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Review on spot Trading Day of SMM Base Metals on May 19th
May 19,2020 18:26CST
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Source:SMM
Review on spot Trading Day of SMM Base Metals on May 19th
The content below was translated by Tencent automatically for reference.

SMM, May 19:

Copper:

Today, Apanlon copper jumped higher at US $5374 / tonne and rose slightly to an intraday high of US $5377.5 / tonne at the start of trading. Short forces pushed down the price of copper every time they entered the market, and Lun copper quickly fell nearly $50 / tonne to $5327 / tonne. Then the copper price rebounded and fluctuated upwards after a short entry. After entering the European trading session, copper prices rose to a high of $5370 / ton in the short term, and then fell sharply again. Lun Copper continued to decline after falling off the daily moving average, touching the intraday low of $5322 / ton, giving up all its intraday gains. Since then, copper prices have experienced a slight correction, as of 1700, Lun Copper closed at 5336.5 US dollars / ton, down 9 US dollars / ton, or 0.17%. Today, Lun Copper opened high and left low, with large fluctuations during the day, mainly due to the linkage of international crude oil prices. After four consecutive days of gains, there was a brief correction in oil prices, dragging down copper prices from their highs. The short-term rebound in copper prices was triggered by Britain's announcement of 30 billion pounds of tariff cuts to leave the European Union before the European market, but the news was quickly digested by the market, and copper prices returned to around $5330 a ton. At present, Lun copper is overcast, but there are still many moving average lines underneath, and the KDJ opening is expanding upward, which is technically positive for copper prices. In the evening, watch the chairman of the Federal Reserve and the US Treasury Secretary address Congress and the changes in API crude oil inventories in the US in the week ended May 15 to test whether Lun Copper can push up again.

Today, the main 2007 contract of Shanghai Copper opened high at 43880 yuan / ton in the morning. After the opening, the bulls pushed the copper price straight up to the highest point of the day, 44030 yuan / ton, but then the more flat entry made the copper price rise back to 43710 yuan / ton, and the center of gravity stabilized at 43750 yuan / ton. Before the midday close, copper prices fell slightly to close at 43590 yuan / ton. In afternoon trading, copper prices rebounded again to nearly 100 yuan / ton, and then swung around the position of 43620 yuan / ton, and finally closed at 43690 yuan / ton, up 780 yuan / ton, or 1.82%. Today, the position in Shanghai Copper 2007 contracts increased by 3141 lots to 106000 lots, mainly as long positions increased, while trading volume increased by 13039 lots to 92635 lots. Shanghai Copper 06 contract within the day reduced positions by 6340 hands, to 100000 hands, mainly for short positions to reduce positions backward. At present, the market still maintains the back structure, and the price difference between months has narrowed to around 100 yuan / ton. Copper opened higher in Shanghai during the day, mainly because the experimental new crown vaccine showed positive signs, superimposed signals from various countries to release sustained easing, strengthened investors' expectations for a faster pace of economic restart, and market risk appetite significantly warmed up, pushing up copper prices. In addition, the domestic "two sessions" are just around the corner, and market expectations for more favorable policies are rising, supporting copper prices to remain high. At present, Shanghai Copper Shengyang, standing on all moving averages, KDJ three-line adhesion, technical point of view, copper prices still have room to rise. Waiting for the guidance of the outer disk at night to test whether Shanghai Copper can continue to rise, the short-term target is directed at the 44000 yuan mark.

Today, the spot price of electrolytic copper in Shanghai is quoted at 180 ~ 210 yuan / ton for that month's contract, the transaction price of Pingshui copper is 44020 yuan / ton ~ 44090 yuan / ton, and the transaction price of copper is 44030 yuan / ton ~ 44100 yuan / ton. Copper opened high to 44000 yuan / ton in early trading in Shanghai. After the change of months, the market gradually entered the long order delivery stage, while the domestic copper inventory decreased significantly in the past two months. The stock output from Shanghai remained high, and the mood of rising water by the holder in the morning was further fermented, and the quotation was as high as 180,000,200 yuan / ton. The morning market bought Xingqiang, the transaction was enthusiastic, the holder went up again, the flat copper quoted price rose 190,000,200 yuan / ton, and the good copper quoted price rose to 210 yuan / ton, but the transaction activity has not been further improved. The market paused for the time being, keeping the quotation at the level of 190 million 210 yuan / ton. Downstream maintenance is just needed, wet-process copper is mostly traded at 160 yuan per ton. Today's futures are rising, the supply of low rising water in the morning market attracts the influx of trade buyers, and it is not enough for the holders to push up the water again, but the traders will stop to follow up, and the pace of the rising water will slow down a bit. In the afternoon, the horizontal trading of copper in Shanghai was narrowly arranged around 43750 yuan / ton, and the spot opened in the afternoon, but there were few responders, and the holders gradually increased their willingness to exchange cash at a high price and began to relax their quotations on their own initiative. After that, the flat copper quoted a price of 180murl 190 yuan / ton, and the good copper price fell and deadlocked at 43930 million yuan / ton.

