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Review on spot Trading Day of SMM Base Metals on May 22nd
May 22,2020 19:32CST
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Source:SMM
Review on spot Trading Day of SMM Base Metals on May 22nd
The content below was translated by Tencent automatically for reference.

SMM, May 22:

Copper: today, Apanlon Copper opened at US $5381 / tonne. After the opening of Shanghai Copper, Duoping Copper fell below its daily moving average and quickly fell to US $5314 / tonne. After that, the decline slowed slightly, and the copper price rebounded slightly to US $5340 / tonne. Disk shock fell to 5320 US dollars / ton. Before the close of trading in Shanghai, Lun Copper once again showed a rapid decline. Entering the European trading session, copper prices fluctuated around 5280 US dollars / ton. Lun Copper closed down US $5289, or 1.87 per cent, at US $5289 per tonne as of 17PUR 00. Copper prices fell sharply today, falling below the $5300 mark, mainly due to fluctuations in oil prices. As tensions between China and the United States continue to grow, global concerns about international trade have risen, and market risk appetite has plummeted. Given next week's holiday, some investors fled at a profit, exacerbating the fall in oil prices and dragging down copper prices. Lun copper negative today, has given up most of the gains in the week, KDJ three-line crossover downward, the technical side of the bearish copper price. In the evening, follow the minutes of the ECB's monetary policy meeting to test whether Renton Copper can once again stand above the $5300 / tonne mark.

Today, the main force of Shanghai copper opened at 43880 yuan / ton in the morning. After opening, the copper price fell flat, and the copper price fell to 43690 yuan / ton in the short term. Then the bullish positions led the copper price to rebound slightly, but the promotion energy was insufficient, and the short-selling pressurized disk fell to 44330 yuan / ton. Copper prices rebounded slightly after exploring low prices, the center of gravity stabilized at 43440 yuan / ton, and closed at 43520 yuan / ton at noon. Opening in the afternoon, copper prices fluctuated slightly around 43450 yuan / ton, and the copper price fell slightly, closing at 43260 yuan / ton, down 940 yuan / ton, or 2.13%. Today, the main contract of Shanghai Copper reduced its positions in the day by 4263 to 109000, mainly by long positions; the trading volume increased by 40000 to 147000; and the Shanghai Copper Index reduced its positions by 8405 to 332000, mainly by long positions. The government work report for 2020 released today did not set a specific GDP growth target, confirming the market's expectation of serious economic damage. In addition, tensions between China and the United States have further escalated as global investors worry that another deterioration in trade relations between the two countries will damage the economy, and the recent upsurge of risk sentiment has put pressure on copper prices. The fall in oil prices today also dragged down copper prices. The fundamentals have not changed much. Today, Shanghai copper closed negative, giving up the previous three days of gains, MACD red column significantly shrank, close to the 5-day and 10-day moving average, waiting for the outer disk guidelines in the evening to test whether Shanghai Copper can hold the 43000 mark.

Today, the spot price of electrolytic copper in Shanghai is quoted at 150 yuan / ton to 170 yuan / ton in the current month, the transaction price of copper in Pingshui is 43680 yuan / ton ~ 43870 yuan / ton, and the transaction price of copper in Shanghai is 43690 yuan / ton ~ 43880 yuan / ton. Today, copper in Shanghai gave up most of the gains in the week, and copper prices fell back to 43600 yuan / ton, a decline of more than 800 yuan / ton. The morning quotation is 150 to 170 yuan / ton, the good copper is concentrated in 160 yuan / ton, the copper in Pingshui is 150 yuan / ton, and the price of wet copper is higher than 110 yuan / ton to 130 yuan / ton. The sharp rise in the market decline remained stable, and the holders did not have the mood of yesterday's sharp sell-off, and some downstream entered the market for replenishment at bargain prices, and traders intended to raise the water level even lower, but there was no room for substantial price reduction yesterday, so they were slightly cautious. The spot quotation range is only around 10 yuan, and the overall trading market situation shows a wait-and-see cautious attitude. In the afternoon, the market continued to slide at 43500 yuan, and at the end of the day, it fell below 43400 yuan / ton, closing at the lowest point of the day, but the spot quotation was stronger than the morning market, and the holder clearly showed signs of raising the price. In the afternoon, flat copper quoted a rise of 160 million yuan / ton, good copper rose 170 yuan / ton, and the transaction price dropped to 43640rel 43760 yuan / ton.

