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Review on spot Trading Day of SMM Base Metals on May 18th
May 18,2020 18:21CST
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Source:SMM
Review on spot Trading Day of SMM Base Metals on May 18th
The content below was translated by Tencent automatically for reference.

SMM, May 18:

Copper: Apanlon copper opened higher at US $5205 / tonne today and rose slightly after the opening. As soon as Shanghai Copper opened, Lun Copper jumped nearly $30 / ton, and then continued to rise to hit the $5252 / ton position. At this time, many people left the market one after another, and copper prices experienced a slight correction, running in the range of 5235 US dollars / ton. Entering the European trading session, Lun Copper jumped again to 5270 US dollars / ton, and the price of copper supported by bulls reached as high as 5288 US dollars / ton. Lun Copper closed at US $5278.5 per tonne, up US $93 per tonne, or 1.79 per cent, as of 17PUR 00. Affected by the continuous rise in international oil prices, Lunchu gained momentum and went up all the way. European countries want to launch further economic stimulus policies, such as the German finance minister announced that he is considering protective measures of 57 billion euros, and the president of the euro zone rescue fund also said that the European Central Bank will not change its course after the German court ruling. Market expectations for the continuously loose economic environment have strengthened, major European stock indexes have opened higher, Lunbro has also jumped, and maintained upward momentum. At present, Lun copper is positive, there are multiple moving average supports below, the KDJ opening is close to closing, and the technical side is good for copper prices. In the evening, follow the BoE member's speech on the protest measures to see whether Lunbro can maintain its rally and continue to break through the $5300 / tonne mark.

Today, the main force of Shanghai copper opened at 42910 yuan / ton in the morning. After the opening, the copper price of short positions jumped 250 yuan / ton to 43160 yuan / ton. Then it is arranged horizontally around the position of 43100 yuan / ton. Copper prices climbed slowly before midday, closing at 43170 yuan / ton. Opening in the afternoon, bulls continued to increase positions, copper prices fluctuated upward, exploring the highest point of 43330 yuan / ton, and the center of gravity stabilized at 43270 yuan / ton. At the end of the day, it closed at 43270 yuan / ton, up 270yuan / ton, or 0.63%. Intraday positions in Shanghai Copper 2006 contracts decreased by 4401 lots to 11000 lots, mainly as short positions were reduced, while trading volume decreased by 7745 lots to 68000 lots. At present, the difference in position between 06 contract and 07 contract is only 4000 hands, and the position is about to be completed and moved back. At present, Shanghai Copper still maintains the back structure, and the contract price difference of 06mur07 is about 140yuan / ton. Shanghai copper rose during the day, mainly because international oil prices continued to rise sharply. Fuel demand is expected to be boosted by the gradual easing of epidemic prevention restrictions around the world, coupled with continued production cuts on the supply side, as US drilling companies cut oil and gas drilling to record lows for the second week in a row, with oil prices continuing last week's rally. Superimposed global macroeconomic environment continued to be loose, market risk appetite warmed up, contributing to the rise in copper prices. The fundamentals haven't changed much. At present, the price of copper in Shanghai has been closed, with 20-day and 60-day moving average support below, and the opening of KDJ continues to shrink. From a technical point of view, copper prices still have upward momentum. Wait for the outer disk guide at night to test whether Shanghai Copper can continue to rush.

Today, the spot price of electrolytic copper in Shanghai quoted a price of 140 yuan / ton to 170 yuan / ton for that month's contract, 43210 yuan / ton to 43300 yuan / ton for Pingshui copper, and 43220 yuan / ton to 43310 yuan / ton for copper / ton. Shanghai copper morning market opened low and directly rose back to 43100 yuan / ton first-line shock, today to change the month to 2006 contract quotation, early trading inquiry is active, the holder quotes 150 ~ 170 yuan / ton, good copper can be a small amount to 150 yuan / ton, flat copper price down to 140 yuan / ton transaction is active, the trading atmosphere is slightly better than last Friday. In the second trading session, the supply of copper with low price and flat water has been difficult to find. The rising water of good copper is 160 yuan / ton to 170 yuan / ton, and the standing price of copper water in Pingshui is more than 150 yuan / ton, but the trading heat is not as hot as the morning market, and it is just needed downstream. Wet copper keeps rising water around 110 yuan / ton. Today, the market quotation is firm, the holder still intends to push up the water, the source of low-rising water is highly favored by the market, the transaction is mainly based on the receipt of goods by traders, and the trend of firm quotation will continue. In the afternoon, the volume continued to rise slowly in the range of 43,250Muth43,300 yuan / ton, the number of spot shippers decreased, the inquirers showed initiative, and the tight price of the goods was higher, the price of the holder was firm, and the transaction was OK, pushing up the water all the way, Pingshui copper rising water 160mur180 yuan / ton, good copper rising water 170mur190 yuan / ton, and the transaction price was further pushed higher than 43380490 yuan / ton.

