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Review on spot Trading Day of SMM Base Metals on May 21st
May 21,2020 18:55CST
Review on spot Trading Day of SMM Base Metals on May 21st
The content below was translated by Tencent automatically for reference.

SMM, May 21:

Copper: Apanlon Copper opened at $5444 a tonne today, falling briefly after opening. After the opening of trading in Shanghai, Lun Copper rose more than $30 / tonne to an intraday high of $5464 / tonne, but quickly gave up its gains and returned to its position of 5442 US dollars / tonne. Then Lun copper slowly rose about 10 US dollars / ton, at this time more flat into, Lun copper sharply fell to the lowest point of the day 5418 US dollars / ton. After exploring the low, it rebounded slightly and entered the European market, and Lun copper fluctuated around the position of 5430 US dollars / ton. Lun Copper closed down US $12.50, or 0.23%, at US $5433 per tonne as of 17PUR 00. Copper prices entered consolidation after yesterday's rally, giving up some of yesterday's gains, but remained above the $5400 mark, mainly affected by oil prices. A short-term drop in crude oil also dragged down copper prices. In European trading, French, German, British and euro zone Markit manufacturing PMI data in May were released one after another, which was better than expected as a whole, giving a short-term boost to market confidence, stopping copper prices from falling and fluctuating slightly around 5430 US dollars / ton. At present, the copper is overcast and the opening of KDJ is narrowed. In the evening, we will pay attention to the number of initial jobless claims in the United States in the week ending May 16 and the initial PMI value of the Markit manufacturing industry in the United States in May to test whether Lun Copper can rise again.

Yesterday night, copper in Shanghai rose sharply from 43800 yuan / ton to 44350 yuan / ton. Today, the main force of copper in Shanghai opened at 44340 yuan / ton in the morning, and the increase in copper price fell to 44210 yuan / ton. Then the bulls increased their positions one after another, and the price of copper rushed up to the highest point of the day, 44500 yuan / ton. However, the long day to push up the energy is limited, the disk slipped to 44340 yuan / ton, and around the position for horizontal finishing, until the close at noon. The volatility of copper price increased in the afternoon, the bulls left the market at a profit, the short positions increased, and the copper price fell to 44050 yuan / ton. Copper prices fell and rebounded before the close, and finally closed at 44150 yuan / ton, up 450yuan / ton, or 1.03%. Today, the number of positions in the main contract of Shanghai Copper increased by 3370 to 113000, mainly by long positions, the trading volume increased by 25000 to 107000, and Shanghai Copper 2006 reduced its positions by 4264 to 91000, mainly by short positions. During the day, the main force of Shanghai copper operated at a high above 44000, mainly because the market's expectations for the global economic recovery were further strengthened, and China was also eagerly looking forward to the introduction of positive policies by the "two sessions". Macro sentiment continued to heat up, and copper prices were supported. However, concerns about the long-term impact of the new crown epidemic remain. At present, the cumulative global diagnosis of new crown pneumonia has exceeded 5 million, and investor caution has stopped the decline of the dollar index and suppressed the rising momentum of copper prices. At present, Shanghai copper closed, continuing the rising trend, copper prices jumped away from the lower moving average, KDJ opening continued to expand, the technical side is good for copper prices. Wait for the guidance of the outer disk at night to test whether the bulls can continue to push to support the uprush of Shanghai copper.

Today, the spot price of electrolytic copper in Shanghai quoted a price of 160 yuan to 200 yuan per ton for the current month's contract, 44550 yuan / ton to 44650 yuan per ton for leveling copper, and 44560 yuan / ton to 44670 yuan / ton for copper with rising water. The two domestic sessions are just around the corner, and the market is expected to boost policies such as economic stimulus and new infrastructure. After the strong rebound of copper in Shanghai broke through 44000 yuan / ton, the target was 44500 yuan / ton, an increase of more than 500 yuan / ton. The price quoted by the consignor in the morning market was flat in the range of 180 yuan / ton, while the price of copper in Pingshui was OK. The rebound of the recognized copper price in the lower reaches maintained the pace of just receiving the goods, but due to the continuous increase in the clearance of imported copper into the warehouse, the supply of imported copper increased significantly, and the willingness of the consignors to exchange cash increased one after another, and they opened the mode of price reduction one after another in an attempt to win by price advantage and increase the chances of transaction and redemption.Therefore, Pingshui copper fell from 170 yuan / ton to 150 yuan / ton, and good copper fell to 170 yuan / ton, which was not as good as flat copper. Due to the obvious proportion of wet-process copper and low-end imported copper in imported copper sources, wet-process copper dropped directly from 150 yuan / ton in the morning market to 130 yuan / ton in the morning market. The market is high, although there is no shortage of buyers in the market, it is difficult to withstand the eagerness of shippers to sell. If the Shanghai-Lun ratio remains strong, the inflow of imported copper will also continue, and the rising water will stop at the 200 yuan / ton mark in the short term because of the high exchange pressure. In the afternoon, the market gave up the gains at a high level, and the holders continued to change the pace. Flat copper has fallen to 140mur150 yuan / ton, while it is very difficult for good copper to rise to 170 yuan / ton. The transaction price is still lower than flat copper, and the transaction price is 44,540 yuan / ton.