 

Aluminum:

Lun Aluminum opened at US $1500 / ton in the morning, briefly reached a daily high of US $1502 / ton at the beginning of the session, and then hovered around US $1499 / ton around the daily average line. After entering the European market, it briefly touched US $1500 / ton, but the upper pressure was greater. The pressure operation throughout the day failed to actually break through the upper barrier, and later began to shake back. As of 18:00, Luen Aluminum closed at 1495 US dollars / ton, down 4.50 US dollars / ton, or 0.33%. Trading volume decreased by 13587 to 4116, position decreased by 12041 to 858000, closed at the Xiaoyin line, the center of gravity was below the 40-day moving average, above the 5 / 10 moving average, the third-line opening of the daily KDJ was upward, considering that the macro positive sentiment from the new crown vaccine was partially digested by the market, it is expected to continue to run below 1500 US dollars / ton at night, focusing on macro data such as changes in the dollar index and the start of new housing in the United States.

Shanghai Aluminum's main 2007 contract opened at 12870 yuan / ton in the morning, fluctuated and climbed high at the start of trading, rising all the way up, reaching a high of 12980 yuan / ton in the second trading stage, refreshing the highest level in more than two months, and continuing to rise less than. In the afternoon, the high level fell back, concussion all the way down, giving up some of the gains, the low fell to 12825 yuan / ton, the trading volume closed horizontally at 12850 yuan / ton, and the trading volume decreased by 6118 to 131000 hands. The position decreased by 2965 to 157000 to close at Xiaoyang line, recording Wulianyang, and the daily MACD red line was lengthened. It is expected to continue to test the resistance at the upper Wan San gate at night, focusing on long positions at night and changes in market trading sentiment.

The high level of aluminum fell back in the early afternoon. In the morning, a small amount of spot price in Wuxi area of Shanghai was between 13490 and 13510 yuan / ton, and there were more inquiries and receivers in the morning, but the actual transaction was less, because the market performance was more and less. Under the background of higher aluminum futures, the price of the holder began to focus on 13510 13540 yuan / ton, the average price was 335 yuan / ton higher than that of yesterday, and the rising water was between 200ly220 yuan / tonne. Under the expansion of aluminum futures back structure, the spot rising water continued to rise compared with yesterday. The market middleman's enthusiasm for receiving goods has not diminished, the holder's performance is high, and the market transaction is very active. In the morning, a large family made a normal purchase, and the procurement plan was not fully completed. Due to the sharp rise in aluminum prices, the mood of receiving goods downstream today has been frustrated and there is not much to buy. The overall transaction in East China is better today. Aluminum fell back in the afternoon, individual holders quoted prices around 13430 yuan / ton, rising water to the market around 250 yuan / ton, afternoon traders more wait-and-see performance, few transactions.

 

Lead:

During the day, Lun lead opened at US $1657 / tonne. During the Asian session, Lun lead jumped up and down, with an amplitude of US $20 / tonne. Entering the European period, Lun lead probe was as low as US $1649 / ton and then slightly revised up. As of 16POS 54, Lun lead temporarily closed at US $1659 / ton, down US $3.50 / ton, or 0.21%. Lun lead temporarily long shadow Xiaoyang line, above 1680 US dollars / ton line there is a strong pressure, the upward pace is suspended, taking into account the European period, the high level of crude oil weakens, as well as the outer disk non-ferrous metals turn green, at night lun lead or pressure downward.