 

Aluminum: Lun Aluminum opened at US $1520.5 / ton in the morning. The opening did not continue yesterday's rally, and the overall trend of the day showed a fluctuating and sinking trajectory, and at the preliminary low of US $1503 / ton in European trading, it gave up all the gains of the day before. as of 18:15, Lun Aluminum closed at 1504 US dollars / ton, down 18 US dollars / ton, or 1.22%. The trading volume decreased by 10037 to 4658 hands, and the position increased by 3766 hands to 856000 hands, closing at the Zhongyin line. However, it is still above all moving averages, and the third line of daily KDJ is adhered to. It is expected to continue to hover around the $1500 / ton mark at night to wait for relevant guidance, and to pay attention to the impact of changes in the dollar index and interest rate decisions announced by the European Central Bank on macro sentiment at night.

The morning jump of Shanghai Aluminum's main 2007 contract opened as low as 12840 yuan / ton. In the first trading stage, the shock fell back to the intraday low of 12730 yuan / ton, and in the second trading stage, the low rebounded all the way up, reaching 12835 yuan / ton. Due to the strong resistance of the 60-day moving average above, aluminum prices were difficult to continue to break through, and then softened to maintain a narrow range. The daily trading closed at 12790 yuan / ton, down 55 yuan / ton, down 0.43%. Trading volume decreased 38777 lots to 123000 lots, position increased 980 lots to 158000 lots, closed at Xiaoyang line, the center of gravity is below the 5-day moving average, and it is lower than yesterday, the daily MACD red line is shortened. Today, the two sessions announced good news related to tax cuts and fee cuts, but the non-ferrous disk has not yet received bullish signals, and the overall trend is not strong today. Superimposed aluminum prices are faced with expectations of weakening the marginal consumption of fundamentals, and do not continue to rise today. It is expected to continue to test the resistance at the Wansan pass above at night, and pay attention to the changes in market trading sentiment and the release of related macro news in the evening.

The aluminum interval concussion is mainly in the early afternoon. In the morning, the spot quotation in Wuxi area of Shanghai was between 13,100mur13120 yuan / ton. in the morning, the holder was not optimistic about the future in the morning. the expected market price was high, the shipment was very positive, the quotation was low, and the middleman hesitated to accept the goods. The transaction between the two sides was average. After 11: 00, the market price was concentrated between 13,130mur13150 yuan / ton, and the rising and sticking water was maintained at 80anth120 yuan / ton before noon, and the absolute price dropped by more than 300 yuan / ton compared with yesterday. The purchase volume of a large family is not much today, and the transaction between traders is OK. Downstream today's pick-up enthusiasm has increased, as aluminum prices fell sharply compared with yesterday, superimposed weekend reserve demand, today's willingness to buy goods rebounded from yesterday. The overall transaction in East China is OK today. Afternoon aluminum maintained a narrow range of shocks, individual holders quoted prices around 13120 yuan / ton, rising water to the disk around 80 yuan / ton, the afternoon market light almost no deal.

 

Lead: during the day, Lun lead opened at US $1644 / ton. during the Asian period, Lun lead fluctuated in a narrow range along the daily moving average line. In the afternoon, the overall non-ferrous metals weakened, and the center of gravity of Lun lead fell, reaching US $1615.5 / ton at one point. As of 16 43, Lun lead temporarily closed at US $1617 / ton, down US $37 / ton, or 2.24%. Lun lead temporarily received the bare foot of the vulva line, basically fell back to the early low concussion platform, if the United States index continues to climb, and crude oil high decline, Lun lead may continue to explore low at night.

During the day, the main 2007 contract of Shanghai lead opened at 14090 yuan / ton, and the daily moving average fluctuated under pressure throughout the day. During this period, it was as low as 13975 yuan / ton, and some short sellers stopped earnings and left the market. Shanghai lead returned to above 10,000 yuan / ton, and finally closed at 14045 yuan / ton, down 115yuan / ton, down 0.81%. The position increased by 763 to 25865 hands. Shanghai lead closed on the Xiaoyin line, the upward pace slowed down, and the 5-day moving average slowed down. After the European period, Lun lead continued to weaken, which at night or dragged down the 5-day moving average support under the Shanghai lead test.

