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Review on spot Trading Day of SMM basic Metals on May 12th
May 12,2020 18:41CST
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Source:SMM
Review on spot Trading Day of SMM basic Metals on May 12th
The content below was translated by Tencent automatically for reference.

SMM, 12 May:

Copper: Apron copper opened lower at $5266 a tonne today and fell to an intraday low of $5240 a tonne at the start of trading. Copper prices bottomed out and rebounded, hitting an intraday high of $5284 / ton, and then arranged horizontally around $5270 / ton, with a range of only $10 above and below. In the afternoon, Luntong fell off the daily moving average. Into the European session, Lun copper briefly rebounded and fell again, the center of gravity fell to $5250 / ton. At 16: 45, Lun copper closed down $37.5, or 0.71 per cent, at $5243 a tonne. Lun copper fell in the day today, mainly due to increased concerns about the second wave of the outbreak, as a new round of safe-haven demand pushed gold and the dollar higher, while copper prices came under pressure. On fundamentals, the Chilean National Mining Association said weak copper demand this year would lead to a glut of 200000 tons in the copper market, with copper prices falling in the short term. At present, the copper is closed, the KDJ opening is closed, and there is a pressure on the technical side of the copper price. In the evening, we will pay attention to the quarterly CPI index in the United States in April and the changes in API crude oil inventories in the week ended May 8 to test whether Lun Copper can hold its position of 5240 US dollars / ton.

Today, the main copper in Shanghai opened as low as 43170 yuan / ton in the morning. After the opening, the empty flat mostly pushed up the copper price to the highest point of the day, 43450 yuan / ton. However, the rising momentum is insufficient, copper prices fell back about 100 yuan / ton, before the close of copper prices fluctuated in the range of 43270-43450 yuan / ton, closed at 43330 yuan / ton at noon. The reduction of long positions in the afternoon led to a drop in copper prices to around 43100 yuan / ton. Near the end of the day, short positions pressed copper prices, closing at 43040 yuan / ton, the lowest point of the day, down 620 yuan / ton, down 1.42%. The main daily position of Shanghai Copper decreased by 1258 lots to 115000 lots, mainly by long positions, while the trading volume increased by 6736 lots to 80000 lots. Shanghai Copper reduced its positions in that month's contracts by more than 7100 positions to more than 18000 positions, and the price difference between two months further widened to about 250,000 yuan from about 210yuan yesterday; the positions in 07 and 08 contracts increased by nearly 10,000 hands. Today, China's April CPI and PPI data released 3.3% and-3.1% respectively compared with the same period last year, both lower than expected. PPI data reflect that domestic industrial product prices continue to decline due to the impact of the epidemic and the continued decline in international commodity prices. In addition, the Chilean National Mining Association said today that copper demand will fall by 3.5%-4% as the new crown epidemic hits the global economy. The reduction in copper supply is not enough to offset the decline in demand, and the copper market is expected to have a supply surplus of 200000 tons this year. The news caused the bulls to leave the market for a wait-and-see situation, and copper prices fell as a result. Today, the main force of Shanghai Copper fell, the opening of the third line of KDJ was closed, and the 5-day moving average changed from the support level to the upper pressure level. Night test Shanghai copper can hold 43000 yuan / ton level.

Today, Shanghai electrolytic copper spot to the current month contract discount 70 yuan / ton ~ discount 30 yuan / ton, Pingshui copper transaction price 43530 yuan / ton ~ 43620 yuan / ton, Shengshui copper transaction price 43550 yuan / ton ~ 43630 yuan / ton. Copper futures rebounded to 43600 yuan / ton line, the monthly price spread widened to 230,250 yuan / ton range compared with yesterday, the continued expansion of the monthly spread so that the holders' willingness to swap goods increased, the discount further expanded. Good copper quotation in the morning market began in Pingshui, Pingshui copper quotation discount 20 yuan / ton, the whole difficult to say deal, soon the market comprehensive discount showed a downward trend all the way to expand, Pingshui copper leading downgrade to low discount 70 yuan / ton, good copper quotation reduced discount 50 yuan / ton, wet copper down to 110 yuan / ton, speculators favor low price supply, bargain buying is OK, the market performance activity has improved significantly compared with yesterday, the price of copper is reduced by 50 yuan / ton, wet copper is reduced to 110 yuan / ton, speculators favor low price supply, bargain buying is fair, and the market performance is significantly higher than yesterday. Increased willingness to receive goods. Entering the second section of trading, good copper quotation narrowed to 40 yuan / ton, flat copper narrowed to 50 yuan / ton, wet method maintained at 100 yuan / ton. The fluctuation of monthly difference continues to lead the market, the expansion of discount has attracted some traders to receive goods at low discount, and most of the market transactions are the buying and selling period in which speculative traders make use of the monthly difference before delivery. In the afternoon, the disk continued to bear lower pressure, the monthly difference narrowed slightly than in the morning, from the monthly difference of 250 yuan / ton narrowed to 210-220 yuan / ton range, the spot discount rebounded, Pingshui copper reported 50 yuan 40 yuan / ton, good copper discount 30 yuan 20 yuan / ton, the transaction price fell as low as 43300-43500 yuan / ton.