Aluminum: Roon Aluminum opened at US $1513 / ton in the morning. The early Asian session shock probed high, the high of US $1520 / ton refreshed the highest price since the end of April, and the high level fell in the late Asian session. It fluctuated all the way to the intraday low of 1507 US dollars / ton. After entering the European trading session, Lun Aluminum began to rebound from its low level and fluctuated all the way up. By 17:22, Lun Aluminum rose again to around 1520 US dollars / ton, and finally closed at 1519 US dollars / ton. Up US $4 / ton, or 0.26%, trading volume decreased by 8849 to 5291 lots, position decreased by 3464 to 853000 lots, closed at the Xiaoyang line, the center of gravity jumped above all moving averages, located on the upper track of the Brin channel, and the third line of the daily KDJ continued to rise. The macro atmosphere has improved during the day, and aluminum prices have a strong trend of breaking through the $1500 / ton mark above, but considering that the weak state of foreign consumption has not fundamentally changed, it is expected that the space to continue to rise at night is relatively limited, and continue to pay attention to the dollar index and key macro data such as PMI in Europe and the United States at night.

The main 2007 contract of Shanghai Aluminum opened at 12950 yuan / ton in the morning, and the short positions were reduced at the beginning of the session. Aluminum prices slightly reached an intraday high of 13020 yuan / ton, continued to rise, and then the high level fell all the way down. During this period, it briefly hovered at 12900 yuan / ton and failed to receive the relevant guidance. In the afternoon, the downside continued, the low fell to 12640 yuan / ton, and then rose at the end of the day. It closed at 12775 yuan / ton, down 95 yuan / ton, down 0.74%. Trading volume increased by 70974 lots to 162000 lots, while positions decreased by 3326 lots to 157000 lots, closing at the Xiaoyin line, with the daily KDJ third-line converging downward. Today, the National two sessions officially kicked off, focusing on the focus of the market, paying attention to the guidelines of the announcement of related news on the mood of the night market and changes in positions.

Aluminum shot up and fell back in the early afternoon. In the morning, some spot quotations in Wuxi area of Shanghai were between 13450 and 13470 yuan / ton, but the transaction between buyers and sellers was cautious and the order of magnitude was not large. The rising water was around 200 yuan / ton. Although a large family carried out a procurement plan today, the actual trading volume was less than 10,000 tons. After 10:15, the market transaction heat dropped, and the decline in aluminum futures widened. The spot quotation narrowed to 160tel 180 yuan / ton, and the absolute price was between 13400rel 13440 yuan / ton. At this time, the shipping enthusiasm of the holder is obviously improved, and the buyer of the middleman has a more obvious advantage in bargaining, and the actual transaction is more general. Downstream today is mainly on-demand procurement, hesitant to receive goods, fear of heights is obvious, wait and see is still the same. The overall transaction in East China is OK today. Aluminum concussion fell in the afternoon, falling by nearly 100 yuan at one point. The holder hesitated to ship the goods, and the middleman did not receive much of the goods. The transaction price of individual traders was around 13180 yuan / ton, while the price of rising water to the market was 180,220 yuan / ton, and there were few transactions downstream.

Lead: during the day, Lun lead opened at US $1696.5 / ton. During the Asian period, Lun lead moved along the daily moving average and entered the European period. Lun lead briefly continued the volatile market, and then due to the overall weakness of non-ferrous metals, short sellers entered the market at the right time, and Lun lead fell to US $1682.5 / ton. As of 16343, Lun lead temporarily received US $1685.5 / ton, down US $8.50 / ton, or 0.5%. Lun lead temporarily closed the Xiaoyin line, 60-day moving average suppressed the upward pace of Lun lead, taking into account the weak trend of Lun Zinc, it is expected that Lun lead or resonance down at night, testing the lower 40-day moving average support.

