough at night.

Within days, the Shanghai lead main force 2006 contract opened at 13605 yuan / ton, Shanghai lead briefly consolidated, due to the overall strength of non-ferrous metals, Shanghai lead shock platform moved up to 13725 yuan / ton, near the close, more empty, Shanghai lead pulled up to 13840 yuan / ton, finally closed at 13835 yuan / ton, position increased by 838 hands to 24246 hands, an increase of 165 yuan / ton, an increase of 1.21%. Shanghai lead closed in the Zhongyang line, due to May 1 holiday primary lead refinery accumulation than expected, superimposed non-ferrous metals collective performance bright, Shanghai lead uprepair decline, however, recycled lead new investment and release, material Shanghai lead upstream space is limited, high selling is still the best strategy.

Shanghai market Jinsha lead 1433014350 yuan / ton, Shanghai lead 2006 contract up 600-620 yuan / ton, Wuxi market south, Shuikoushan 14280 yuan / ton, Shanghai lead 2006 contract up 550 yuan / ton. The first day after the festival lead trend is strong, the month contract around Wan Si near consolidation, the holder continues the pre-festival high water quotation, but the downstream replenishment is limited, the inquiry is not much, the bulk single market high price transaction is difficult.

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 to Jiaochang single, Jinli, Wanyangjiang copper 14000 yuan / ton, the average price of SMM1# lead to water 50 yuan / ton (traders); Hunan Shuikoushan 14050 yuan / ton, the average price of SMM1# lead rose 50 yuan / ton; Hunan Jingui 14050 yuan 14080 yuan / ton, the average price of SMM1# lead rose 50 yuan / ton. Jiang copper 14050 yuan / ton, the average price of SMM1# lead rose 50 yuan / ton. Back after the festival, today's downstream procurement in general, the smelter reduced the price of rising water, the shortage of primary lead supply problem alleviated, the current downstream procurement of recycled lead.

 

Zinc: zinc in Geneva opened at US $1920.5, slightly sorted at the beginning of the session, then pulled up in a straight line, the center of gravity moved up to US $1945 / ton, the upper and lower space was less than US $5 / ton, lack of financial confidence in the afternoon, the superimposed US index rose slightly, and the center of gravity of Lun Zinc moved slightly down to around US $1940 / tonne. As of 16: 18, Lun Zinc closed up at US $1943 / ton, up US $23 / ton, or 1.23 per cent. Lun zinc received a short shadow positive column, the lower multiple moving average adhesion constitute support, the current overseas restart of the economy, consumption from the freezing point slightly warmed up to form a good support, but considering the risk of overseas epidemic counterattack, Lun zinc fundamentals are still relatively fragile, it is expected that Lun zinc is difficult to have a strong performance, the external weak and internal strong pattern will continue.

Within the day, the Shanghai zinc main force 2007 contract was opened at 16225 yuan / ton, and part of the capital test was lower by 16225 yuan / ton at the beginning of the day. Then a large number of bulls bought into the market, and Shanghai zinc quickly jumped to 16450 yuan / ton. In the afternoon, the bulls came in again, and Shanghai zinc went up again. After recording a high value of 16515 yuan / ton since March, some of the funds stopped leaving the market. Shanghai zinc recorded a V fall, with differences in 16400 yuan / ton, and finally closed up at 16385 yuan / ton. Up 65 yuan / ton, up 0.4%, trading volume increased by 5848 hands to 56524 hands, position increased by 10357 hands to 98208 hands. Shanghai zinc collection of a long film big balcony, long buying strength is relatively strong, after the festival domestic accumulation range is limited, superimposed overseas gradually restart the economy, foreign demand or will usher in an inflection point, but also need to be vigilant at the same time the mine production restart, the expected angle is mixed, zinc is expected to be weak in the evening finishing.