Aluminum: Lun Aluminum opened at US $1495.5 / ton in the morning. It briefly rose at the beginning of the session and reached its highest point of US $1499.5 / ton per day, but similar to yesterday, the pressure above the US $1500 / ton mark was strong, then it fell back to its high level and fell slowly all the way. After entering the European market, the short positions of Lun Aluminum fell to a low of US $1481.5 / ton and closed at US $1482.5 / tonne, down 13 US dollars / tonne, or 0.87%. Trading volume decreased by 8785 hands to 3410 hands, position increased by 6665 hands to 830000 hands, closed in the small negative line, daily KDJ three-line aggregation to form a dead fork downward, is expected to continue to operate at night below the $1500 / ton level. In the evening, we will pay attention to the guidelines for the change of the US CPI index and the impact of the change in the US dollar index.

Shanghai aluminum main force 2007 contract opened in the morning at 12600 yuan / ton, opened from yesterday's high began the road down, the day under pressure from short positions, all the way shock fell, as of the close of the day recorded a daily low of 12415 yuan / ton, down 2007 yuan / ton, down 0.96%, closed in the small negative line, gave up all yesterday's gains, position increased 6105 hands to 148000 hands, trading volume increased by 812 hands to 84721 hands, daily KDJ third line down, MACD red line continues to shorten. From the technical point of view, the upper 60-day moving average pressure is strong, Shanghai aluminum has always been under pressure it is difficult to break through, taking into account the disk near strong and far weak pattern further expansion, and the fundamentals of long-term consumption is weak, short-term expected to continue to go up space is limited, continue to maintain in the evening below the 60-day moving average shock. Pay attention to the change of long short position in the evening.

The aluminum shock fell back in the early afternoon, and the spot price fluctuated greatly. In the morning, the spot price in Wuxi area of Shanghai was between 13020 yuan and 13040 yuan / ton. The high price was acquired only by large market players, and the transaction prices of other traders were on the low side. After 10: 30, with the sinking of aluminum futures and the rapid increase of shippers, the market transaction price began to concentrate between 1208013000 yuan / ton. Before noon, the spot price was concentrated in flat water to 20 yuan / ton, and the current price was basically flat compared with yesterday. However, the actual transaction situation is obviously not as good as yesterday, the market out of more and less situation is prominent. Downstream normal procurement today, mainly on demand. The overall transaction in East China was normal today. Afternoon aluminum sinking, the holder quoted at 12940-12950 yuan / ton, for the month near Pingshui, almost no deal.

Lead: within the day, Lun lead opened at 1674 US dollars / ton. In Asian time, Lun lead tried to continue its overnight inertia and failed. With the overall weakening of non-ferrous metals, Lun lead homeopathic decline, into the European period, Lun lead accelerated decline to 1654.5 US dollars / ton, as of 1615 43, Lun lead temporarily received 1654.5 US dollars / ton, down 20.50 US dollars / ton, down 1.22%. Lun lead temporarily barefoot small negative line, although the next day LME write-off warehouse receipt concentration surge led to a wave of rise, but LME lead inventory recorded a small increase for two consecutive days, warehouse order change is only an inventory game, night lead may continue to fall back to the test below the 5, 10 days moving average support.