During the day, the main 2007 contract of Shanghai lead opened at 14150 yuan / tonne. At the beginning of trading, Shanghai lead was consolidated around the daily moving average. In the afternoon, long funds re-entered the market to push up the lead price to 14280 yuan / ton, and the back air increased and decreased. Shanghai lead fell near the daily average line, and finally closed at 14170 yuan / ton, up 120 yuan / ton, or 0.85%. The position increased by 4226 hands to 25102 hands. Shanghai lead closed at Wulianyang, strengthened along the upstream channel, and successfully stood at the Wansi pass. From a technical point of view, Shanghai lead is expected to continue to strengthen strongly, superimposed by a pick-up in domestic macro-sentiment, so it is not appropriate to meet high selling short this week.

Shanghai Changchi Hongyang lead 14455mur14505 yuan / ton, for Shanghai lead 2006 contract liter 250Mel 300 yuan / ton; Wuxi market south lead 14355 Mel 14385 yuan / ton, for Shanghai lead 2006 contract liter water 150mur180 yuan / ton quotation. Lead futures continued a strong trend, while the lower reaches were afraid of high and cautious, some maintained long order trading, while the discount for recycled refined lead expanded, a few reported to the SMM1# lead average price discount 350,300 yuan / ton out of the factory, traders also lowered their quotations and raised water, but trading in the bulk market was still weak.

Guangdong market Nanhua lead 14200 yuan / ton, 50 yuan / ton for SMM1# lead price rise; Jinli and Wanyang 14125 yuan 14150 yuan / ton, 25 yuan / ton to flat water price for SMM1# lead price (trader); Hunan Shuikoushan 14100 yuan / ton, 50 yuan / ton for SMM1# lead price; 14000 yuan / ton for Hunan Jingui, 150 yuan / ton for SMM1# lead price. Jiangzhong 14150 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 stable, Henan smelters are mainly long order shipments, bulk order shipments are reduced, bulk stickers in Hunan and other areas continue, market trading is weakening today, and downstream procurement is dominated by recycled lead.

Zinc: zinc in Geneva opened at US $2042 / tonne, the trend of zinc in Geneva was stable in the morning, fluctuated in a narrow range around US $2035 / ton below the daily average line, with less than US $5 / ton in upper and lower space, and the zinc volume fell in the late afternoon. The center of gravity of Lenn zinc quickly moved down to around $2015 / ton, and the low hit $2008 / ton, then stopped falling and straightened out. It finally closed down US $2014 / ton, down US $30.50 / ton, or 1.52%. Zinc received a big negative column, fundamentals, the recovery of consumption brought about by the restart of overseas economy, the conversion of Lun zinc to Back structure and the gradual deepening of the degree, and the rapid downward revision of the internal and external price ratio constitutes a good thing, but the synchronous recovery of the mine end presses the rally, and the kinetic energy of breaking on Lun zinc is slightly insufficient, and it is expected that in the evening, it will continue to test the support strength of 2000 US dollars / ton.

During the day, the main 2007 contract of Shanghai zinc opened at 16735 yuan / ton, and the long-short game was still deadlocked at the beginning of the session. Shanghai zinc fluctuated in a narrow range around 16700 yuan / ton, the upper and lower amplitude was less than 50 yuan / ton, and the bulls gradually reduced their positions and left the market in the afternoon. Zinc volume fell by 16405 yuan / ton, and some short sellers left the market at the end of the day. Zinc slightly repaired, closing down 16495 yuan / ton, down 255yuan / ton, down 1.52%, and trading volume increased by 95770 to 206000 hands. The position decreased by 7882 hands to 106000 hands. Zinc received a big negative column in the future, funds moved positions far away, Back expanded rapidly, and after the supply-side story came to an end, zinc fundamentals lacked a new story, coupled with the weak performance of the spot side, it is expected that zinc still needs to be slightly adjusted downwards.

The mainstream transaction of zinc in Shanghai was 16875 million 16925 yuan / ton, Shuangyan 16835 yuan / ton, and imported zinc 16845 yuan 16895 yuan / ton. Shuangyan quoted 150 yuan / ton of water in June, imported zinc quoted 110 million yuan / ton in June, and Shuangyan traded 16805 million yuan / ton in June, while Shuangyan quoted 150 yuan / ton of water in June, while Shuangyan quoted 150 yuan / ton of water in June, Shuangyan quoted 160 yuan / ton of imported zinc in June, and Shuangyan quoted 150 yuan / ton of water in June. Shanghai Zinc 2006 contract shock operation, the first trading session of the morning market closed at 16740 yuan / ton, the trading market turned weak today, the market is dominated by shipments, and the mainstream market transactions are concentrated in the average price discount of 5 yuan / ton to flat water on the SMM net. With the quotation, the morning market price of 2006 contract rose 155 yuan 160 yuan / ton, and after the market trading became light, the holder lowered the rising water quotation to 2006 yuan 150 yuan / ton contract. Entering the second period of time, the market quotation fell further, and the mainstream of the consignors reported a rise of 140yuan / ton for the 2006 contract. Today, the market trading became weaker, the consignors were mainly shipments, the spot rising water fell, and the purchasing mood downstream today is still general. It is not based on the need to buy goods. Overall, trading in the Shanghai area has weakened today.