Aluminum: the short jump opened at US $1463 / ton today, and the Asian trading session fluctuated upward twice, and the high level reached US $1475 / tonne. After entering the European trading session, it first crept to US $1465 / ton, and then opened a new round of uplink exploration. as of 18: 05, the highest level reached 1477.5 US dollars / ton, closing at 1473.5 US dollars / ton, up 13.5 US dollars / ton, or 0.92%, to close at the Xiaoyang line. It is expected to maintain the range concussion at night, test the size of the upper space, and continue to pay attention to the US index and macro emotional guidance at night.

Shanghai Aluminum's main 2007 contract opened at 12585 yuan / ton in the morning. At the start of trading, it broke free from the shackles of the moving average all the way up, explored a daily high of 12830 yuan / ton in the afternoon, refreshed its new high for more than two months, and sank in late trading. It closed at 12760 yuan / ton, up 200 yuan / ton, or 1.59%. The trading volume increased by 44661 to 137000, and the position increased by 5794 to 160000, closing at Xiaoyang Line, recording four Lianyang. The center of gravity jumps above all moving averages. The contract rose brightly this month, with the spread between 06mur07 and the close of trading widening to 315 yuan / ton from 250 yuan / ton last Friday. Short positions in the contract of that month are mainly reduced today, and it is expected that it will be difficult for the price spread to quickly narrow to less than 200 yuan / ton in the near future. Continue to pay attention to the recent changes in contract positions and market trading atmosphere. The main force is expected to maintain the interval concussion at night and pay attention to the resistance level of 13000 yuan / ton above.

Early afternoon aluminum concussion uplink, a larger increase. In the morning, the spot price in Wuxi area of Shanghai was between 13140 and 13160 yuan / ton. most inquiries were made in the morning, and the actual trading volume was not obvious. as a large family began to announce the purchase plan, and the quotation was extremely ideal, the shippers' enthusiasm for shipment increased, and the overall market price was pulled up. In the later stage, the price was concentrated between 13180mur13200 yuan / ton, the price was 170 yuan / ton higher than last Friday, and the water on the opposite side rose between 140rel yuan / ton, but in spite of this, the overall market price was pulled up, and the price was about 170 yuan / ton higher than that of last Friday. The spot is still tight, and there are still more receivers than shippers. Today, traders in the market are active, and the spot sentiment of the strong market remains unabated in the short term. Downstream today's normal replenishment, the deal is OK, but due to the sharp rise in aluminum prices, the mood of receiving goods is slightly lower than last Friday. The overall transaction in East China is better today. Afternoon aluminum to maintain a high shock, the market transaction price around 13240 yuan / ton, rising water around 140yuan / ton, only a small number of transactions between traders, few downstream.

Lead: during the day, Lun lead opened low at 1606 US dollars / tonne. Driven by the strength of the inner market, Lun lead shock platform moved to 1610 US dollars / ton in the afternoon. In the afternoon, due to crude oil rising along the uplink channel, Lun lead shock platform was pushed up to 1619 US dollars / ton level, entering the European session, Lun lead continued to fluctuate the market. As of 171Lun lead temporarily closed at 1618 US dollars / ton, up 17 US dollars / ton, or 1.06 per cent. Lun lead temporarily closed Xiaoyang line, operating in the range of 10-day moving average and 1600 US dollars / ton. If crude oil maintains a strong trend at night, Lun lead may try to break through the 10-day moving average again.

Within a few days, the main 2006 contract of Shanghai lead opened at 13850 yuan / ton, and the two domestic conferences were about to be held. With the overall pull of non-ferrous metals, Shanghai lead homeopathy raised the center of gravity to around 13960 yuan / ton, and the upper pressure was 10,000 yuan / ton, and the bottom was supported by 13915 yuan / ton at the bottom. It finally closed at 13955 yuan / ton, up 120 yuan / ton, or 0.87%, and the position decreased by 2877 hands to 18465 hands. Shanghai lead reported to close the Xiaoyang line, maintained in the box operation, the top ten thousand four pass suppression is strong, at the same time, the price of waste batteries is easy to rise and difficult to fall, give Shanghai lead below the support, considering that on the eve of the domestic two sessions, the market mood is relatively optimistic, this week should not be too bearish.

