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Review on spot Trading Day of SMM Base Metals on May 20th
May 20,2020 18:34CST
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Source:SMM
Review on spot Trading Day of SMM Base Metals on May 20th
The content below was translated by Tencent automatically for reference.

SMM, May 20:

Copper: today, Apanlon copper opened low at US $5343.5 / tonne. After Shanghai copper opened, Lunchu copper rushed straight up to US $5356 / tonne. Since then, due to the oil price linkage Lun copper shock upward, the highest in the day to explore the highest point of 5372.5 US dollars / ton. Whenever this high level is short and more profitable to leave the market, the short-sellers also try to make efforts. Copper prices fell from the high level and entered the European trading period. Lun Copper fell rapidly and continued to fall after falling to the daily moving average, touching the intraday low of US $5328 / ton. then the copper price fell back to the position of 5350 yuan / ton. Lun Copper closed at US $5341.5 a tonne, down US $11.50, or 0.21%, as of 17PUR 00. Today, the overall performance of Lun Copper is a wide shock around 5350 US dollars / ton, with large fluctuations during the day, mainly due to the impact of international crude oil prices. Doubts about the effectiveness of the new Moderna crown vaccine have suppressed the momentum of the rise in copper prices to some extent. Before the European market, the UK released April CPI data, showing that inflation fell to the opening of European stock indexes since August 2016, affecting copper prices all the way down. At present, Lun copper close Yang, below the 5-day moving average support, the technical side is still good copper prices. In the evening, watch the changes in consumer confidence in the euro zone in May and EIA crude oil inventories in the United States in the week ended May 15 to test whether Lun Copper can rise again.

Today, the main 2007 contract of Shanghai copper opened at 43590 yuan / ton in the morning, and the bulls entered the market to drive up the copper price to 43740 yuan / ton, but the upward momentum was limited, and the copper price fluctuated for a short time around 43710 yuan / ton. Since then, bulls have made another effort to stack short positions one after another, and copper prices have fluctuated from 43690 yuan / ton to close at 43810 yuan / ton at noon. Copper prices continued to rise in early afternoon trading, surging to the highest point of the day, 43920 yuan / ton. At this time, the bulls made a profit and left the market, and the price of copper fell somewhat, and finally closed at 43730 yuan / ton. Today, the main contract of Shanghai Copper increased its daily positions by 3840 to 109000, mainly by long positions; trading volume decreased by 11000 to 82000; and Shanghai Copper 06 reduced its positions by 4781 to 96000, mainly by short positions. During the day, the rise in copper in Shanghai was mainly driven by the upward price of crude oil, and under the influence of the further improvement in the contradiction between supply and demand of crude oil, the gains of US oil and cloth oil expanded today, thus driving the rise of copper prices. The FOMC meeting of the Federal Reserve and the monetary policy meeting of the Bank of Japan are about to begin, and the market is betting that more economic stimulus policies will be launched; the domestic "two sessions" are about to be held, and the market is looking forward to more favorable policies. Market risk appetite was boosted, pushing copper prices above the 44000 mark. At present, the price of copper in Shanghai is up, and the KDJ is expanding. From a technical point of view, there is still room for copper prices to rise. In the evening, wait for the outer disk guidelines to test whether Shanghai Copper can stand at the 44000 yuan / ton mark.

