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Review on the spot Exchange Day of SMM basic Metals on May 7
May 7,2020 18:51CST
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Source:SMM
Review on the spot Exchange Day of SMM basic Metals on May 7
The content below was translated by Tencent automatically for reference.

SMM, May 7:

Copper: today, Yapanlun copper opened low at $5188 / tonne. After the opening of the session, short positions continuously reduced and pushed the copper price back quickly back to the $5200 mark, rising to $5210 / tonne and then falling back slightly, but the level again pushed the copper price up again, hindered by the $5230 / tonne line. In the afternoon, Lun copper rose again, and the rising momentum is stronger, the center of gravity has moved up step by step, the end of the sub-session has rushed to $5250 / ton, has not stopped rising, into the European session, Lun copper accelerated to pull up to $5273 / ton, the center of gravity at $5270 / ton strong shock. At 17: 45, Lun copper closed up $44.50, or 0.85 per cent, at $5263 a tonne. Copper rose in Geneva, mainly due to continued recovery in macro sentiment and optimistic market expectations for copper demand. France, following Germany, Italy and the Netherlands, also plans to gradually lift the epidemic prevention blockade. The Bank of England announced an interest rate resolution today, saying it would maintain current interest rates while keeping asset purchases unchanged at £645 billion. In addition, China's trade accounts came out in April, with export data growing faster than expected, boosting market confidence in a sustained recovery in the Chinese economy. From a fundamental point of view, copper supply is still tight, while in the afternoon, China's General Administration of Customs released import data on unwrought copper and copper materials in April, as well as copper ore and its concentrate, indicating that China's copper demand is continuing to pick up, with supply and demand supporting copper prices in terms of fundamentals. At present, Luntong receives Yang, MACD Hongzhu expands, below has a number of moving average lines to support. Evening attention to the United States as of May 2, the beginning of the week to apply for unemployment benefits, to test whether Lun copper can rise again, the target to break through the 60-day moving average.

Today, the main force of Shanghai copper opened at 42730 yuan / ton in the morning, and after the opening, the market rose slightly to 42820 yuan / ton, and then short positions were stacked one after another to reduce positions, and copper prices fluctuated down to the intraday low of 42670 yuan / ton. At this time, the short sky on the low left the market to drive the copper price to rebound, recover all the decline in the day, once again explore 42820 yuan / ton. Copper prices closed slightly lower at 42760 yuan / ton before the close of midday. The opening of the afternoon, the continuous short reduction operation all the way to push up the price of copper. Near the end of the day, copper prices quickly rose through the 43000 yuan / ton mark, and finally closed at 43110 yuan / ton, up 550 yuan / ton, up 1.29%. Today, the main force of Shanghai Copper increased its daily position by 1784 hands to 114000 hands, mainly by long positions, and trading volume increased by 13000 hands to 74000 hands. Shanghai Copper 2005 contract continued to reduce positions, intraday reduction of 2580 hands to 36000 hands, mainly for short positions. Today, China's import and export data were released in April. The trade account in April was much higher than expected, and exports rose unexpectedly. In the afternoon, the General Administration of Customs announced that China's imports of unwrought copper and copper materials in April were 461500 tons, and imports of copper ore and its concentrates in April were 2.029 million tons, an increase compared with the same period last year. Higher-than-expected import and export data strengthened optimistic expectations of a sustained improvement in China's economy, and a sustained recovery in copper demand supported a rise in copper prices against the backdrop of no easing of tight copper supply. The overall macro atmosphere is also optimistic, providing some momentum for the rise in copper prices. Today, Shanghai copper closing Yang, has broken through the 60 moving average, and KDJ opening continues to expand, the technical side to see a good copper price. At night, waiting for the outer plate guidance, test whether Shanghai copper can stand at the 43000 yuan / ton level. Today, Shanghai electrolytic copper spot contract rose 130 yuan / ton to 160 yuan / ton, Pingshui copper transaction price 42990 yuan / ton ~ 43020 yuan / ton, Shengshui copper transaction price 43000 yuan / ton ~ 43040 yuan / ton. Copper price rebounded again 42900 yuan / ton pass finishing. The morning market continues to quote yesterday at 130 ~ 160 yuan / ton, low-price supply is still favored by traders, flat copper concentrated transaction in rising water 130 ~ 140 yuan / ton, good copper rising water 160 yuan / ton transaction is still deadlocked, after good copper rising water 150 yuan / ton has room for price reduction, buying initiative is inferior to flat copper, market supply and demand is deadlocked; Today, wet copper supply increased, prices have fallen, quoted water 80 ~ 90 yuan / ton, especially some of the poor brand outflow increased, but there is room for price pressure. Copper futures rose, downstream continued to maintain demand, traders continued to receive flat copper at low prices, some imported copper to the holders of high-level exchange is active, but the price reduction is limited, supply and demand is still in a stalemate. In the afternoon, the disk rose 43000 yuan / ton, the number of active cash holders increased, the offer held steady in flat copper water 130-140 yuan / ton, good copper water 140-150 yuan / ton, the morning transaction high price has become the lowest price in the afternoon, the afternoon price is 4303043150 yuan / ton.

