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Review on the spot Trading Day of SMM basic Metals on May 15
May 15,2020 19:52CST
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Source:SMM
Review on the spot Trading Day of SMM basic Metals on May 15
The content below was translated by Tencent automatically for reference.

SMM, 15 May:

Copper: today, Apanlon Copper opened higher at US $5235 / tonne, waiting for the rally of Lunn Copper to rise to US $5262 / tonne after the opening of Shanghai Copper, when short sellers entered the market to depress the copper price. Then copper prices fluctuated upward to explore the day's highest point of $5272 / ton, Shanghai copper closed before the long profit left the market, copper prices fell back. Into the European market period, Lun copper is still showing a concussion downward. At 17: 15, Lun copper closed up $20.50, or 0.39 per cent, at $5233.5 a tonne. Today's rise in copper is mainly due to the sharp rise in international oil prices. Expected demand rebounded, the contradiction between supply and demand in the crude oil market was further alleviated, and the rising momentum of oil distribution and US oil was strong, driving copper prices to recover from their lows during the week. However, before the European market, Germany and France's CPI and PPI values announced, the performance was lower than expected, having an impact on copper prices. At present, Lun copper close Yang, there are still many moving averages below, KDJ downward opening narrowed, night focus on the monthly rate of US retail sales in April and the monthly rate of industrial output in April in the United States, the dollar is still on the strong side and fluctuates above 100 points, so it is difficult to return to copper under pressure.

Today, the main force of copper in Shanghai was more than 43050 yuan / ton in the morning. After the opening, the short position reduction copper price rose more than 150 yuan / ton, and continued to climb to 43290 yuan / ton after a slight correction. At this time, the market fell to 43080 yuan per ton, and closed at 43150 yuan per ton at noon. In the afternoon, copper prices rose to a daily high of 43320 yuan / ton, but the rising momentum was limited. Near the end of the day, the long profit left the market superimposed short positions, Shanghai copper fell, and finally closed at 43130 yuan / ton, up 120 yuan / ton, up 0.28. Intraday 06 contract position reduction of 1658 hands, to 111000 hands, mainly for short reduction, with 07 contract position difference of 11000 hands, 07 contract trading volume has exceeded 06 contract, Shanghai copper is about to complete the exchange month. The copper center of gravity in Shanghai rose within the day, mainly due to the linkage of the sharp rise in international oil prices. In its latest monthly report, the International Energy Agency said it expected the global oil market to improve as a result of historic production cuts. Although crude oil demand is difficult to recover in the short term, the slowdown of the blockade and the increase in liquidity have eased the serious oversupply of crude oil. The sharp rise in oil prices has helped copper prices rise from their lows during the week. However, the annual rate of decline in total retail sales of consumer goods in April exceeded expectations, limiting the increase in copper prices to a certain extent. At present, Shanghai Copper close Yang, the bottom of the 20-day and 60-day moving average support. Waiting for outside guidance at night to test whether Shanghai copper can rise again. Today, the Shanghai copper 2005 contract is facing delivery, opening at 42900 yuan / ton, closing at 43980 yuan / ton, up 820 yuan / ton, or 1.90%, settling at 43190 yuan / ton, with a position of 4305 hands and a delivery volume of 21525 tons.

Today, Shanghai electrolytic copper spot contract rose 30 ~ 80 yuan / ton, Pingshui copper transaction price 43260 yuan / ton ~ 43400 yuan / ton, Shengshui copper transaction price 43280 yuan / ton ~ 43420 yuan / ton. Shanghai copper main force was blocked 43200 yuan / ton after falling back in the vicinity of 43100 yuan / ton, today is the last trading day of the 2005 contract, the monthly spread continues to narrow, frequently passive in the range of 70 yuan / ton, but the market has quoted 2006 contracts, good copper to 2006 contract quoted water 140 ~ 160 yuan / ton, Pingshui copper 130 ~ 150 yuan / ton, wet copper 90 ~ 110 yuan / ton, low price transaction shows initiative. The market quotation for the 2005 contract of the current month is concentrated in the range of 30 yuan / ton to 80 yuan / ton. Downstream to maintain the need to receive goods, speculative traders favor flat copper, low water transaction activity is OK, today's bargain transactions continue to improve, spot inventory continues to decline significantly, the performance of downstream orders and demand is stable, traders speculative buying does not decrease, next Monday after the water will remain strong. Afternoon 2006 contract slowly rebounded, spot quotation stabilized in Pingshui copper water 150 yuan / ton, good copper water 160 yuan / ton, it is difficult to press the price space, the transaction price with the center of gravity up to 43320-43440 yuan / ton.