Shanghai Changchi Hongyang lead 14155mur14215 yuan / ton, price for Shanghai lead 2006 contract 240mur300 yuan / ton, Wuxi market South lead 14115 yuan / ton, Shanghai lead 2006 contract price 200yuan / ton. Lead rebounded slightly, the price of the holder has not changed much compared with last week, at the same time, there are pre-sale quotations for imported lead in the market, the lower reaches are not optimistic about the future, they just need to purchase, and the transaction in the bulk market is general.

Guangdong market South China lead 14000 yuan / ton, the average price of SMM1# lead 50 yuan / ton price; Henan Yuguang, Wanyang and other smelters to traffic order, Jinli, Wanyang 13925 yuan 13950 yuan / ton, the average price of SMM1# lead discount 25 yuan / ton to level water quotation; Hunan Shuikoushan 13900 yuan / ton, the average price of SMM1# lead discount 50 yuan / ton; Hunan Jingui 13800 yuan 13850 yuan / ton, the average lead price discount of 100,150 yuan / ton. Jiangzhong 13950 yuan / ton, the average price of SMM1# lead flat water quotation. Yunnan small factory 13650 yuan / ton, the average price of SMM1# lead discount 300 yuan / ton. Lead prices low upward, Henan smelter bulk single quotation discount slightly narrowed, other areas to maintain discounted shipments, the original trading is relatively light.

Zinc: zinc in Geneva opened at US $1965.5 / ton, zinc fluctuated upstream at the beginning of the day, the center of gravity moved up to a narrow range around US $1975 / ton, less than US $10 / ton up and down, and the upside of Lun Zinc was blocked in the afternoon. Coupled with the drag on the dollar, Lunzn Zinc accelerated its decline and vomited most of its gains during the day, and entered the European trading session with a rapid V-word reversal of US $1999 / tonne, with a shortfall of US $2000 / tonne by one step. London zinc closed up $1996.5, or 1.55%, at $30.50 / ton as of 16PUR 17. A large positive column of Lun zinc indicates that the downward pullback of zinc prices has come to an end, LME zinc inventory has decreased, while the Back structure of LME is deepening, indicating that the contradiction between overseas zinc supply and demand has intensified recently, which constitutes an upward support for Lunzhi. at night, Lun zinc may try to break through the $2000 / ton integer barrier.

Within a day, the main 2007 contract of Shanghai zinc opened at 16505 yuan / ton, and most of it was empty at the beginning of the day. Shanghai zinc was pulled up in a straight line, and the center of gravity quickly moved up to 16580 yuan / ton. The buying power increased sharply in the afternoon, and Shanghai zinc picked up the upward trend and reached a rise of 16735 yuan / ton, but relatively high funds were put under pressure, while some bulls stopped leaving the market. Shanghai zinc recorded an inverted V decline and gave up all its afternoon gains. The final closing price rose to 16595 yuan / ton, up 130 yuan / ton, or 0.79%. The trading volume decreased by 844 lots to 127000 lots, and the position increased by 865 lots to 116000 lots. Although some overseas mining enterprises have restarted, it will take time to achieve domestic replenishment, while the domestic zinc social inventory is still at a high level to constitute upward suppression. It is expected that zinc will still be able to act at night or step back on all moving average oscillations at night.

The mainstream transaction of zinc in Shanghai was 16760 Mel 16780 yuan / ton, Shuangyan and Chihong 16800 yuan / ton, Shuangyan and Chihong quoted a price of 160 yuan / ton in June, Shuangyan and Chihong quoted a price of 150 RMB170 / ton in June, and Shuangyan and Chihong traded 16680 RMB16700 / ton in June. The Shanghai Zinc 2006 contract fluctuated within a narrow range, and the morning market closed at 16670 yuan / ton. Zinc prices are relatively high, smelters ship goods normally, early market traders mainly receive goods, spot quotations go up, the morning market quotes rise to about 130 yuan / ton, and then gradually rise to about 150 yuan / ton, and the average price remains active. There are few quotations when the average price goes down during the day. Into the second trading session, the market domestic quotation again adjusted to rise water 160 yuan / ton, but the market shipping will improve, coupled with zinc prices rebounded downstream there are wait-and-see, transaction slightly weaker, another import quoted rising water 100lb 120 yuan / ton, import squeeze, Shuangyan, Huize transaction is not smooth, the offer than the early market only fine-tuned 20 yuan / ton to rise water 170 yuan / ton, the overall transaction within the day is OK.