Within days, the Shanghai lead main force 2006 contract opened at 14280 yuan / ton, at the beginning of the day, Shanghai lead to the bottom of the daily average line, and around 14260 yuan / ton shock, after the increase and decrease, Shanghai lead shock platform moved down to 14100 yuan / ton below the daily average line, finally closed at 14150 yuan / ton, the position increased 1623 hands to 26083 hands, up 290 yuan / ton, an increase of 2.09%. Shanghai lead newspaper lengthened the upper limit of the upper film Zhongyang line, broke through the upper limit of the shock interval, and the 5-day moving average turned upwards, however, the domestic fundamentals are weak, it is difficult to find the favorable factors that support the sustained strength of lead prices, at the same time, taking into account the near delivery day, so the possibility of a sharp fall in Shanghai lead in the near future is relatively low, short funds should be given priority to wait and see.

Shanghai market Jinsha lead 14425-14445 yuan / ton, Shanghai lead 2006 contract up 280-300 yuan / ton, Wuxi market south lead 14345 yuan / ton, Shanghai lead 2006 contract up 200 yuan / ton. Period lead rush high fall, the holder quotation does not have the big change temporarily, but downstream fears the high wait and see, the primary lead and the recycled lead factory shipment discount water expands again, the trade market transaction is light.

South China lead in Guangdong market is 14250 yuan / ton, the average price of SMM1# lead is flat. Henan Yuguang, Wanyang and other smelters are mainly long orders, Jinli, Wanyang, Minshan 14050 million 14100 yuan / ton, the average discount to SMM1# lead 150 yuan 200 yuan / ton (some traders source); Hunan Shuikoushan 14250 yuan / ton, the average lead price of SMM1# level (traders); Hunan Jingui 14100 yuan 14150 yuan / ton, the average lead price discount 100,150 yuan / ton. Jiang copper 14230 yuan / ton, the average price of SMM1# lead discount 20 yuan / ton quotation. Yunnan small factory 13950 yuan / ton, the average price of SMM1# lead discount 250 yuan / ton quotation. Today's market spot prices higher, smelters to expand discount shipments, but bulk market transactions are still relatively light.

Zinc: zinc in Geneva opened at US $2030.5 / tonne. The daily average of zinc under pressure fluctuated downwards in intraday trading, and the center of gravity moved down to around US $2015 / tonne to suspend the decline. As of 15PUX 31, Lunzn Zinc closed down at US $2014 / ton, down US $17 / ton, or 0.84%. Lun Zinc received a negative pillar, the emotional boost brought about by the restart of the overseas economy has cooled, the haze of the epidemic has not receded, the trend of Lun Zinc is under pressure, and may run weakly at night.

Intraday Shanghai zinc main force 2007 contract opened at 16890 yuan / ton, intraday empty into how flat, Shanghai zinc shock downward, the center of gravity down to 16840 yuan / ton near narrow finishing, the upper and lower space is only about 30 yuan / ton, near the close, some of the bulls left the market, Shanghai zinc down 16800 yuan / ton. At the end of the day, it closed down at 16815 yuan / ton, down 15 yuan / ton, or 0.09%. The trading volume decreased by 3038 hands to 93034 hands, and the position increased by 3473 hands to 126000 hands. Shanghai zinc received a long shadow small negative column, two days in a row to increase warehousing downward, the current supply side impact has not faded, but the consumer follow-up is weak, coupled with the current social inventory is still at a high level of pressure, zinc is expected to usher in adjustment, pay attention to the 5-day line support.

Shanghai zinc mainstream transaction in 17015-17065 yuan / ton, Shuangyan transaction in 17025-17075 yuan / ton, imported zinc transaction in 1698517035 yuan / ton, zinc ordinary price of 80 yuan / ton in May, Shuangyan reported 90 yuan / ton in May, imported zinc reported 50 yuan / ton in May, and zinc mainstream traded in 16945-16995 yuan / ton. Shanghai zinc 2005 contract fell back, the first trading session in the morning closed at 16960 yuan / ton, with the market import of zinc has increased, Shanghai trade market supply is sufficient, spot upward pressure is greater, in the first time this morning, the market mainstream transaction focused on the SMM net average price discount 5 yuan / ton, follow-up quotation morning market 2005 contract rose 90 yuan / ton, the low price has 80 yuan / ton rising water, the first time today, the market mainstream transaction focused on the SMM net average price discount 5 yuan / ton, follow the quotation morning market to 2005 contract rose 90 yuan / ton, the low price has 80 yuan / ton rising water; Entering the second period, the market quotation is relatively stable, the holder mainstream reported to the 2005 contract up to 80% 90 yuan / ton; today's market import quotation is still more, the market mainstream to SMC, Spain, Peru, Harbin zinc-based, today's prices still maintain a high operation, downstream in addition to just need to purchase, mostly wait-and-see, the actual transaction is general.