Aluminum: aluminum opened at $1477 / ton today, with two long lines rising by $1484.5 / ton at the beginning of the day. During the day, it was always under pressure to run below $1485 / ton, and failed to break through the suppression. After entering the European trading session, it began to fall back from its high level, all the way down to $1472.5 / ton. As of 17:50, Lun aluminum hovered at the end of the day, closing at $1473 / ton, down $3 / ton, down 0.2%. Trading volume decreased by 8010 hands to 3338 hands, position increased by 12771 hands to 864000 hands, closed in the small negative line, the center of gravity is lower than yesterday, is still below all moving averages, is expected to continue to maintain the interval weak shock in the evening. In the evening, we continued to focus on macro data such as the dollar index, the US CPI in April and the University of Michigan Consumer confidence Index in May.

Shanghai Aluminum's main 2007 contract opened at 12540 yuan / ton in the morning, the lower shadow line of the opening K line reached a daily lowest point of 12515 yuan / ton, fluctuated upwards during the day, rose three times and fell three times, and the afternoon high stopped at 12630 yuan / ton. It finally closed at 12600 yuan / ton, the trading volume increased by 6181 yuan / ton to 92705 lots, and the position increased by 4656 yuan / ton to 154000 lots. It closed at the Xiaoyang line, up 115yuan / ton, or 0.92%, for three weeks in a row. The center of gravity rises above the 60-day moving average, the daily KDJ three-line aggregation faces up, the MACD red line shortens, and it is expected to maintain interval concussion at night and continue to explore the size of the upper space. The 2005 contract of that month opened at 13185 yuan / ton on the last trading day, fluctuated upward during the day, and rose 13120 yuan / ton in late trading to close at 13015 yuan / ton. it rose 155yuan / ton, or 1.21%, and the settlement price was 13035 yuan / ton. the trading volume increased by 13035 yuan / ton to 7065 lots, the position decreased by 2920 to 13650 lots, and the delivery volume was 68250 tons.

The aluminum interval concussion is mainly in the early afternoon. In the morning, the spot price in Wuxi area of Shanghai is between 13000 and 13020 yuan / ton, but the buyers and sellers are hesitant in the early morning, showing that there are not many transactions on the sidelines. As a large customer announces the procurement plan, the market transaction heat gradually rises, and the spot price begins to concentrate between 1302013040 yuan / ton. At this time, there are many consignees, and there are obviously more shippers than shippers. The transaction between the two sides is very active, and the market atmosphere weakens after 11: 00. The transaction price is concentrated in 13000 murals, 13020 yuan / ton, and the discount before noon is concentrated in between 20% and 20% of the month. Trading among traders is very good today. Due to the proximity of the weekend, the downstream is normally ready today, the goods can be received. The overall transaction in East China is better today. Afternoon aluminum shock upward, the end of the market fell back, individual cardholders quoted between 13000-13020 yuan / ton, the disk paste between 60-40 yuan / ton, the afternoon market is light, almost no deal.

Lead: within the day, Lun lead opened low at 1622 US dollars / ton. In the Asian period, Lun lead basically consolidated around the daily average and entered the European period. Due to the strong suppression of the upper 5-and 10-day moving averages, the pressure on Lun lead accelerated to decline. As of 16: 19, Lun lead temporarily closed at US $1597.5 / ton, down $21.50 / ton, or 1.33%. Lun lead temporarily received the bare foot of the vulva line, each average line gradually showed a short arrangement, Lun lead uplink is more difficult, at night to pay attention to whether Lun lead can recover 1600 US dollars / ton integer bits.