The mainstream transaction of Ningbo Brand was 16830mur16930 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands was maintained at a discount of 10 yuan / ton. The price of ordinary brands in Ningbo was raised around 120,000,000 yuan / ton in a contract of 2006. The morning market was adjusted downwards, and the consignors actively shipped and slightly lowered the rising water. In the morning, the West Mining News rose 120 yuan / ton for the June contract, and Yunxi News raised 120 yuan / ton for the June contract. Tiefeng, Huize and Kirin reported a water increase of 150 yuan / ton for the June contract, which was basically unchanged compared with yesterday. Today, zinc prices are slightly reduced, downstream enterprises are willing to receive goods slightly better, superimposed Xikuang, Yunxi and other sources of quotations are slightly reduced, market transactions are concentrated in low-priced brands, other brands are still poor. On the whole, the trading atmosphere in the market today is warmer than that of yesterday.

The mainstream transaction of zinc in Guangdong Province was 16730mur16820 yuan / ton, and the quotation was concentrated in the price increase of 60,000,000 yuan / ton for the Shanghai zinc 2007 contract, and the discount of the Guangdong market was 130 yuan / ton higher than that of the Shanghai stock market, which was 10 yuan higher than that of the previous trading day. The first trading session, the initial market is still trying to push the price delivery, individual traders quoted higher prices, rising water prices, but poor market feedback, coupled with the warehouse receipt outflow of additional negotiable goods, the late market quotation loosened, Kirin, Huize, Mengzi quoted for the Shanghai zinc contract in July up 70 RMB80 / ton, Tiefeng Shengshui 60RMB70 / ton. The second trading session, downstream purchases more yesterday, today slightly wait-and-see, traders in the face of rising water is also limited, market transactions are weak, individual holders slightly adjust the price of shipments, but the overall market quotation has not changed much. Kirin and Mongolia quoted a price for the July contract of zinc in Shanghai for 65 RMB80 / ton, and Tiefeng Shengshui 60 RMB70 / ton. The mainstream transactions of Kirin, Mengzi, Huize, Tiefeng and Feilong were 16730mi 16820 yuan / ton.

The mainstream turnover of zinc ingots in Tianjin market was 16940Mel 18030 yuan / ton, while that of ordinary brands was 16940Lue 17010 yuan / ton. for the 2006 contract, the price of rising water was around 190yuan / ton to 250yuan / ton. compared with Shanghai stock market, the price of Tianjin stock market was reduced from 60 yuan / ton to about 50 yuan / ton. Today, Shanghai zinc slightly pullback, the spot market at the beginning of the period to maintain a discount price, cut down the discount before noon, the price is more unified, the ordinary brand lark newspaper in the 06 contract quoted a rise of 200 won 170 yuan / ton, Hongzhong quoted a rise of 230 Mel 210 yuan / ton, Chi Hong quoted a rise of 190 yuan / ton on the 06 contract, and the high-priced brand Zijin quoted a rise of 250 million yuan / ton on the June contract. Today, zinc prices fluctuated mainly, traders and smelters made goods at the beginning of the period, but the transaction was still light, and the traders took the initiative to lower the discount quotation before the close at noon; downstream, the spot price in Tianjin did not fall sharply today. Downstream enterprises tend to take low-cost brands, mainstream brands turnover is light. On the whole, today's transaction is still mediocre. Zinc ingots traded at around 16890 RMB16960 per ton.

Tin: after the opening of the Lunxi electronic disk at US $15520 / ton today, during the Asian session to the beginning of the European market, Lunxi generally maintained a shock finishing around US $15600 / ton, and the center of gravity increased somewhat. As of 17Rom 00, the latest price of Lunxi is US $15650 / tonne, showing a positive line, the physical part is above all moving averages, and the resistance test above Lunxi is around US $15700 / ton.