Aluminum: aluminum opened at $1481 / ton in the morning, fell back in the Asian session, briefly hit a high of $1487.5 / ton at the beginning of the session, and then turned upside down. The end of the sub-session slowly stabilized at around $1482 / ton. After entering the European trading session, the second wave of uplink within the day began. As of 18:15, Fen aluminum reached a high of $1490 / ton, and closed at $1486.5 / ton, up $4 / ton, or 0.27%. At the little sunny line. From the daily K chart, Lun aluminum has been horizontal plate for three days, in the context of weak overseas demand, is expected to continue to maintain the interval shock at night. In the evening, we focused on macro data such as changes in the dollar index and initial claims for unemployment benefits in the United States last week.

The Shanghai aluminum main force 2007 contract opened at 12550 yuan / ton in the morning. At the beginning of the day, the aluminum price briefly rose 12620 yuan / ton, and continued to have a greater upward resistance. Then the high level fluctuated all the way down, probing down 12410 yuan / ton in the afternoon and 12500 yuan / ton on the K line in the last 5 minutes. Today, it closed in the small negative line, basically giving up most of yesterday's increase, closing at 12460 yuan / ton, down 125 yuan / ton, down 0.99%. Trading volume increased by 8639 hands to 80385 hands, position volume of 3591 to 131000 hands, daily KDJ three-line polymerization down, MACD red line shortened. Today's market trading atmosphere is relatively dull, in view of the forward consumer side there are some short expectations, the main trend is not strong, it is expected that the upstream space at night is limited. In addition, the current 2005 and 2006 contract price difference is 125yuan / ton, in view of the approaching delivery, in the context of aluminum inventory continues to decline, pay attention to the impact of the possibility of further expansion of the price gap on the market.

In the early afternoon, the range of the first trading stage of aluminum fluctuated, and the shock of the second trading stage fell back. In the morning, the price quoted by the consignor in Wuxi area of Shanghai was between 12970 and 12990 yuan / ton, and the spot price was basically the same as that of yesterday. The rising water on the plate was concentrated between 100 yuan / ton, and the shipper was active in the morning. A large family received the goods normally, and the middleman could pick up the goods. As the aluminum futures fell sharply and the large households were nearing the end of receiving the goods, the shippers began to hesitate, the price rising performance was firm, and the buyers and sellers showed a slight stalemate on the transaction price. The spot price in Hangzhou is between 1299010 yuan and 13010 yuan per ton. Downstream today on-demand procurement, did not show a positive state. The overall transaction in East China is OK today. In the afternoon, aluminum continued to fluctuate and fall back, the holder quoted in the vicinity of 12860 yuan / ton, the disk rose about 90 yuan / ton, only a small number of transactions between traders, few downstream.

Lead: within the day, lun lead opened at $1637 / tonne, in the Asian period, lun lead briefly consolidated along the daily average, and then the capital once again pushed up the lead price to US $1650 / tonne. However, there was strong pressure on the platform. When it entered the European session, Lun lead fell to $1634 / tonne. As of 17: 16, lun lead temporarily closed at $1640 / tonne, up $3.50 / tonne, or 0.21 per cent. Lun lead temporarily closed the small positive line, to 5, 10 days moving average formed platform bottom operation, taking into account the performance of yesterday's lead has not been boosted by the strong trend of zinc, it is expected that the performance of lead at night is also mediocre.