Within the day, the Shanghai lead main force 2006 contract opened at 13830 yuan / ton, after basically around 13850 yuan / ton first-line shock, in the afternoon, part of the short to leave the market, Shanghai lead strengthened, the center of gravity moved up, during the period once touched 13980 yuan / ton, the final close at 13940 yuan / ton, up 115%, an increase of 0.83%, the position was reduced by 2602 hands to 21342 hands. Shanghai lead closed Xiaoyang line, still running in the box interval, each moving average trend leveled, from the fundamental point of view, the price of waste battery is easy to rise but difficult to fall, superimposed primary lead smelter inventory is scarce, the possibility of supply-side pressure surge in a short period of time is small, Shanghai lead in the near future to maintain the interval operation of the market. On the last trading day of the intra-day 2005 contract, it opened at 13900 yuan / ton, and the trend was stable. In the afternoon, Shanghai lead weakened slightly, and finally closed at 13840 yuan / ton, settlement price 13860 yuan / ton, trading volume reduced to 15 hands, position volume 60 hands, delivery volume of 300 tons.

Shanghai Changchi Hongyang lead 14100PUE 14150 yuan / ton, price for Shanghai lead 2006 contract 240mur300 yuan / ton, Wuxi market South lead 14055 yuan / ton, Shanghai lead 2006 contract price 200RMB / ton. Lead shock consolidation, holdings quotation with the market, warehouse orders quoted prices do not increase changes, at the same time downstream to just need to purchase, bulk single market trading activity is slightly better.

Guangdong market South China lead 13900 yuan / ton, the average price of SMM1# lead 50 yuan / ton quotation; Henan Yuguang, Wanyang and other smelters to Jiaochang single, Jinli 13800 yuan / ton, to SMM1# lead average price discount 50 yuan / ton, Minshan 13770 yuan / ton, to SMM1# lead average price discount 80 yuan / ton; Hunan Jingui 13700 yuan / ton, SMM1# lead average price discount 150 yuan / ton. Jiang copper 13850 yuan / ton, SMM1# lead average price flat water quotation. Yunnan small factory 13550 yuan / ton, the average price of SMM1# lead discount 300yuan / ton quotation. Lead price shock operation, smelter single quotation discount slightly narrowed, but today's market procurement is mainly recycled lead, primary trading is relatively light.

Zinc: zinc in Geneva was opened at US $1975 / tonne. At the beginning of the day, Zinc fell slowly to US $1960 / tonne, then fell to US $1958 / tonne in the afternoon, and then repaired the decline upward. At 15: 34, Lun Zinc closed down at US $1960 / tonne, down US $8 / tonne, or 0.41 per cent. Lun Zinc Yin, with the resumption of overseas economy, the early stagnation of zinc mines are also put on the resumption schedule, good or bad half-period zinc trend is expected to be more entangled, pay attention to the lower 40, 60 days moving average adhesion support.

Within the day, the Shanghai zinc main force 2007 contract was opened at 16475 yuan / ton, and some of the long positions at the beginning of the day were pushed forward. After the Shanghai zinc upper test was 16515 yuan / ton, the pressure fell back, and the test again ended in failure. Then the center of gravity moved down to 16430 yuan / ton. In the afternoon, the long capital poured in again. Shanghai zinc rebounded to the opening price for consolidation and operation, and finally closed up at 16465 yuan / ton, up 35 yuan / ton, or 0.21%, compared with the daily close. Trading volume increased by 10617 to 128000, while position decreased by 785 to 115000. Shanghai zinc stop negative turn red, zinc price decline led to a significant improvement in downstream buying willingness, the decline in social inventory is obvious, the current supply-side story has not yet ended as a bottom force, it is expected that the short-term 40-day moving average support is effective. The delivery of the Shanghai Zinc 2005 contract was completed within the day, opening at 16535 yuan / ton, and basically showed a first-line arrangement in intraday trading. It closed down 16530 yuan / ton, down 5 yuan / ton, or 0.03%, and the settlement price was 16490 yuan / ton. The trading volume increased by 990 hands to 2845 hands, the position decreased by 395 hands to 2925 hands, and the delivery volume was 14625 tons.

Shanghai Zinc mainstream traded at 16610 RMB16680 per ton, while Shuangyan and Chihong traded at 16620 RMB16700 per tonne. Shuangyan and Chihong offered 140 yuan per ton for June water quotation; Shuangyan and Chihong quoted 150 yuan per ton for June; and Shuangyan and Chihong quoted water at 16530tel 16600 yuan / ton. Shanghai zinc 2006 contract narrow shock, the morning market closed at 16505 yuan / ton. Zinc prices fluctuated within a narrow range, traders shipped normally, and Shanghai zinc quotations basically converged compared with yesterday. Domestic quotations rose by about 140 yuan / ton, and Shuangyan quoted water rose by about 150 yuan / ton. The average price still contributed to the main transactions in the first trading session. In addition, the downstream market inquiry procurement, the market trading remained active in the second trading session, and the transaction of imported brands also increased, and the continuous decline played a significant role in promoting actual consumption. Overall turnover during the day was slightly higher than yesterday.