During the day, the main 2006 contract of Shanghai lead opened at 14125 yuan / ton, and at the beginning of the session, the daily average line was used to support the bottom shock. Later, due to weak fundamentals unable to support lead prices, the Shanghai lead shock platform fell to around 14030 yuan / ton, and finally closed at 14045 yuan / ton, up 125 yuan / ton, or 0.90%. The position decreased by 2647 hands to 15818 hands. In addition, the main contract was transferred to the 2007 contract. Within the day, the Shanghai lead 2007 contract opened at 14010 yuan / ton, and the fundamentals were difficult to support the Shanghai lead station to stabilize the Wanshui pass. The Shanghai lead operating platform moved down from 14050 yuan / ton to 13930 yuan / ton, and finally closed at 13955 yuan / ton, up 1.05%. The position increased by 24 hands to 17765 hands. The Shanghai lead newspaper closed the Xiaoyang line, and the Wansi pass failed again, but from a fundamental point of view, waste batteries are easy to rise and difficult to fall, the cost support of recycled lead is still effective, the superposition of the two sessions is just around the corner, the domestic macro mood is improving, and the space for Shanghai lead to fall is also limited.

Shanghai Changchi Hongji lead 14320Mue 14360 yuan / ton, price for Shanghai lead 2006 contract Litsu 260 Yuan / ton, Southern lead 14240Muth14260 yuan / ton, Shanghai lead 2006 contract Littl Water 180mur200 yuan / ton. Lead hit high and fell back, and the holder due to limited supply, continue to rise water quotation, and the lower reaches of the future is not optimistic, more wait-and-see to carefully adopt, the bulk market turnover is light.

Guangdong market Nanhua lead 14150 yuan / ton, 50 yuan / ton for SMM1# lead price; Jinli 14100 ~ 14150 yuan / ton, 50 yuan / ton to level water for SMM1# lead price, Yuguang 14200 yuan / ton, 100 yuan / ton for SMM1# lead price; Jinli, Wanyang 14100 yuan / ton, flat water quotation for SMM1# lead price (trader); Shuikoushan 14100 yuan / ton, 50 yuan / ton for SMM1# lead price; Hunan Jingui 14000 yuan / ton, the average price of SMM1# lead discount 150 yuan / ton. Jiangzhong 14100 yuan / ton, the average price of SMM1# lead flat water quotation. Jiangxi Jinde is 14100 yuan / ton, and the average price discount to SMM1# lead is 50 yuan / ton. Yunnan small factory 13850 yuan / ton, the average price of SMM1# lead discount 300 yuan / ton. Spot prices are rising rapidly, Henan smelter bulk order quotation is maintained near Pingshui, but the willingness to ship is strong, other areas maintain discounted shipments, today's downstream enterprises are not willing to purchase, mainly wait and see.

 

Zinc:

Geneva zinc opened at US $2027.5 / tonne, and before Pancu Zinc was refreshed, it hit a high of US $2038 / tonne, but the breakthrough momentum shortage once again ushered in a downward adjustment, and the operating center of gravity moved down to around US $2015 / tonne for some trimming. In the afternoon, a V word adjustment was recorded, falling by US $2005.5 / tonne. However, held back by the daily moving average line, Lunzn Zinc once again refreshed its intraday low to US $2001 / tonne, and closed down at US $2001 / tonne as of 1614. 08, Lunzin Zinc closed down at US $2001 / tonne. It fell 18 US dollars / ton, or 0.89%. Lun Zinc closed a big negative column, the upward pressure is obvious, but overseas restart the economy, coupled with the continuous slight decline in LME zinc inventory and the deepening of the Back structure complement each other, Lun Zinc is expected to have limited room to fall, focusing on the support strength of 2000 US dollars / ton integer gate at night.

During the day, the main 2007 contract of Shanghai zinc opened at 16935 yuan / ton, and at the beginning of the session, zinc broke through again, but when it reached a high of 16960 yuan / ton, it fell down by throwing pressure, fluctuated down to around 16770 yuan / ton, some short sellers stopped and left the market, Shanghai zinc made a slight repair up, and then a large number of people left the market. Shanghai zinc picked up the downward trend and fell 16710 yuan / ton, closing up 16750 yuan / ton, up 155yuan / ton, or 0.93%. Trading volume increased by 14631 to 142000 hands. The position increased by 824 hands to 116000 hands. Zinc received a long shadow Xiaoyang column, the upward pressure is obvious, the current zinc contradiction has not been further intensified, zinc may be weak finishing operation in the evening.