Today, the spot price of electrolytic copper in Shanghai is quoted at 180-200 yuan / ton for that month's contract, the transaction price of Pingshui copper is 44000 yuan / ton ~ 44060 yuan / ton, and the transaction price of copper is 44010 yuan / ton ~ 44070 yuan / ton. The price of copper will be extended by 43800 yuan / ton for first-line finishing. The morning market continues to quote yesterday at 180 ~ 200 yuan / ton, and the low-price supply is still favored by traders. Pingshui copper concentrated in 180 ~ 190 yuan / ton, good copper 190 ~ 200 yuan / ton, the brand price difference is only 10 yuan / ton, the market supply and demand is deadlocked; today, wet copper also shows a stalemate, quotation 150 ~ 160 yuan / ton. Copper futures is on the high side, the downstream performance is weak, due to the recent delivery of long orders, the market buying strength is still concentrated among traders; this month, the supply of warehouse orders has flowed out, the supply buyers have more choice, so there is resistance to push the rising water again, but the holder has no willingness to reduce the price for the time being, so the price difference is narrow, the speculative space for traders is small, and the high copper price is high for underwater supply and demand saws. In the afternoon, the market shot up again to the target level of 44000 yuan / ton, the high stopped at 42950 yuan / ton, and the increase at the end of the session fell back to around 43880 yuan / ton, but the spot rising water was more and more strongly quoted by the consignor. In the afternoon, flat copper started at rising water 190 yuan / ton, returned to rising water 200 yuan / ton, and the good copper quoted again at 00210 yuan / ton, and the transaction price was significantly raised to 44080Fir 44,160 yuan / ton. The seller's determination to try to regain the right to speak is clear.

 

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: within the day, Lun lead opened at 1679 US dollars / ton, Asian time, Lun lead pressure 1680 U.S. dollars / ton platform, and around the daily moving average, in the afternoon, to accept the market entry, promote Lun lead shock platform to 1679 U.S. dollars / ton, Lun lead center of gravity moved up, into the European period, Lun lead continued shock market, as of 1518, Lun lead temporarily closed at 1678 U.S. dollars / ton, down 3 U.S. dollars / ton, down 0.18%. Lun lead temporarily closed the Xiaoyin line, the upward pace slowed down, the recent strong trend of precious metals, or suppress the overall upward space of commodities, Lun lead is expected to operate within the range formed by the 40-or 60-day moving average at night.

During the day, the main 2007 contract of Shanghai lead opened at 14085 yuan / tonne. At the beginning of trading, Shanghai lead briefly fell to 13885 yuan / tonne. Later, due to strong support at the Wansi pass, Shanghai lead rose back to 14075 yuan / ton first-line shock. During this period, it once hit an intraday high of 14145 yuan / ton, and finally closed at 14090 yuan / ton, up 100 yuan / ton, or 0.71%. The position increased by 3111 hands to 20876 hands. Shanghai lead closed at four Lianyang, standing on ten thousand full digits, each moving average showed a long arrangement, and maintained the upward trend, in the case of the fundamental stalemate, the domestic macro environment turned warm, long funds or want to take advantage of the opportunity to push up the price of lead, but the fundamentals are difficult to give an effective boost, careful to chase more at night.

Shanghai Changchi Hongyang lead 14340mur14360 yuan / ton, price 280mur300 yuan / ton for Shanghai lead 2006 contract, 14240Muth14260 yuan / ton for Southern lead 2006 contract, 180mur200 yuan / ton for Shanghai lead 2006 contract. Lead consolidation to maintain the trend, and with the smelter supply discount narrowed, some traders are also raised warehouse receipt prices, while the lower reaches only just need to purchase, the bulk market transactions in general.

Guangdong market South China lead 14175 yuan / ton, 50 yuan / ton for SMM1# lead price rise; Jinli 14125 yuan / ton, for SMM1# lead average price level quotation; Jinli, Wanyang 14125 yuan / ton, for SMM1# lead average price level quotation (trader); Hunan Shuikoushan 14075 yuan / ton, 50 yuan / ton for SMM1# lead price; Hunan Jingui 13975 yuan / ton, 150 yuan / ton for SMM1# lead price. Jiangzhong 14125 yuan / ton, the average price of SMM1# lead flat water quotation. Jiangxi Jinde is 14075 yuan / ton, and the average price discount to SMM1# lead is 50 yuan / ton. Yunnan small factory 13825 yuan / ton, the average price of SMM1# lead discount 300 yuan / ton. Spot prices are stable, the price of bulk orders in Henan smelters is maintained near Pingshui, and the discount in Hunan and other areas has not been narrowed for the time being. Today, some enterprises just need to purchase, and the market trading is still good.