Within the day, the Shanghai lead main force 2006 contract opened at 13820 yuan / ton, the whole day basically near the daily moving average shock, during the period once touched 13945 yuan / ton, but the upper 60-day moving average suppression is strong, Shanghai lead stopped here, finally closed at 13885 yuan / ton, the position increased 168 hands to 24414 hands, an increase of 150 yuan / ton, an increase of 1.09%. Shanghai lead closed at the Xiao Yang line, continued to rise, but still did not break through the operating range, the driving force to support the return of lead prices after the festival, is that the supply side increment has not yet been reflected, at the same time, the operating rate of storage enterprises at the consumer end has not been reduced, however, the post-festival spot market trading is light, the market bearish sentiment is strong, there is a strong suppression above the superposition, and it is less likely to break through the gate at night.

Shanghai market Jinsha lead 14465-14500 yuan / ton, Shanghai lead 2006 contract price 560-600 yuan / ton, Wuxi market south lead 14400-14450 yuan / ton, Shanghai lead 2006 contract 500-550 yuan / ton quotation. The trend of lead futures is strong, and some traders continue to quote high rising water prices because of the limited single goods in the warehouse, but they are afraid of high prices in the lower reaches, and it is extremely difficult to close transactions at high prices, while other holders quote SMM1# lead average prices or small discounts (spot) before there are a small number of transactions.

South China lead in Guangdong market is 14225 yuan / ton, the average price of SMM1# lead is up 50 yuan / ton. Henan Yuguang, Wanyang and other smelters give priority to Jiaochang list, Jinli, Wanyang 14175 yuan / ton, the average price of SMM1# lead is flat (trader), Hunan Shuikoushan 14225 yuan / ton, the average price of SMM1# lead rises 50 yuan / ton, Hunan Jingui 14125 yuan / ton, the average price of SMM1# lead 50 yuan / ton. Jiang copper 14175 yuan / ton, SMM1# lead average price flat water quotation. Yunnan small factory 13975 yuan / ton, the average price of SMM1# lead discount 200 yuan / ton quotation. Today, the downstream procurement is mainly recycled lead, smelters and traders basically maintain flat water quotations, and market trading is weakening.

Zinc: zinc in Geneva opened at US $1993 / ton, fell slightly to around US $1975 / ton in early trading, slowly backfilled down to around US $1985 / ton, and entered the European trading session. Accompanied by the decline of the US index, Lun Zinc tried to break through the high of US $2000 / ton, stopped at US $1998.5 / ton, and closed up at US $1997 at 15: 21. Up 9.50 US dollars / ton, or 0.48%. The mood brought about by the overseas restart of the economy has warmed up further, but at present, the recovery of overseas mines has not yet been announced, and the recovery of consumption ahead of supply continues to drive the price of zinc higher. Pay attention to whether Lun Zinc can stand at the integer level of $2000 / tonne in the evening.

Intraday Shanghai zinc main force 2007 contract opened at 16605 yuan / ton, intraday long-short game stalemate, Shanghai zinc around the daily average line near 16590 yuan / ton narrow fluctuation, up and down amplitude less than 50 yuan / ton, afternoon two night session highs ended in failure, closed up 16615 yuan / ton, up 230 yuan / ton, up 1.4%, trading volume increased 46908 hands to 103000 hands, position increased 8492 hands to 104000 hands. Lun Zinc close short shadow positive column, stand firm all averages, import ore inflow supplement blocked further fermentation, transformed into smelter production pressure, supply side good did not cool down, at the same time, the global economic restart brought good mood, the current zinc bearish risk is greater, zinc is still expected to have upward power.