Shanghai Zinc mainstream transaction in 16510-16710 yuan / ton, Shuangyan, Chi Hong in 16530-16730 yuan / ton; Shuangyan and Chihong quoted 110-120 yuan / ton in May; Shuangyan and Chihong reported 130-140 yuan / ton in May; Shuangyan and Chihong traded in 16540-16640 yuan / ton. Shanghai Zinc 2005 contract accelerated higher, closing at 16595 yuan / ton in the morning. After the festival, zinc prices rose, smelter shipments were normal, the market was dominated by shipments, domestic prices in the morning market rose to 110-120 yuan / ton, Shuangyan reported 150-160 yuan / ton, transaction feedback was relatively limited, domestic transactions with average prices or average prices rose more smoothly, because the disk went too high, downstream fear high wait-and-see, to downstream consumption-based Shuangyan, Huize quotation appeared down. The actual transaction is about 130-140 yuan / ton, the domestic quotation remains stable, the import volume is still less, the mainstream reported water 80 yuan / ton, and the domestic price difference is limited and the downstream buying is weak, the transaction is not good, the transaction between intra-day trading firms is relatively more active, the overall transaction is slightly cooler than before the festival.

The mainstream transaction in Ningbo was 16670-16770 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands narrowed from 50 yuan / ton to 40 yuan / ton on Thursday, and the price difference between Ningbo and Shanghai was narrowed from 50 yuan / ton to 40 yuan / ton. The first day at the end of the holiday, non-ferrous groups strengthened, Shanghai zinc rose rapidly, traders actively shipped. In the morning, the first time traders tried to quote will be near 150 yuan / ton for the May contract, 160 yuan / ton for the Kirin contract, 150 yuan / ton for the May contract, and 140 yuan / ton for the May contract. Disk up market reception sentiment is poor, traders offer little change, in addition to some downstream enterprises just need to buy, the market as a whole trading worse than before the festival.

The mainstream transaction of Guangdong zinc was 16370-16600 yuan / ton, and the quotation was concentrated on the Shanghai zinc 2006 contract rising 40-60 yuan / ton, and the discount of 110 yuan / ton in Guangdong stock market was 20 yuan larger than that of the previous trading day. In the first trading session, futures prices opened low and went low, and then fell sharply. However, based on the limited arrival of goods in the Guangdong market during the holiday period, high prices were mainly sold, but the market wait-and-see sentiment was strong, and a small number of transactions were concluded between traders. Kirin, Mengzi, Huize, Tiefeng quoted price for Shanghai zinc June contract rose 45-60 yuan / ton. In the second trading session, futures prices fluctuated at high levels, lack of willingness to purchase downstream, traders pressed prices to receive goods, individual holders quoted prices slightly lower, the overall supply and demand sides are relatively deadlocked. Kirin, Mengzi, Huize and Tiefeng quoted 40-50 yuan per ton for the June contract. Kylin, Mengzi, Huize, Tiefeng mainstream transaction in 16370-16600 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market was 1676018040 yuan / ton, and that of ordinary brands was 1676016890 yuan / ton. The contract for 2005 rose 180 yuan / ton to 300 yuan / ton. Compared with Shanghai stock market, Tianjin market decreased from 160yuan / ton to 100yuan / ton. Today, Shanghai zinc continued to move higher, the spot market downgraded the discount quotation, the quotation is more uniform, the ordinary brand lark newspaper in the 05 contract rose 180 yuan / ton, the red dragon newspaper in the 05 contract rose 240 yuan / ton, Chi Hong reported in the 05 contract rose 200 yuan / ton, the fourth ring newspaper in the 05 contract rose 210 yuan / ton, the high price brand Zijin rose 300 yuan / ton to the May contract. Today, zinc prices continue to rise, traders initially offered shipments, but under poor transactions, lower discount quotations, of which lark due to the lack of sustainability in the spot market, resulting in its low quotation, the liquidity of other brands in the spot market has improved compared with April; downstream, a round of inventory has been carried out before the festival, and after today's futures prices rose, the overall willingness to pick up goods is poor. On the whole, the deal was light today. The transaction of zinc ingot is near 16710-16840 yuan / ton.

 

Tin: after the opening of $15245 / tonne today, the Lunxi electronic disk quickly rushed up to $15300 / tonne at the beginning of the session and fell back rapidly, with the lowest falling to $15200 / tonne. Then until the opening of the European market after the bottom of the Lunxi rebounded to the opening price near the shock finishing, as of 17: 00, the latest price of $15220 / ton, showing a cross star line, below by the 5-10 moving average support. The support below Lunxi is expected to be near the integer level of $15000 / tonne. This evening, we can take a look at the number of US ADP jobs in April (10,000) and the change in EIA crude oil stocks in the week ending May 1 in the United States (10,000 barrels).