Shanghai Changchi Hongyang lead 14435mur14485 yuan / ton, price for Shanghai lead 2006 contract liter water 250mur300 yuan / ton; Wuxi market southern lead 14335Mel 14365 yuan / ton, price for Shanghai lead 2006 contract liter water 150mur180 yuan / ton. The momentum of lead rise is limited, the price of the holder is in line with the market, but most of the lower reaches just need to purchase, coupled with the obvious price advantage of recycled lead, there is still no significant improvement in the bulk market.

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 $1970.5 / ton, zinc fluctuated in a narrow range around US $1965 / ton at the beginning of the day, then a V-word rebound was recorded when the concussion fell below US $1948 / ton, and basically showed a one-word arrangement around US $1965 / ton. in the afternoon, the center of gravity sank slightly to a narrow range of fluctuations around US $1960 / ton, and the overall operation during the day was relatively stable. As of 1700, Lun Zinc closed down US $1955.5 / ton, down US $13 / ton, or 0.66%. Lun Zinc closed a small negative column, the focus of operation further moved down, overseas economic restart continued to advance, while LME zinc inventory maintained a slight downward trend, the outer disk fundamentals are healthier than domestic, but Lun Zinc is not expected to have a strong performance in the context of the general decline in non-ferrous metal, it may be weaker in the evening.

During the day, the main 2007 contract of Shanghai zinc opened at 16335 yuan / ton, and the short selling force at the beginning of the session was strong, and the zinc was tested downward twice, and the second downward probe reached a low of 16165 yuan / ton, and then the surplus plate promoted the upward repair of zinc. Within the backfilling day, all the decline to the daily moving average near the finishing operation, the center of gravity remained stable at about 16370 yuan / ton, the upper and lower amplitude was only about 50 yuan / ton. The final close fell 16395 yuan / ton, down 100 yuan / ton, down 0.61%. Trading volume increased by 22244 lots to 228000 lots, and positions decreased by 8873 lots to 97446 lots. The long shadow line of the zinc harvest is driven by long positions, social inventory is relatively high, the mine story is coming to an end, the fundamentals are weak, and zinc is expected to be weak and volatile at night.

The mainstream transaction of zinc in Shanghai was 16460 Mel 16605 yuan / ton, Shuangyan and Chihong 16610 yuan / ton, Shuangyan and Chihong reported water 145 Mor 160 yuan / ton in June, Shuangyan and Chihong reported 150 Mel 160 yuan / ton in June, and Shuangyan and Chihong traded 16380 RMB16540 / ton. Shanghai Zinc 2006 contract shock bottomed out and rose again, closing at 16475 yuan / ton in the morning market. Zinc prices adjusted downwards, long orders entered the closing stage within the month, trading activity among traders did not decrease, and market transactions recovered obviously. in the morning market, domestic water rose about 150 yuan / ton, which was basically the same as yesterday, but the transaction was still dominated by the average price. part of the transaction was done by rising water 150 yuan / ton. Entering the second trading session, downstream inquiry procurement increased, and traders entered the market to buy, but the transaction price decreased slightly, focusing on about 150 yuan / ton of rising water, while the supplement decreased after the import window was closed, and imports of Spain and Belgium were gradually digested. There was more SMC circulation in the Shanghai stock market during the day, with a quotation of 120 million yuan per ton, while Shuangyan, Huize and other downstream brands traded at about 150 yuan per ton, with a small price difference. The actual consumption in the lower reaches of the day picked up significantly, and some of them were still weak in the future, showing caution in procurement, and the overall intraday turnover was better than that of yesterday.

The mainstream transaction of Ningbo Gao was 16480 Mel 16580 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 for ordinary brands in Ningbo was raised around 120,580 yuan / ton for a contract of 2006. Overnight non-ferrous metals fell, zinc prices reduced traders active shipments, but due to poor market demand, the holder price willingness is not high. In the first session of the morning, the market continued to quote yesterday. Huize and Tiefeng reported an increase of 150 yuan per ton for the June contract, 130 yuan per ton for the June contract, and 120 yuan per ton for the June contract. The first period of downstream trading is relatively light, entering the second trading session, the market fell again, downstream enterprises entered the market inquiry increased, today's trading situation is slightly warmer than yesterday.