The mainstream transaction in Ningbo was 1698017080 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brand was narrowed from 30 yuan / ton yesterday to 20 yuan / ton, the price difference between Ningbo and Shanghai was reduced from 30 yuan / ton to 20 yuan / ton, and the price difference between Ningbo and Shanghai was narrowed from 30 yuan / ton to 20 yuan / ton. The holder actively shipped the goods and took the initiative to lower the rising water. In the first period of the morning, Huize reported that in the vicinity of 120 yuan / ton for the May contract, Tiefeng, Hualian, West Coal Mine and so on raised the water by about 110 yuan / ton for the May contract, and 160 yuan / ton for the June contract, converted to 120-130 yuan / ton for the May contract, but on the whole, the transaction situation was relatively poor. Entering the second trading session, Hualian News rose 90 yuan / ton to the May contract and 100 yuan / ton to the downstream newspaper in June, and the transaction situation was relatively good. Overall, today's market trading is still light, downstream buying is not good.

The mainstream transaction of Guangdong zinc was 16850-16960 yuan / ton, and the quotation was concentrated on the Shanghai zinc 2006 contract from 20 yuan / ton to 40 yuan / ton, and the discount of 120 yuan / ton in Guangdong market was 10 yuan / ton larger than that in the previous trading day. In the first trading session, the initial warehouse receipt resources of some holders were quoted at a higher price, and the spot quotation was also relatively high, but the market demand was poor, traders received goods at a low price, and the market net price fell by 10 yuan. some traders were worried that it would be difficult to maintain the rising water of the 06 contract after delivery and exchange months, and they began to lower the rising water quotation one after another, and the market had a strong wait-and-see mood. Huize, Tiefeng offer to Shanghai zinc June contract 0-40 yuan / ton, Fei Longsheng discount 20 yuan / ton. The second trading session, the downstream bargain just need to purchase, the demand is limited, the holder continues to reduce the price of shipments, traders enter the market at low prices, spot opened to 06 contract discount deal. Kirin, Mengzi, Huize, Tiefeng offer to the June contract discount 10 yuan / ton to Pingshui, Tiefeng discount 10-20 yuan / ton. Kylin, Mengzi, Huize, Tiefeng mainstream transaction in 16850-16960 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market is 17010-18290 yuan / ton, and that of ordinary brands is 17010-17150 yuan / ton. The contract for 2006 is about 120 yuan / ton to 250 yuan / ton, and the water in Tianjin is about 60 yuan / ton higher than that in Shanghai. Today, the price of zinc concussion in Shanghai is lower, and the spot market maintains a rising discount price, which is relatively uniform. The ordinary brand lark newspaper quotes 150 yuan / ton for 06 contract, Hongxin quotes 210 yuan / ton for 06 contract, Chi Hong quotes 150 yuan / ton for 06 contract, fourth Ring Road quotes 150 yuan / ton for 06 contract, and imported KZ quotes 120 yuan / ton for 06 contract. High-priced brand Zijin on the June contract rose 250 yuan / ton near. Zinc prices weakened today, most traders moved to the 06 contract quotation, the quotation was basically flat yesterday, the increase in volume, traders' willingness to bid weaker; downstream, Tianjin spot prices today slightly lower, downstream receiving has not yet significantly improved, to maintain the need for procurement. On the whole, the deal was mediocre today. Zinc ingots are traded near 1696017100 yuan / ton.

Tin: after the opening of US $15275 / ton today, the Asian plate remained in horizontal arrangement near the opening price in early trading and midday trading. In the afternoon, Lunxi was under pressure to reach as low as $15150 a tonne. After the opening of the European disk, Lunxi hit the bottom and rose back to the bottom. Erase most of the previous decline, as of 17: 30, Lunxi's latest price of $15255 / tonne, a small negative line, the lower shadow line is near the 5-20 moving average, and the support below Lunxi is expected to be $15000 / tonne at the integer level. Tonight, we can pay attention to the United States 4 in the non-quarterly CPI annual rate (%) the United States that week API crude oil inventory changes (10,000 barrels).