 

Zinc: Geneva zinc opens at US $2023.5 / tonne. In early trading, Lunzin zinc moves around US $2020 / tonne with an up and down amplitude of less than US $10 / tonne. Breaking through the lack of kinetic energy upward, Lun Zinc began to adjust downwards in the afternoon, and the center of gravity moved down to around 2010 US dollars / ton. As of 16PUR 19, Lun Zinc closed down US $2009.5 / ton, down US $19.50 / ton, or 0.96%. Lun Zinc closed a negative column, obvious upward pressure, daily LME inventory increased by 8900 tons, while the Back structure has narrowed, fundamental support has been weakened, coupled with the recovery of mining and consumption brought about by economic restart, the evening attention to the lower short moving average adhesion support.

During the day, the main 2007 contract of Shanghai zinc opened at 16795 yuan / ton, and there was a multi-short game stalemate at the beginning of the session. Zinc was arranged and operated around the daily average line of 16820 yuan / ton, and then the positions were reduced alternately, and zinc recorded a V down of 16725 yuan / ton. The hindered daily average fell slowly again. The final closing price was 16750 yuan / ton, the trading volume decreased by 31813 to 110000 lots, and the position decreased by 2185 lots to 114000 lots. There is no new story about zinc fundamentals, and the weak operation of zinc may be adjusted downwards again in the evening, because of the long shadow and small negative column of zinc, the action is obviously insufficient, there is no new story about zinc fundamentals, and the operation of zinc is weak at night.

The mainstream transaction of zinc in Shanghai was 16950Muth17020 yuan / ton, while that of Shuangyan and Chihong was 16960,17030 yuan / ton. Shuangyan and Chihong reported a rise of 150 million yuan per ton in June. Shuangyan and Chihong reported a rise of 160 yuan per ton in June, and the mainstream turnover of zinc in Shuangyan and Chihong was 16880, 16950 yuan / ton. Shanghai Zinc 2006 contract shock operation weakened at the end of the day, closing at 16810 yuan / ton in the morning market. Zinc price is relatively high, smelter normal shipments, early market traders mainly shipments, spot quotation is basically flat than yesterday, quoted water 160yuan / ton, but SMM average price contribution mainly trading volume. Entering the second trading session, market trading turned weak, mainly shipments, domestic quotations were lowered to about 150 RMB155 / ton, while trading on downstream brands was light, high zinc prices inhibited downstream buying and inquiry enthusiasm, just-demand procurement-based, imports and Shuangyan quotations were flat yesterday. The overall turnover during the day was mediocre, slightly weaker than yesterday.

The mainstream transaction of Ningbo Gao was 16940murt 17040 yuan / ton, and the price of ordinary brand was raised by 130mur150 yuan / ton to 2006 contract. The price difference between Ningbo and Shanghai ordinary brand narrowed from yesterday's flat water to around 10 yuan / ton discount. In the first period of the morning, the Shanghai market quotation was slightly lower than that of yesterday, and the fluctuation of the market was smaller, and the Ningbo market holders quoted goods slightly. The West Mining News was near 130 yuan / ton for the June contract, and Yunxi News was near 140 yuan / ton for the June contract. Huize, Kirin and Tiefeng newspaper rose 150 yuan / ton for the June contract. Zinc period is strong and volatile, downstream enterprises are subject to poor orders, still wait and see, the overall willingness to buy is poor, compared with yesterday is basically flat, the market turnover is light.