Shanghai tin main force 2007 contract opened 127400 yuan / ton early today, the beginning of the day by the impact of long positions quickly rose to a day high of 129700 yuan / ton. Then short into the market, Shanghai tin market under pressure to fall back, and finally closed at 128680 yuan / ton, up 1290 yuan / ton, up 1.01%, trading volume 35848 hands, position 29402 hands, an increase of 989 hands. Today, Shanghai tin closed at a small positive line, the physical part is located near the 5-day moving average, the bottom is supported by the 60-day moving average, it is expected that the resistance above the Shanghai tin main force 2007 contract is near the integer level of 130000 yuan / ton in the short term, if broken, the next resistance is near the previous high point of 132000 yuan / ton.

Spot market, today quoted 133500-135500 yuan / ton, Shanghai tin market has risen spot prices have followed. Market demand remains relatively weak, with only a small number of downstream enterprises in need of procurement. The overall transaction atmosphere of Shanghai tin spot market is weak. Shanghai tin 2006 contract set Yunxi rising water 5000-5500 yuan / ton, ordinary cloud word rising water 4500 yuan / ton, small brand rising water 3500-4000 yuan / ton.

 

Nickel: today, Yapan Nickel opened at US $12040 / tonne, which was depressed by short positions and dropped to US $11875 / tonne. Subsequently, driven by the strength of domestic Shanghai nickel and stainless steel, it gradually stabilized and rebounded, recovering US $12000 / ton and US $12250 / ton successively. After entering the European session, the rally remained unabated, peaking at $12330 a tonne. As of 17: 30, Lonel closed at $12285 a tonne, up $255a tonne, or 2.12 per cent. Due to the dismal economic data in Europe and the United States, Lunni continued to decline during the holiday period, but the high output of stainless steel in China still makes the market still have some confidence in the expectation of domestic nickel consumption. Today, Lunni temporarily closed, the price also returned to the pre-season run of $12000-12300 / ton range, or will continue to range volatility.

Shanghai Nickel, due to the low level of Lunni during the holidays, today's Shanghai Nickel 2007 contract jumped short and opened low. The morning market opened at 98960 yuan / ton, and shortly after the opening of the session, it was suppressed and dropped to near the 20-day moving average of 98000 yuan / ton, with a minimum of 97800 yuan / ton. After being supported in this position, Shanghai nickel rebounded to 99600 yuan / ton in the second trading session of the morning market. At the opening of the afternoon, Shanghai nickel again showed strong momentum, bulls have increased their positions one after another, nickel prices turned red from green to 101660 yuan / ton, closing at 101350 yuan / ton, up 720 yuan / ton, up 0.72%. Daily trading volume increased by 130000 hands to 357000 hands, position increased by 20980 hands to 79814 hands. Today, Shanghai nickel first suppressed and then raised, although the opening is slightly weak, but at the same time stainless steel morning market has opened high, which gave the bulls the confidence to greatly increase their positions. At present, Shanghai nickel returns to the platform above the 100000 before the festival, which is still wound by many averages in the short term. Shanghai Nickel recovered at night today, focusing on the guidance on changes in long positions and the performance of Lunni in the evening.

Today, SMM1 Electrolytic Nickel quoted 98100-99900 yuan / ton, the average price is down 2250 yuan / ton compared with April 30. As the outer plate fell during the holiday period, Shanghai nickel jumped low today. In the spot market, Russian nickel closed well this morning and turned weak in the afternoon. Most of the morning market quotation holders still quote according to the pre-festival price, Russian nickel to Shanghai nickel 2006 contract is reported near Pingshui, can not be delivered Russian nickel discount goods; and some traders on the rise to 100 yuan / ton, the beginning of the market can reach a certain deal, as the future nickel prices pick up, traders gradually adjust prices to flat water. Jinchuan nickel to Shanghai nickel 2006 contract rose 1400-1500 yuan / ton, the morning market inquiry is more active, but the market transaction is less. Jinchuan Company arrived in Shanghai today, the ex-factory price was 100000 yuan / ton, lower than the market price. It is reported that manufacturers shipped fewer goods in Shanghai today, and most traders received goods in Jinchang, Gansu Province. In the afternoon, Jinchuan Nickel Shengshui was reduced to 1200-1300 yuan / ton, but the transaction still did not improve. Nickel beans, Shanghai nickel 2006 contract reported 600 yuan / ton in the morning, down to 700 yuan / ton in the afternoon.

   

 

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