The mainstream transaction of zinc in Shanghai was 16960Muth17070 yuan / ton, Shuangyan at 16980copyright 17080 yuan / ton, imported zinc at 16920mm 17010 yuan / ton, Shuangyan zinc was quoted for 160 yuan / ton of water in June, Shuangyan quoted water at 170,180 yuan / ton in June, imported zinc was quoted at 100,000yuan / ton in June, and zinc mainstream of Shuangyan quoted water at 16890rel 17000 yuan / ton. Shanghai Zinc 2006 contract shot up and fell back, the first trading session of the morning market closed at 16875 yuan / ton, the trading market was active, and the mainstream market transactions were concentrated on the average price of SMM net. In the morning, the market quotation rose 155 yuan / ton to 2006 contract, entering the second period, the market quotation was relatively stable, and the mainstream of the holder reported a rise of 160 yuan / ton to 2006 contract. Today, the mainstream quotations of imported zinc in the market are mainly SMC, Spain, Belgium, Peru and Harbin, and the trading among traders is still good, but the consumption in East China is poor today, and the downstream is mainly wait-and-see, and the willingness to purchase at a high price is low.

The mainstream transaction of Ningbo Brand was 16980 RMB17080 / ton, and the price difference between Ningbo and Shanghai ordinary brands was narrowed from 10 yuan / ton discount to near Pingshui. The price of ordinary brands in Ningbo increased to around 140 RMB160 / ton for 2006 contracts. In the first session of the morning, the holder of the Ningbo market continued to quote yesterday's quotation. The West Mining News increased the water by 140 yuan / ton for the June contract, and Yunxi News increased the water at about 150 yuan / ton for the June contract. Huize, Kirin and Tiefeng newspaper are around 160 yuan / ton for the June contract. But the market rose sharply, downstream enterprises are more bearish, the willingness to receive goods is not good, entering the second period of time, the trade market delivery is hopeless, the quotation has not changed, basically flat in the June contract rising water 140 won 150 yuan / ton. Generally speaking, the orders of downstream enterprises have not taken a turn for the better, the disk price is higher, and the willingness of downstream enterprises to receive goods is obviously worse than that of yesterday.

The mainstream transaction of zinc in Guangdong Province was 16790mur16960 yuan / ton, and the quotation was concentrated on the price of 40 million yuan / ton in the 2007 contract for Shanghai zinc, and the discount on the Guangdong stock market was the same as that of the previous trading day. The first trading session, although futures prices are high, but the holder based on Guangdong inventory continues to decline, price sentiment is strong, quotations are still relatively high, traders meet low-price supply demand, downstream is facing high water, high prices overall wait-and-see, Kirin, Mengzi quoted for the Shanghai zinc contract for July rising water 60rel 70 yuan / ton, Feilong rising water 40 yuan / ton. In the second trading session, in the absence of downstream buying support, market demand weakens, but the price of the holder is still relatively strong, and the market trading volume is limited. Kirin, Mengzi, Huize, Tiefeng quoted prices for the Shanghai zinc contract for July to rise 50 RMB70 / ton. The mainstream transactions of Kirin, Mengzi, Huize, Tiefeng and Feilong were 16790 Mel 16960 yuan / ton.

The mainstream turnover of zinc ingots in Tianjin market was 17000mur18270 yuan / ton, while that of ordinary brands was 17000mur17130 yuan / ton. for the 2006 contract, the price of rising water was around 200yuan / ton to 270yuan / ton, and the Tianjin market was about 60 yuan / ton higher than that of Shanghai. Today, the price of zinc in Shanghai expanded, and the spot market maintained a discount price, and the price was more divergent. The ordinary brand Bering News quoted a rise of 200 yuan / ton for the 06 contract, and Hongyi quoted a rise of 240 yuan / ton for the 06 contract. Chi Hong quoted a rise of 210 yuan / ton for the 06 contract, Shuangyan quoted a rise of 200 yuan / ton for the 06 contract, and the high-priced brand Zijin quoted a rise of 270 yuan / ton for the June contract. Today, zinc prices rise to a high level, traders and smelters are more willing to raise prices, but only low-price brands have a better deal, while high-price brands have a light deal; downstream, the spot price in Tianjin has broken the Wanqi barrier, and the downstream is more willing to wait and see. The overall mood of receiving goods is not good. Overall, trading today is weaker than yesterday. Zinc ingots were sold at around 16,950 RMB17080 per ton.

 

Tin:

After the opening of the electronic disk at a high of US $15310 / ton today, from the Asian session to the opening of the European market, Lunxi generally showed a concussive downward trend, falling to US $15170 / tonne and then rebounded slightly. As of 1715, the latest price of Lunxi is US $15200 / tonne, showing a negative line, the physical part is located near the 60-day moving average, below which is supported by the 5-20 moving average. It is expected that Lunxi will support near the test integer gate of US $15000 / tonne.