The mainstream transaction of Ningbo Gao was 16690 Mel 16790 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands changed from 10 yuan / ton to 10 yuan / ton. The price of ordinary brands in Ningbo increased to around 140 murals 150 yuan / ton for the 2006 contract, and the price difference between Ningbo and Shanghai ordinary brands changed from 10 yuan / ton to 10 yuan / ton. Today, the rising water in Shanghai is higher, and the goods received by traders are too high to rise, but it is difficult for the Ningbo market to follow. In the first session of the morning, Ningbo market holders continued their quotations last Friday. West Mining, Hualian and other sources reported a rise of 140 yuan per ton for the June contract, while Tiefeng News raised 150 yuan per ton for the June contract, while Kirin lowered its quotation for the June contract. Yongchang reported a rise of 100 yuan per ton for the June contract. Overall, today's turnover remains light, basically flat compared with last Friday.

The mainstream transaction of zinc in Guangdong Province was 16550 Mel 16700 yuan / ton, and the quotation was concentrated on a premium of 30 won / ton for the 2006 contract for Shanghai zinc. The discount on the Guangdong market was 130 yuan / ton higher than that of the Shanghai stock market, which was 20 yuan higher than that of the previous trading day. In the first trading session, futures opened rapidly, individual shippers increased their willingness to ship goods at high prices, and a small amount of low-priced goods flowed out. After the rapid completion of the transaction, the market quotation was cautious, and many pairs of online prices were quoted. Guangdong inventory continued to decline, and market receipt traders increased. Kirin and Mongolia quoted water for the Shanghai zinc contract for June, rising 30 yuan / ton and Tiefeng 30 yuan / ton. In the second trading session, trade inquiries and purchases are still active, coupled with the widening price gap between Shanghai and Guangdong, the holding mood is stronger, the first trading period of external rising water quotation is moving up as a whole, and the lower reaches are generally receptive to high rising water and high prices, just need to purchase, and the market is dominated by transactions between traders. Kirin, Mongolia since the quotation of Shanghai zinc contract in June to rise 50 cents 60 yuan / ton. Kirin, Mengzi and Tiefeng mainstream traded at 16550 RMB16700 per ton.

The mainstream turnover of zinc ingots in Tianjin market was 16730mur17980 yuan / ton, while that of ordinary brands was 16730mur16870 yuan / ton. For the 2006 contract, the price of rising water was about 120yuan / ton to 250yuan / ton, and the price of Tianjin stock market was about 60 yuan / ton higher than that of Shanghai stock market. Today, Shanghai zinc concussion rises, the spot market maintains a rising discount price, and the quotation is more divergent. The ordinary brand Bering News quotes 230 yuan / ton for 06 contract, Hongyi quotes 240 yuan / ton for 06 contract, Chi Hong quotes 190 yuan / ton for 06 contract, Shuangyan newspaper quotes 200 yuan / ton for 06 contract, and imported KZ quotes 120 yuan / ton for 06 contract. High-priced brand Zijin offered a rise of 250 yuan / ton to the June contract. Today, zinc prices have stopped falling and rebounded, traders have a strong willingness to stand up, and some brands are offering divergent quotations, including kz's earlier offer, which was adjusted to RMB180 / ton before the close, while mainstream brands shipped at a positive price; downstream, the center of gravity of zinc prices gradually moved up and down, and the short-term bullish sentiment of downstream enterprises was strong, and the willingness to receive goods was flat than last Friday. On the whole, today's transaction is the same as last Friday. Zinc ingots traded around 16680 RMB16820 per ton.

Tin: Lunxi electronic trading opened at US $15020 / tonne today, Asian trading generally remained sideways around the opening price from morning to midday, and Lunxi rose to US $15290 / tonne in the afternoon. After the opening of the European market, it fell back somewhat, as of 1700, the latest price of Lunxi is 15115 US dollars / ton, showing a positive line, the physical part is located near the 5-day moving average, and the upper part is under pressure at the 10-20 moving average. The resistance level above Lunxi is expected to test around US $15300 / ton.

Shanghai tin 2007 contract last Friday night trading 128750 yuan / ton, affected by long positions overall shock downward trend, the lowest to the intraday low of 127510 yuan / ton. After the opening of 127670 yuan / ton in early trading today, it rose rapidly under the influence of short positions and long positions. After wiping out all the losses in the night market, it continued to rise, reaching a intraday high of 130840 yuan / ton and then falling slightly. Finally, it closed at 130750 yuan / ton, up 1510 yuan / ton, or 1.17%. The turnover was 37700, the position was 30286, and the position was reduced by 725. Today, Shanghai tin closed with the Yang line, the physical part is located near the 5-10 moving average, the lower shadow line to the 20th moving average, the resistance above Shanghai tin is expected to be near the previous high of 132000 yuan / ton.