The mainstream transaction of zinc in Guangdong was 16270mur16490 yuan / ton, and the quotation was concentrated on the price increase of 90rel 110 yuan / ton in the 2007 contract for Shanghai zinc, and the discount of 150 yuan / ton in the Guangdong market was 20 yuan higher than that in the previous trading day. In the first trading session, futures prices fluctuated downwards, and downstream market inquiries for bargains increased, coupled with the widening price difference between futures the following month, the holder offered a firm price for the next month's contract, but the supply of high-rise water was generally traded, and the overall market demand was better. Kirin, Huize, Mengzi quoted water for the Shanghai zinc contract for July, rising water 90,100 yuan / ton, Tiefeng rising water 90,100 yuan / ton. In the second trading session, with the rebound in futures prices and more purchases in the first period, there was a strong wait-and-see mood downstream, demand dropped, market trading cooled, some holders offered relatively stable quotations, and individual prices for next month's tickets were on the low side. The overall deal is average. Kirin, Mengzi and Huize quoted for the July contract of zinc in Shanghai to raise water by 90mur100 yuan / ton. The mainstream transactions of Kirin, Mengzi, Huize, Tiefeng and Feilong were 16270mi 16490 yuan / ton.

The mainstream turnover of zinc ingots in Tianjin market was 16610mur17680 yuan / ton, while that of ordinary brands was 16610mur16690 yuan / ton. For the 2006 contract, the price of rising water was around 200yuan / ton to 260yuan / ton. Compared with Shanghai stock market, the price of rising water in Tianjin rose from 50 yuan / ton to about 70 yuan / ton. Today, the decline of Shanghai zinc expanded, the spot market maintained a rising discount price, and the price was more divergent. The ordinary brand Bering quoted a rise of 210 yuan / ton for the 06 contract, and Hongyi quoted a rise of 230 yuan / ton for the 06 contract. Chi Hong quoted a rise of 200 yuan / ton for the 06 contract, and the high-priced brand Zijin quoted a rise of 260 yuan / ton for the June contract. Today, the decline in zinc prices widened, and traders slightly raised their discount quotations, with some traders and refineries more willing to raise prices and higher rising prices. Downstream, after a sharp drop in spot prices in Tianjin today, the willingness of downstream enterprises to take goods has obviously improved, and it is better to replenish inventory at lower prices. On the whole, today's transaction is significantly better than that of a few days ago. Zinc ingots traded at around 16560 RMB16640 per ton.

 

Tin: Lunxi electronic disk opened at US $15340 / ton today, and the overall Asian session remained fluctuating near the opening price. At the end of the Asian session, Lunxi rose to $15430 / ton and then fell back under pressure quickly, falling as low as $15150 / ton. After the opening of the European market, Lunxi bottomed out and rebounded. As of 17Rod 00, the latest price of Lunxi is $15340 / ton, showing a cross-star line, the lower shadow line is located near the 10-Mel 20-day moving average and the 60-day moving average, and the upper impact is near the 5-day moving average. The lower support of Lunxi is expected to be around 15100 US dollars / ton.

Shanghai tin 2007 contract last night after the opening of 134990 yuan / ton, affected by the gradual reduction of positions, the overall shock downward. After the opening of 132820 yuan / ton in early trading today, affected by the reduction of long positions again, the trend of night trading showed a downward trend, and finally closed at 131710 yuan / ton, down 3060 yuan / ton, or 2.27%. The trading volume was 53516 lots, the position was 28187 lots, and the number of hands was reduced by 1255 hands. Today, Shanghai tin shows a negative line, and the physical part is located near the 5-day moving average, which is supported by the 10-day moving average. It is expected that the lower support of Shanghai tin is located near the integer gate of 130000 yuan / ton.

On the spot market, today's quotation is 136000 RMB138000 per ton. Intra-day downstream enterprises just need to purchase, some traders also receive a small amount of goods, the overall transaction atmosphere in tin city is general. For Shanghai tin 2007 contract, Yunxi Shengshui 4500won 5000 yuan / ton, ordinary Yunzi Shengshui 4000Lue 4500 yuan / ton, small brand Shengshui 3500 yuan / ton.