The mainstream transaction in Ningbo was 16610-16710 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands narrowed from 20 yuan / ton to 10 yuan / ton, and the price difference between Ningbo and Shanghai was narrowed from 20 yuan / ton to 10 yuan / ton, and the price difference between Ningbo and Shanghai was narrowed from 20 yuan / ton to 10 yuan / ton. The Shanghai market rose slightly today, but the Ningbo market was weak to follow. In the first period of the morning, Westminers and Hualian extended their quotation yesterday, reporting a rise of $140 / tonne for the June contract, 150 yuan / tonne for the June contract, 160 yuan / tonne for the Tiefeng contract and 170 yuan / tonne for the June contract. Morning transactions were poor, entering the second trading session, downstream buying intention deteriorated, traders slightly reduced the water, Kirin on the June contract rose 160 yuan / ton, Tiefeng down to the June contract rose 150 yuan / ton. Overall, trading today is weaker than yesterday, and the market is not buying well.

The mainstream transaction of Guangdong zinc was 16490-16550 yuan / ton, and the quotation focused on the 10-30 yuan / ton increase in the Shanghai zinc 2006 contract. The discount of 110 yuan / ton in Guangdong stock market was flat compared with the previous trading day. In the first trading period, the center of gravity of futures prices moved slightly up, downstream inquiry procurement decreased compared with yesterday, and market arrival was limited, holders relatively raised prices, most of the market quotation on the net price, trading between traders, Kirin, Mongolia from the quotation of Shanghai zinc June contract rose 30 yuan / ton, Tiefeng 20 yuan / ton. In the second trading session, downstream demand has not improved, traders undercut the price of goods, the overall market quotation is 10 yuan lower than the first trading session, on the whole, the market transaction is general. Kirin, Mongolia from the offer of Shanghai zinc June contract 20 yuan / ton, Tiefeng 10 yuan / ton. Kirin, Mengzi and Tiefeng mainstream traded at 16490Mel 16550 yuan / ton.

The mainstream transaction of zinc ingots in Tianjin market was 16590-17890 yuan / ton, and that of ordinary brands was 16590-16780 yuan / ton. The contract for 2006 rose by 100 yuan / ton to 270 yuan / ton. Compared with Shanghai stock market, Tianjin market rose from 50 yuan / ton to 60 yuan / ton. Today, Shanghai zinc stopped falling and rebounded, the spot market maintained the discount quotation, the quotation is more divided, the ordinary brand lark newspaper in the 06 contract rose 190 yuan / ton, the red mark reported in the 06 contract rose 210 yuan / ton, Chi Hong reported in the 06 contract rose 170-190 yuan / ton, the import KZ reported in the 06 contract rose 100 yuan / ton, the high price brand Zijin rose 270-260 yuan / ton to the June contract. Zinc prices rebounded today, traders have a strong willingness to bid, some brand quotation is divided, high-priced brand shipment situation is not good after reducing the rising water quotation; downstream, the spot price in Tianjin today is basically the same as yesterday, and the mood of receiving goods downstream is better. Overall, today's deal was flat yesterday. The transaction of zinc ingot is near 16540-16730 yuan / ton.

Tin: after the opening of US $15110 / ton today, there was little trading between the morning and noon of the Asian plate. After the afternoon of the Asian plate until the opening of the European plate, Lunxi remained in the vicinity of US $15100 / ton. As of 17: 00, the latest price of Lunxi was 15120 yuan / ton, showing a cross star line, with the top bearing on the 5-20 moving average. Resistance above Lunxi is expected to be around $15300 / tonne and below the test integer level of $15000 / tonne.

Shanghai main tin 2007 contract last night after the opening of 129570 yuan / ton, the beginning of the market by short positions and long reduction, all the way to a daily low of 127810 yuan / ton to maintain a shock around 128400 yuan / ton below the daily average line. Today's morning trading 128610 yuan / ton after the opening of short positions, gradually pushed up the overall upward trend of tin prices in Shanghai, and finally closed at 129240 yuan / ton, showing a small Yin line, the physical part is located near the 10-day moving average, the lower shadow line is supported by the 20-day moving average, and it is expected that the lower support of Shanghai tin is located near the 20-and 60-day moving average of 127000 yuan / ton. Shanghai tin 2005 contract today, the final trading day, closed at 133900 yuan / ton, settlement price 133170 yuan / ton, position 510 hands, delivery volume 510 tons.