Shanghai zinc mainstream transaction in 16785-16825 yuan / ton, Shuangyan transaction in 16815-16855 yuan / ton, import zinc transaction in 16755 yuan / ton, zinc general price of 100 yuan / ton in May, Shuangyan to 130 yuan / ton in May, import zinc (Spain) to 70 yuan / ton in May, mainstream transaction in 16375-16475 yuan / ton. Shanghai zinc 2005 contract concussion operation, the first trading session closed at 16685 yuan / ton, as the zinc price rose, the trading market remained active, the first time in the morning, the market mainstream transaction focused on the SMM net average price discount 5 yuan / ton, follow-up quotation morning market 2005 contract rose 100% 110 yuan / ton, the low price receiving sentiment is higher; Entering the second period, the market quotation is relatively stable, the holder mainstream reported to the 2005 contract up to 110 yuan / ton, but the low rise water market is willing to accept the goods; today the market import quotation increases, as the price comparison repairs, the import zinc inflow increases, the market mainstream is SMC, Spain mainly, today the price is on the strong side, the downstream except just needs to purchase, mostly by the wait and see, the actual transaction is poor.

The mainstream transaction of Ningbo Gao was 16760 RMB16860 / ton, and the price difference between Ningbo and Shanghai ordinary brands was narrowed from 40 yuan / ton to 20 yuan / ton. The price difference between Ningbo and Shanghai ordinary brands was around 140 yuan / ton for ordinary brands with a contract of 2005 yuan per ton. Disk higher, traders have a strong willingness to ship, rising water slightly lower than yesterday. In the first time of the morning, the supply of Tiefeng, Huize and Hualian was reported near 140 yuan / ton, while Kirin reported that the water rose 130-140 yuan / ton on the May contract. Zinc prices have strengthened, but alloy enterprises have not recovered from the sharp drop in foreign trade orders, some enterprises have a poor willingness to buy, a small number of enterprises just need to buy, contribution must be done. Overall, today's market transaction atmosphere is basically flat compared with yesterday, the transaction situation is still poor.

The mainstream transaction of Guangdong zinc was 16660-16730 yuan / ton, and the quotation focused on 20-60 yuan / ton of Shanghai zinc 2006 contract. The discount of 100 yuan / ton in Guangdong stock market was 10 yuan less than that of the previous trading day. In the first trading session, futures fluctuated at a high level, and the initial market was still dominated by price shipments, but downstream had poor acceptance of high rising water and zinc prices, traders also received goods at low prices, and some holders began to adjust their prices for shipments. part of the supply net price floated 10 yuan, and Kirin, Mengzi, Huize and Tiefeng quoted a price of 3060 yuan / ton for the Shanghai zinc contract in June. In the second trading session, futures prices changed little, downstream procurement was still limited, holders' willingness to ship at high prices increased, spot prices continued to fall, and market transactions improved slightly, but transactions between traders were still dominant. Kirin, Mengzi, Huize and Tiefeng quoted 20-40 yuan per ton for the June contract. Kylin, Mengzi, Huize, Tiefeng mainstream transaction in 16660-16730 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market was 16800-18130 yuan / ton, and that of ordinary brands was 16800-17000 yuan / ton. The contract for 2005 rose from 120 yuan / ton to 280 yuan / ton, and the price in Tianjin was lower than that in Shanghai market from 100 yuan / ton to 700 yuan / 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 170 yuan / ton, the red newspaper in the 05 contract rose 200 yuan / ton, Chi Hong reported in the 05 contract rose 120 yuan / ton, the fourth ring newspaper in the 05 contract rose 120 yuan / ton, the high price brand Zijin reported 280 yuan / ton to the May contract. Today, zinc prices continue to rise, traders initially offered shipments, but refineries shipments increased, superimposed transactions are poor, the spot market rising water down faster; downstream, before the festival has been a round of storage, today's futures prices rose, the overall willingness to buy goods is poor. On the whole, the deal was light today. The transaction of zinc ingot is near 16750-16950 yuan / ton.