 

Nickel: the Lunni Asian market opened at US $12420 / ton today and gradually fluctuated upwards after opening, reaching as high as US $12655 / tonne, but a large number of long positions were closed after the opening of Shanghai Nickel, which dragged Lunni down sharply. From red to green and fell to $12200 / ton, it was temporarily supported. At one point in the afternoon, it rebounded to $12340 / tonne, but due to the pressure at the 10 moving average, Lenny turned around again and shook down until the end of the Asian session. After entering the European trading session, Lunni began to repair upward at the intraday low of 12105 US dollars / ton. Lunni closed at $12217 a tonne as of 17PUR 30, down 1.61 per cent from yesterday. At present, the Yin column is temporarily recorded, with the 5-day moving average above the head of the entity, standing above the 20-day moving average, but there are long shadow lines pulling up and down. KDJ three lines cross after the opening downward, the similarities and differences of the moving average of MACD is about to cross, there are signs of weakness on the technical side, but in the case of multiple moving averages below, Lunni has not fully recouped its gains during the week. Lenny is expected to continue to wobble between $12,000 and $12600 a tonne next week.

In terms of Shanghai Nickel, a number of contracts in Shanghai Nickel plunged sharply before the close of trading last night, resulting in a suspected "own finger" incident. After the market opened this morning, it was revised according to the price difference between internal and external trading. Shanghai Nickel 2007 main contract opened at 102890 yuan / tonne. After a large number of positions were closed immediately at the beginning of the session, Shanghai Nickel fell to 102800 yuan / ton first-line shock. After 9:30, the short-term attempted to enter the market to exert pressure, and the bulls continued to close their positions and leave. Shanghai Nickel fell above the 100000 mark, subject to the 20-day moving average pressure, running at 100,200m2 and 101000 yuan / ton until the afternoon. After about 14: 00, Shanghai Nickel fell below 100, 000, and the long-empty line around 99700 yuan / ton fled the market one after another, with the lowest falling to 99520 yuan / ton during this period, the lowest point in the day. Shanghai nickel finally closed at 99760 yuan / ton, down 4670 yuan / ton from yesterday, a drop of 4.47%. Bulls left the market in large numbers, with their positions reduced by 37198 to 79672 compared with yesterday, while trading volume increased by 200000 to 636000. At present, in the macro aspect, the market has high expectations for the policy, but there is no clear positive at the moment, superimposing the panic caused by yesterday's suspected "own finger" incident, making Shanghai Nickel give up all the gains in the week. However, over the past month, most of Shanghai Nickel has been operating within the 98000 RMB102500 / ton platform channel, and in the case of relying on the lower 40 / 60 daily moving average support, the future of Shanghai Nickel will still be dominated by consolidation and lower support. Next week, Shanghai Nickel is expected to continue to fluctuate between 98800 and 102500 yuan / ton next week.

Today, SMM1 Electrolytic Nickel quoted price 100400 won 101400 yuan / ton. Yesterday, Shanghai Nickel plunged sharply in late trading. Shortly after the morning trading was revised to 104000 yuan / ton, it continued to decline. In the morning, it fluctuated weakly above 100, 000 yuan, and fell below the 100000 mark in the afternoon. In the spot market, enquiries were active but only sporadic transactions were made after the morning opening, and the transaction gradually warmed up after the nickel price fell to around 100400 yuan. Although there is no large order purchase in the steel mill in the morning, the sharp drop in nickel price still stimulated the enthusiasm of terminal consumption, and the total volume of transactions in the morning market was OK. The nickel price fell below the 100,000 mark in the afternoon, the downstream consumer enthusiasm continued unabated, traders in the city actively transferred goods, and the trading atmosphere continued to be active today. Russo Nickel to Shanghai Nickel 2007 contract quoted 100 yuan / ton to Pingshui, Pingshui quotation is more mainstream, downstream goods are also mostly traded near Pingshui. Jinchuan Nickel to Shanghai Nickel 2007 contract rose 1,100 yuan / ton, today's transaction situation is also warming up obviously. The ex-factory price of Jinchuan is 101500 yuan / ton, and the manufacturers have shipped about a few hundred tons in Gansu, but due to the weakening futures price, it has no impact on Jinchuan nickel premium in the spot market for the time being. The price of nickel beans is still 900 yuan / ton, and the transaction is weak.

  

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