After the opening of 134600 yuan / ton last night, the main tin 2007 contract in Shanghai showed a trend of first suppressing and then rising. At the beginning of the session, it rebounded after falling to an intraday low of 133820 yuan / ton, and gradually pushed up the price trend. After the opening of 135000 yuan / ton in early trading today, due to the influence of bullish positions rising to an intraday high of 136180 yuan / ton at the beginning of the day, some bulls left the market, and the tin pressure in Shanghai fell back, finally closing at 134770 yuan / ton, down 150 yuan / ton, with a turnover of 47665 lots and a position of 29442 lots, a decrease of 1158 lots. Today, Shanghai tin closed with a cross star line, located above all moving averages, and it is expected that the resistance above the Shanghai tin main 2007 contract will be around 135000 yuan / ton.

Spot market, today's quotation of 136500 murals 139500 yuan / ton, a small number of downstream enterprises just need to purchase, some traders receive the goods cautiously. 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 4500 yuan / ton, the ordinary Yunzi rising water is around 4000 yuan / ton, and the small brand rising water is around 2000 yuan / ton.

Nickel: the Lunni sub-market opened at US $12700 / ton today and briefly fell by US $12630 / ton after opening. After the opening of Shanghai Nickel, Lunni immediately turned red and went straight to US $12805 / ton. High pressure fell back, but overall around the daily average of $12730 / ton narrow range shock until the end of the Asian market. After entering the European trading session, Lunni showed a rising momentum again, first reached 12815 US dollars / ton, and then the European region announced that the initial value of Markit manufacturing PMI in May was higher than expected, helping Lunni to reach the intraday high of 12840 US dollars / ton. As of 18 00, Lunni temporarily closed at US $12820 / ton, the settlement price was up US $110USD / ton, or 0.83%, for four consecutive days, the MACD red column continued to grow, the daily KDJ third-line opening upward, from a technical point of view, there is still room for nickel prices to rise. In the evening, we will pay attention to the number of first-time jobless claims in the United States and manufacturing PMI data to test whether Lenny can consolidate at a high level of 12800 US dollars / ton.

Shanghai Nickel 2007 main contract opened at 104780 today. Last night, Shanghai Nickel broke through the pressure level and rose sharply. After the opening of trading this morning, the bullish offensive continued to increase positions, reaching as high as 105800 yuan / ton in the morning, a new high in nearly three months. After that, the increase in Shanghai nickel vomiting fell to 104400 yuan / ton, the lowest point in the day. After that, Shanghai Nickel gradually stabilized and rose back above 105000 yuan / ton until the end of morning trading. In the afternoon, the long and short sides still played a game around 105000 yuan / ton, but mainly to reduce positions, although at one point down 104480 yuan / ton, but the end of the day before the end of the Shanghai nickel rose again, and finally closed at 105110 yuan / ton. The settlement price rose 2570 yuan / ton, or 2.51%, compared with yesterday. The position increased by 16820 hands to 117000 hands, and the daily position increment in the morning market once reached more than 20, 000 hands, indicating that the bulls' energy was strong, so the short positions of the day mostly chose to avoid risks and leave at the end of the day. The trading volume increased by 130000 hands to 435000, recording Dayangzhu, which stood on the first line of 102500 yuan / ton. At present, the main position of Shanghai Nickel bulls is still present, in the case of the two domestic conferences, short positions are expected to stop. Pay attention to the long position of Shanghai Nickel in the evening and test whether Shanghai Nickel can continue to consolidate at the 105000 yuan / ton line.

Today, SMM1 Electrolytic Nickel quotation 104750mur105650 yuan / ton, due to the unexpected drop of US crude oil yesterday, basic metals slightly boost, but the nickel market bulls took advantage of the opportunity to significantly increase positions, Shanghai nickel breakthrough pressure rose to the highest level in nearly 3 months, today's nickel futures price around 105000 yuan / ton first line. In the spot market, the discount for rising traders has been lowered to a certain extent today, and traders have made active enquiries in the morning, but when downstream demand is restrained, the market is extremely deserted, and the market has not improved in the afternoon. Russo Nickel to Shanghai Nickel 2007 contract quoted 150 to 50 yuan / ton, at the same time, there has been a new import of Russian nickel quotation in the past two days, it is reported that if a large amount of procurement can be reduced to a certain extent. In terms of Jinchuan nickel, the mainstream traders in the morning market are still reporting that the trading price is still 900mur1100 yuan / ton, and the transaction situation is light. Due to the different holding costs of various traders in the market, it is difficult to replicate the transaction price of a small amount of riser 700mur800 yuan / ton. Jinchuan Company today's ex-factory price of 105400 yuan / ton, No. 1 nickel continues to be out of stock in Shanghai, Gansu area can be pre-sold next week to pick up goods, Jinchuan electroplated grade thick plate is currently on sale. As for nickel beans, the discount has not been further expanded today, and it is still quoted as 900 won 800 yuan per ton.


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