Tin: after the opening of US $15240 / ton today, the overall sub-session showed a concussive downward trend. After the opening of the European market, Lunxi bottomed out, erasing most of the previous decline, as of 1715 30, the latest price of Lunxi is $15260 / ton, showing a cross-star line, and the downline is near the 5-20 moving average. The support below Lunxi is expected to be near the integer level of $15000 / tonne. After the opening of the main 2007 contract of Shanghai tin trading of 127370 yuan / ton today, affected by the increase of positions, Shanghai tin fluctuated all the way up, climbing to an intraday high of 129890 yuan / ton. Subsequently, short positions in Shanghai tin fell under pressure, and finally closed at 128850 yuan / ton, up 170yuan / ton, or 0.13%. The trading volume was 39455 lots, and the position was 31070 lots, an increase of 1668 lots. Today, Shanghai tin closed with the Xiaoyang line, the physical part is located near the 5-day moving average, the lower shadow line is supported by the 60-day moving average, and the resistance above Shanghai tin is expected to be around 130000 yuan / ton. Spot market, today quoted 133500-135500 yuan / ton, a small number of downstream enterprises cautious procurement, the market low price supply is relatively favored. The overall transaction atmosphere of Shanghai tin spot market is generally weak. For Shanghai tin 2006 contract, Yunxi rising water is about 5000 yuan / ton, ordinary Yunzi rising water is 4000mur4 500 yuan / ton, and small brand rising water is 3500 yuan / ton.

Nickel: today's Lunni Asian session opened at $12320 / tonne, after which the center of gravity fluctuated widely around $12300 / tonne, as low as $12240 / tonne and as high as $12395 / tonne. After entering the European session, the amplitude of the shock gradually narrowed, but the center of gravity remained stable at $12300 / tonne. As of 17: 35, Lunni had temporarily closed at $12315 a tonne, recording a cross star, but had jumped above all moving averages, with volume minus 5641 hands by only 1887 hands and position reduced by 1539 hands to 221000 hands. In the evening, we will pay attention to the number of initial jobless claims in the United States this week, as well as the guidance on the trend of the US dollar, and whether the trend of Renni can continue to be strong.

Shanghai Nickel 2007 contract opened at 102030 yuan / ton this morning, Shanghai nickel briefly rose to 102550 yuan / ton after the pressure fell back, the lowest down to 101430 yuan / ton, the lowest point in the day. In the second trading day of the morning market, after the bulls substantially increased their positions, Shanghai Nickel gradually reached 102780 yuan / ton, and then made a profit to reduce its positions one after another. In the afternoon, long and short continued the game, Shanghai nickel gradually gave up the morning increase, fell to the daily average line of 101800 yuan / ton, and finally closed at 101890 yuan / ton, up 2.18%. In terms of position, following the increase of 8378 hands in yesterday's night trading, the main position increased by 3345 hands during the day, of which the position increase in the morning session once reached more than 17000 hands, but the short-term funds left the market at the end of the day, and the daily position still increased by 11723 hands to 91537 hands compared with yesterday. After returning to the market after the festival, the price of nickel-iron-nickel ore rose, and the stock of stainless steel decreased at a reasonable speed, which made the price of stainless steel stronger. This gives a certain impetus to the rebound of the nickel market, and there is still a trend towards more in the short term, with the upper pressure level at 103750 yuan / ton. Night trading continues to pay attention to the long position changes, testing whether Shanghai nickel can continue the rally.

Today, SMM1 Electrolytic Nickel is quoted at 101400 RMB103000 per ton. Among them, Russian nickel spot to Shanghai nickel 2006 contract quoted 50 yuan / ton to Pingshui, the market has a small number of non-deliverable nickel board 100 yuan / ton; and Jinchuan nickel due to yesterday's low-price supply outflow, today's Shanghai nickel 2006 contract quoted a rise of 1,200 million yuan / ton. Yesterday Shanghai nickel rush high today high shock, so downstream fear of high wait-and-see, inquiry is obviously less than yesterday, the transaction situation is light. Some in the market think that lowering the discount can not improve the transaction, so the willingness to reduce prices is low, and there is little change in the spot discount within the day. Today, the ex-factory price in Jinchuan and Shanghai is 103200 yuan / ton, and the goods can only be picked up in Jinchang area. Nickel beans for Shanghai Nickel 2006 contract quoted 700 yuan / ton, the demand is still weak.

   

 

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