The mainstream transaction of zinc in Guangdong Province was 16790mur16920 yuan / ton, and the quotation was concentrated on the price increase of 50 million yuan / ton in the 2007 contract for Shanghai zinc. The discount on the Guangdong market compared with the Shanghai market was 120 yuan / ton, which was 10 yuan lower than that of the previous trading day. In the first trading session, the inventory dropped slightly, and the price quoted by the holder was still firm, and some of it was quoted at 5mur10 yuan on the net price, but on the whole, the net price was mostly flat, and the transaction price between market traders was good, and the downstream just needed to purchase mainly, and the procurement was limited. Kirin and Mongolia quoted a price for the July contract of Shanghai zinc, which rose 60rel yuan / ton, and Tiefeng water rose 50rel 70 yuan / ton. The second trading session, individual holders slightly adjust the price of shipments, taken together, the overall market quotation has not changed much, the transaction is also relatively stable. Kirin and Mongolia quoted a price for the July contract of zinc in Shanghai for 60 won 70 yuan / ton, while Tiefeng water rose 60 won 70 yuan / ton. The mainstream transactions of Kirin, Mengzi, Huize, Tiefeng and Feilong were 16790 Mel 16920 yuan / ton.

The mainstream turnover of zinc ingots in Tianjin market was 16960mur18140 yuan / ton, while that of ordinary brands was 16960mur17120 yuan / ton. For the 2006 contract, the price of rising water was about 130yuan / ton to 260yuan / ton, and the price of Tianjin stock market was about 60 yuan / ton higher than that of Shanghai stock market. Today, Shanghai zinc high concussion, the spot market to maintain a rising discount price, the price is more divergent, the ordinary brand lark newspaper in the 06 contract quoted water 220 yuan / ton, Hongzhong quoted on the 06 contract quoted water 240 Mutual 230 yuan / ton, Chi Hong quoted on the 06 contract 210 Mube 190 yuan / ton, import YP quoted 130 yuan / ton on the 06 contract, high-price brand Zijin quoted water 260 yuan / ton on the June contract. Today's high zinc prices shock, traders and smelters quite the same price mood, but due to the current Tianjin market low-cost brands such as: imported zinc, Mengzi, fourth Ring Road and so on, downstream enterprises prefer low-price brands, resulting in poor transaction of high-price mainstream brands, before the close of trading at noon, the mainstream brands all have a price adjustment of about 10rel 20 yuan / ton; downstream, spot prices in Tianjin today remain high, and downstream enterprises tend to take low-priced brands. On the whole, today's turnover is still light. Zinc ingots were traded around 16910 / ton at 17070 yuan / ton.

 

Tin: Lunxi electronic disk opened at US $15390 / t today, the Asian market rose to the daily average of US $15500 / t at the beginning of the day, and then it fell back slightly and remained sideways below the daily moving average. After the opening of the European market, Lunxi concussion rose, reached 15595 US dollars / ton and then fell back. As of 1730, the latest price of Lunxi is 15495 US dollars / ton, showing a small positive line, located above all moving averages. It is expected that the resistance above Lunxi will be near the previous high of 15600qu 15,700 US dollars / ton. Tonight, you can watch the change of EIA crude oil inventory in the United States in the week ended May 15 (10,000 barrels).

Shanghai tin 2007 contract last night after the opening of 130920 yuan / ton, affected by the strength of long positions, Shanghai tin plate at the beginning of the rapid upsurge continued to shock upward. After the opening of 132660 yuan / ton in early trading today, affected by the increase of positions in the morning, the early trading quickly rose to the intraday high of 135390 yuan / ton, then the tin in Shanghai fell slightly and remained at 134400 yuan / ton in horizontal trading, and rose slightly in late trading under the influence of long positions. Finally, it closed at 134920 yuan / ton, up 4310 yuan / ton, or 3.3%, with a turnover of 52459 lots and a position of 30600 lots, an increase of 1252 lots. Today, Shanghai tin closed on the Changyang line, the bottom of the entity was supported by the 5-10-day moving average, and the resistance level near 135000 yuan / ton was tested in the short term above Shanghai tin. If it continues to break effectively, the next resistance is around 136500 million yuan / ton.