Shanghai tin main force 2007 contract last night after 130540 yuan / ton short jump low, rose at the beginning of the session, and then until the end of the night Shanghai tin overall maintained at the daily average of 131000 yuan / ton shock finishing. After the opening of 131200 yuan / ton in early trading today, affected by the increase in short positions, the overall pressure showed a downward trend, the lowest down to a daily low of 129660 yuan / ton, the end of the session rose somewhat, and finally closed at 130290 yuan / ton, down 840 yuan / ton, down 0.64%, trading volume 37296 hands, position 31048 hands. Reduce the number of hands by 580. Today, Shanghai tin closed with a small negative line, the lower shadow line is supported by the 5-day moving average, Shanghai tin main force 2007 contract support is expected to be near the 10-day moving average of 129000 yuan / ton.

Spot market, today quoted 134500136500 yuan / ton, the day downstream enterprises buy to maintain a weak state, most just need to purchase, traders affected by the transaction part of the price adjustment shipment. The overall transaction atmosphere of Shanghai tin spot market is weak. Shanghai tin 2007 contract set Yunxi rising water near 6000 yuan / ton, ordinary cloud word rising water near 5000-5500 yuan / ton, small brand rising water 4, 000-4, 500 yuan / ton.

Nickel: the Lunni sub-market opened at US $12390 / ton today and fell to near the 5-day moving average of US $12270 / tonne after opening. Driven by the rally in Shanghai, Lunni rose and reached the intraday high of US $12475 / tonne. After a brief red turn, Lenny began to fall under pressure. After bottoming out at $12230 / ton, it continued to fluctuate in a narrow range below the daily average of $12300 / ton and did not improve in the European market. As of 17: 55, Nickel closed at $12290 a tonne, down $120, or 0.97 per cent. The position was reduced by 1508 hands to 219000 hands, and the trading volume was reduced by 2323 hands to 1529 hands. Indonesia introduced an amendment to the tax bill for the local mining industry today, raising the tax on miners' earnings from 1 per cent to 1.5 per cent if approved at the meeting. But Indonesian iron mills still cost much less than elsewhere and are expected to have a limited impact on the fundamentals of the nickel market. At night, pay attention to the annual rate of US quarterly CPI at the end of April and the changes in US API crude oil stocks during the week, which may guide the trend of Lunni in the evening.

The main contract of Shanghai Nickel 2007 opened at 101700 yuan / ton this morning and fell to 101310 yuan / ton shortly after the opening of the market. Supported by the 5-day moving average, Shanghai Nickel began to repair upward. When the operation to 102000 yuan / ton line, the bulls significantly increased positions will quickly pull up to 103020 yuan / ton. After that, the short day began to try to enter, at the same time today's release of CPI, PPI data led to a lack of confidence, so gradually reduce their positions. Shanghai nickel after constantly giving up all the gains in the morning, but also lower in the afternoon to 10 moving averages around 100820 yuan / ton. In the afternoon, the long and short sides continued to play the game around the 5 / 10 moving average, but left one after another at the end of the day. Shanghai nickel closed today at 101040 yuan / tonne, down 1150 yuan / tonne, or 1.13 per cent, from yesterday's settlement price. Daily positions decreased by 1151 to 89308. The turnover was reduced by 33918 hands to 72.7 hands. Today, Shanghai nickel wide shock, recorded on the long shadow line small Yin column, although the upward momentum has been suppressed, but the entity is still sitting on the 10-day moving average, the uplink channel has not been broken as a result. Pay attention to the change of position in the evening, test whether Shanghai nickel can get effective further support at the 10-day moving average.

Today, SMM1 Electrolytic Nickel quoted 102000-103500 yuan / ton, the average price decreased by 300 yuan / ton compared with yesterday. Today, the Shanghai nickel market fluctuated greatly, and the market trading was OK after the opening of the morning market, but Shanghai nickel rose and fell back in the afternoon and fluctuated around 101000 yuan / ton in the afternoon. The price drop did not warm up the market trading, but the wait-and-see mood in the lower reaches became stronger. According to the feedback of the traders, today's inquiry is still available, but the transaction situation is not good. In terms of discount, Russian Nickel to Shanghai Nickel 2006 contract to post 100 to flat, the quotation is the same as yesterday. Jinchuan nickel to Shanghai nickel 2006 contract rose 1000-1100 yuan / ton, Jinchuan company ex-factory price of 103000 yuan / ton is also the same as yesterday. It is reported that goods have arrived in Shanghai at present and can be shipped normally in the near future. Nickel beans, the Shanghai Nickel 2006 contract between 800-700 yuan / ton.

 

   

 

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