Shanghai tin 2007 contract last night after the opening of 131350 yuan / ton high, the overall maintenance in the daily average of 131000 yuan / ton near the shock finishing. After the opening of 131150 yuan / ton in early trading today, affected by the reduction of positions, Shanghai tin fluctuated all the way down to the intraday low of 130070 yuan / ton, and then the short sellers left Shanghai tin to explore the bottom and rebounded, finally closing at 130610 yuan / ton, showing a negative line. the lower shadow line is supported by the 5-10-day moving average, and it is expected that the lower support of Shanghai tin will be located around 128000 yuan / ton on the 20th day.

In the spot market, today's quotation is 134500 won 136500 yuan / ton, and the buying interest of enterprises downstream within the day is weak, and some traders have received the goods. The overall transaction atmosphere in the Shanghai-tin spot market is generally weak. For the Shanghai tin 2007 contract, the Yunxi rising water is around 6000 yuan / ton, the ordinary Yunzi rising water is around 5500 yuan / ton, and the small brand rising water is around 4500 yuan / ton.

 

Nickel:

The Lunni Asian market opened at US $12285 / ton today. After breaking through US $12300 / ton in the morning, it gradually came under pressure and then fell back, falling as low as US $12230 / ton. Renni turned red again in the afternoon and reached a high of US $12380 / ton before the end of the Asian session, the highest point of the day. After the start of the European session, Lenny immediately gave up its gains, fell to $12280 / ton and was temporarily supported, rebounding to $12300 / ton first-line concussion. as of 1818, Lenny temporarily closed at $12290 / ton, up $30 / ton, or 0.24%. After yesterday's rally, only Yang Cross was recorded today. In the evening, the chairman of the Federal Reserve and the US Treasury Secretary spoke to Congress, followed the changes in the US stock index and the trend of crude oil, and tested whether Lenny could effectively break through the US $12300 / tonne line.

Shanghai Nickel, due to positive vaccine research and development yesterday, promoted the market's optimism about the economic recovery. Overnight, Shanghai Nickel has risen sharply, jumping back above all moving averages. This morning, the main contract of Shanghai Nickel 2007 continued to rise, opening at 101760 yuan / ton, showing a narrow range of shocks during the day, based on 101500 yuan / ton, and continued to operate above the daily moving average. During this period, the highest reached 102200 yuan / ton, and the lowest reached 101360 yuan / ton. Shanghai Nickel closed at 102080 yuan / ton, an increase of 2990 yuan / ton, or 3.02%, over yesterday's settlement price. Daily trading volume decreased by 217000 lots to 448000 lots, and its position increased by 4510 lots to 104000 lots. Technically, Shanghai Nickel rebounded to release kinetic energy, repairing the weakening trend last week, recording Dayangzhu today, and the highest one-day increase since late April, and the entity returned to the previous shock platform. Under the background that the two sessions are approaching and the market is full of expectations for domestic policies, Shanghai Nickel still has the possibility of touching the upper shadow line in the early stage. But at the same time, nickel downstream stainless steel futures today recorded a negative cross star, the trend is more repeated, or the nickel market bullish confidence to form a certain drag. Pay attention to the change of Shanghai nickel position at night and test whether the long energy still exists.

Today, SMM1 Electrolytic Nickel is quoted at 101600 RMB103100 per ton. Although the Shanghai nickel price rebounded sharply, but the spot discount is stable than yesterday, although there are enquiries, but the transaction is significantly weaker. Russo Nickel to Shanghai Nickel 2007 contract quoted 50 yuan / ton to Pingshui; due to the active trading of non-deliverable nickel plates yesterday, the supply of low-cost goods decreased significantly today, Russo Nickel liter discount remained firmly near Pingshui, and some traders adjusted their prices to 50 yuan / ton shipments in the afternoon. Jinchuan Nickel 2007 contract against Shanghai Nickel rose 1100mur1200 yuan / ton, Jinchuan ex-factory price of 102600 yuan / ton, about 1000 yuan / ton higher than the market price. Due to the poor shipments of the consignors in the morning, the willingness to receive goods and replenish the warehouse is weak. Jinchuan nickel water has not been lowered in the afternoon, and the market demand is still weak. Nickel beans to Shanghai Nickel 2007 contract quoted 800 yuan / ton, slightly lower than yesterday. In terms of foreign trade, imported nickel plates and nickel beans will be imported one after another this week.

 

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