In the spot market, the price quoted today is 134000 won 135500 yuan / ton. The price of tin in Shanghai is much higher than that in the night market. The price in the spot market has risen somewhat, and some traders and downstream enterprises have purchased it. The overall transaction atmosphere in the spot market in Shanghai and tin is generally weak. For Shanghai tin 2007 contract, Yunxi rising water is around 6000 yuan / ton, ordinary Yunzi rising water is around 5000won 5500 yuan / ton, and small brand rising water is around 5000 yuan / ton.

Nickel: Lenny opened at $11860 / ton today, briefly probed as low as $11840 / ton after opening, then went up along the daily moving average and adjusted sideways after the pressure at $12000 / ton at the 60-day moving average. In the afternoon, Lenny tried to break through the upper resistance. At one point, it reached $12075 / ton, the highest of the day, but soon fell under pressure and fell below the 22 mark again. As of 1800, Lunni temporarily closed at US $11995 / ton, temporarily accepted in the positive column, the upper shadow line reached the 5-day moving average, but the entity still fell below the 60-day moving average. Although Lunni's recent trend is weak, it experienced a sharp decline last week, but it is still based on the 40-day moving average, and the economic data in Europe and the United States are light in the evening, focusing on whether Lunni can effectively break through the 60-day moving average pressure from its own fundamentals.

In terms of Shanghai Nickel, basic metals are generally red upstream today, while Shanghai Nickel is still under pressure today after it was crushed by short sellers on Friday and was not able to turn red until the afternoon. The main contract of Shanghai Nickel 2007 opened at 98410 yuan / ton today. After the morning market opened, bears reduced their positions. After Shanghai Nickel quickly recovered its 60-day moving average, it stabilized at 99000 yuan / ton. After that, the long and short sides competed near the middle track of the Bollinger Line. Most of the day fluctuated in a narrow range around 99300 yuan / ton. In the afternoon, after the short-sellers gradually weakened, Shanghai Nickel was able to break through the 100, 000 mark, reaching as high as 100350 yuan / ton, but after a short stay, both sides avoided danger and left the market. Shanghai Nickel gave back part of the increase to close at 99860 yuan / ton, up 90 yuan / ton, or 0.09%. Daily position decreased by 948 lots to 99467 lots, and trading volume decreased by 7846 lots to 665000 lots. After 4 consecutive shades in the early days of Shanghai Nickel, Zhongyang column was recorded today, and the shadow line hit the 20-day moving average. Although there is some short-term pressure above the 60-day moving average, as the domestic "two sessions" this week boosted macro sentiment, most of the short energy accumulated last week has been released today, focusing on the characteristics of multi-empty operation in the evening, Shanghai Nickel is still expected to rise back to near the 10-day moving average.

Today, the price of electrolytic nickel in SMM1 is 99200mur100700 yuan / ton, which is 400 yuan / ton lower than that of yesterday. Shanghai Nickel fell sharply last Friday night and stabilized above the 60-day moving average today. During the day, Shanghai Nickel fluctuated around 99300 yuan / ton in the middle of the Bollinger line, and gradually rose in the late afternoon. In the spot market, today, most traders have turned to quoted prices for Shanghai Nickel 2007 contracts, and they are more willing to raise prices after the turn of the month. Russo Nickel to Shanghai Nickel 2007 contracts are mostly quoted in 50 to Pingshui, and there are a small number of non-deliverable new Russo Nickel newspaper stickers on the market. Today's transaction is mixed, as nickel prices fall below 100,000. and pure nickel relative to nickel pig iron discount, it is reported that today's steel mills active inquiry, individual trade has a large deal; but some traders said that due to Russian nickel discount narrowed, downstream demand is weak, trading is light. Jinchuan Nickel to Shanghai Nickel 2007 contract rose 1200mur1300 yuan / ton, transaction activity is less than Russo Nickel. Today's ex-factory price is 100300 yuan / ton, Shanghai and Jinchang are only a small number of shipments, the current inventory of traders is relatively small, there is still a demand for replenishment, it is expected that the rising water will be strong in the future. In terms of nickel beans, the contract of Shanghai Nickel 2007 is about 800yuan / ton. it is reported that recently, imported nickel beans have been declared to enter the country. In addition, the import window of the market opened briefly this morning, but foreign traders prefer forward bill of lading goods. It is reported that there is a small amount of Russian nickel locked in the market, and it is expected that the import of pure nickel will gradually increase after late May and June.

   

 

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