Spot market, today quoted 134000-135500 yuan / ton, some downstream enterprises and traders within the day to purchase, the market low price supply is more popular. Shanghai tin spot market overall transaction atmosphere is general. Shanghai tin 2007 contract set Yunxi rising water near 6000 yuan / ton, ordinary cloud word rising water 5000-5500 yuan / ton, small brand rising water 5000 yuan / ton.

Nickel: due to the higher-than-expected number of initial jobless claims in the United States last night, Lenny has fallen below the 60-day moving average and opened slightly higher at $12080 / ton today, with a narrow range of shocks between $12,000 / ton and $12100 / ton in the Asian market. With the close of Shanghai Nickel, Lunni immediately fell below the ten thousand two mark, rapidly falling to 11910 US dollars / ton, the lowest point in the week. After that, it stopped falling temporarily, closing at $11945 a tonne at 17: 21, down $110a tonne, or 0.91 per cent, from yesterday's settlement price. Trading volume decreased by 3408 hands to 1979 hands, position increased by 1104 hands to 218000 hands. Lunni fell again today, with a 60-day moving average running through the central column and only a 60-day moving average at $11800 a tonne below. During the night, we continued to focus on data such as the monthly rate of retail sales and the monthly rate of industrial output in the United States in April to test whether Lunni has stopped falling and rebounded.

Shanghai Nickel 2007 main contract opened at 100000 yuan / ton today, due to the sharp drop in Shanghai Nickel yesterday night to explore the support of the 60-day moving average, after the opening of today's long and short are interested in actively entering the market, the two sides in the 100000 level to compete, during the highest up to 100220 yuan / ton. After 10:00, under the continuous selling pressure of the air side, Shanghai nickel fell by 100000 mouths, running below the daily moving average of 99800 yuan / ton in the morning. In the afternoon, the long and short competition intensified, although Shanghai nickel recovered the 100000 mark at one point, but under the pressure of short selling, Shanghai nickel dived to 99300 yuan / ton, the lowest point of the day, and finally closed at 99400 yuan / ton, down 1630 yuan / ton, down 1.61%. Daily trading volume increased by 113000 hands to 673000 hands, position increased by 13587 hands to 100000 hands. Today, most of the basic metals are floating red, but Shanghai nickel has continuously fallen through the 5-10-20 daily moving average under the pressure of short positions, and has recorded a negative column for the fourth day in a row. The night market pays attention to the change of Shanghai nickel position and is alert to the short and short profit closing within the day. In addition, today is the last trading day of the Shanghai Nickel 2005 contract. The 05 contract closed today at 99100 yuan / ton, down 1490 yuan / ton, or 1.48%. The settlement price is 100260 yuan per ton. Trading volume increased by 816 hands to 1062 hands today, and positions increased by 624 hands to 6786 hands, with a delivery volume of 6786 tons.

Today, SMM1 Electrolytic Nickel quoted 99600-101100 yuan / ton, the average price decreased by 650 yuan / ton compared with yesterday. Shanghai nickel yesterday night fell below the 100000 mark, today again under the pressure, shock downward. As the futures price is the lowest point of the week, the market inquiry is active today, the trading volume is OK, but according to the feedback terminal to pick up the goods on demand, there is no large order transaction. As for the discount, although the price has dropped, the traders have not adjusted their prices substantially, and the willingness to ship is fair. The Russian nickel side reported a flat price increase of 100 yuan / ton for the Shanghai Nickel 2006 contract, and some traders reported 200 yuan / ton to 100 yuan / ton for the 07 contract. It is expected that the traders will turn to the 07 contract quotation one after another next week. Jinchuan nickel to Shanghai nickel 2006 contract rose 1200-1300 yuan / ton, Jinchuan ex-factory price is 100500 yuan / ton, but today the factory shipments are less, most traders still have replenishment demand, so the circulation between traders is also more active, Jinchuan nickel rising water is also 100 yuan / ton higher than yesterday. Nickel beans to Shanghai Nickel 2006 contract 750700 yuan / ton.

   

 

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