In the spot market, today's quotation is 136000won 138000 yuan / ton, while the buying interest of downstream enterprises is weak, some traders have received goods, and the overall performance of the Shanghai tin spot market is generally weak. For the Shanghai tin 2007 contract, Yunxi Shengshui 4500mur5000 yuan / ton, ordinary Yunzi Shengshui 4000RMB4500 / ton, small brand Shengshui 25003000RMB / ton.

 

Nickel: today, Apron Nickel slightly jumped low at US $12465 / ton, briefly weakened, followed by the rise of Shanghai Nickel, Lunni briefly turned red, reaching an intraday high of US $12495 / ton. Since then, short sellers entered the market to crack down and make Lenny green again, fluctuating at the $12440 / ton line. After entering the European trading session, Lunni was temporarily supported after falling to the intraday low of US $12385 / ton, while at the same time, the price of US crude oil also rebounded, so Lunni returned to above the daily average line. As of 17:48, Lunni temporarily closed at US $12445 / ton, down US $30 / ton, or 0.24%, from yesterday. Geneva Nickel mostly fluctuated around the daily moving average, with an upper target of US $12500 / ton. At present, the Yin Cross is temporarily recorded. At night, watch the changes in EIA crude oil inventories that week and the minutes of the May meeting released by the Federal Reserve to test Lenny's ability to break through the pressure of $12500.

The Shanghai Nickel 2007 main contract opened slightly lower at 102300 yuan / ton today. Shortly after the opening, the bulls actively entered the market. Shanghai Nickel immediately crossed the daily average line of 102500 yuan / ton, reaching a daily high of 103120 yuan / ton. After 10:00, the bulls began to stop their earnings and reduce their positions, and the short-term also tried to enter the market. Shanghai Nickel gradually fell back. In the second trading session of the morning market, Shanghai Nickel fell below the daily average line, reaching as low as 102100 yuan / ton. After a short game in the afternoon, Shanghai Nickel rose slightly and then fell back, but as the long and empty left one after another, Shanghai Nickel still closed near the daily moving average, closing at 102580 yuan / ton. The settlement price is up 1170 yuan / ton, or 1.15%, from yesterday. The position decreased by 3927 lots to 100000 lots, and the trading volume decreased by 143000 lots to 305000 lots. Today, Shanghai Nickel tried to make a breakthrough to the previous high of 103700 yuan / ton, but it fell under pressure after going up, and only Yin Cross Star was recorded. Positions show that the bulls have the momentum to stop profits, at night, we need to pay attention to the trend of Lunni and the US dollar, and test whether Shanghai Nickel can break through again after the consolidation of 102000 yuan / ton.

Today, SMM1 Electrolytic Nickel is quoted at 102600 RMB103500 per ton. Today, Shanghai Nickel continued to rise, with the early trading price rising 103000 yuan / ton, falling below 102500 yuan / ton after the second trading session. In the spot market, the quotation for rising water in the morning is basically stable compared with yesterday, the downstream demand is poor so that the transaction is light, the circulation between traders is also inactive, and the bidder is obviously more than the consignee. Today, Russo Nickel to Shanghai Nickel 2007 contract quoted 100 yuan / ton to Pingshui. Some traders believe that Shanghai Nickel continues to strengthen, even if the rise of the sticker can not promote the transaction; a small number of holders who have adjusted the price of Russo Nickel to 100 yuan / ton, the trading volume is still limited. As for Jinchuan Nickel, traders reported an increase of about 1100 yuan / ton for the Shanghai Nickel 2007 contract, and the transaction was light in the morning. However, the factory shipped Jinchuan No.1 Nickel today, and the ex-factory price in Gansu area was 102450 yuan / ton. Long Association traders enthusiastically picked up the goods in Jinchang one after another. In terms of nickel beans, the rising sticker water continued to decline, and the Shanghai Nickel 2007 contract was quoted at 900yuan / ton.

 

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