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Review on spot Trading Day of SMM Base Metals on May 25th
May 25,2020 18:40CST
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Source:SMM
Review on spot Trading Day of SMM Base Metals on May 25th
The content below was translated by Tencent automatically for reference.

SMM, May 25:

Copper: today is a British bank holiday, LME is closed.

Today, the main force of Shanghai copper opened at 43570 yuan / ton in the morning. After the opening, bears entered the market to put pressure on the copper price. The short-term price of Shanghai copper fell to the lowest point of 43400 yuan / ton in the day. Then the bulls increased their positions slightly, and the copper price rebounded slightly to 43560 yuan / ton. It fluctuated around 43500 yuan / ton in the morning and closed at 43600 yuan / ton in midday trading. Copper prices continued to fluctuate in the afternoon, with the center of gravity rising slightly to 43560 yuan / ton. Near the end of the day short exit, multi-hair strength, copper prices rose to the highest point of the day 43680 yuan / ton, closed at 43650 yuan / ton, down 80 yuan / ton, down 0.18%. Today, the main contract of Shanghai Copper reduced 5247 positions in the day to 103000, mainly for short positions; the trading volume decreased by 78000 to 89000; and the Shanghai Copper Index reduced 6440 positions to 325000, mainly due to short positions. Today, because LME is closed on bank holidays, the inner disk operates independently, and the overall trend is stable during the day, running in the range of 43420 million yuan / ton. Sino-US relations have become increasingly strained in recent days, causing investors to reassess the speed of economic recovery from the impact of the new crown epidemic, market risk aversion has rebounded again, and copper prices lack momentum to rise. The fundamentals have not changed much. Today, Shanghai copper sun, the upper pressure 5-day moving average, KDJ curve cross downward. It is still far away from the multiple moving averages below, and it is unlikely to fall below the 43000 mark. Pay attention to the trend of the night market to see whether the bulls can continue to push up copper prices.

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 43750 yuan / ton ~ 43820 yuan / ton, and the transaction price of copper is 43760 yuan / ton ~ 43830 yuan / ton. The outer disk is closed today, and the copper in Shanghai is fluctuated along the first line of 43600 yuan / ton. Shanghai recent inventory shows falling again, the holder's will is strong, the market price rises 180 yuan / ton, the early market traders lead the market transaction, high activity, Pingshui copper 180 yuan / ton deal is OK, after hovering in the rising water 190 yuan / ton, good copper offer stalemate, concentrated quotation in the rising water 190 yuan / ton, wet copper basically around 150 yuan / ton, downstream bargain procurement. Today's market good copper, flat water copper narrow fluctuations in the rising water 180,000 yuan / ton range shows a stalemate, part of the downstream bargain replenishment enthusiasm is OK, LME market every British spring bank holiday, Shanghai copper operation is stable, the holder quotes firm, but the market rising water more than 200 yuan / ton did not follow the market, rising water pull is limited, today's transactions for traders for the final delivery of long single, the market shows the characteristics of supply and demand sawing. In the afternoon, the center of gravity of the plate slightly moved up, and the quotation remained firm. Pingshui copper rose 190 yuan / ton and good copper 200 yuan / ton, which continued to show that it was difficult to further push up and lower the price. The transaction price moved slightly up to 43820 Mel 43880 yuan / ton.

 

Aluminum: today is a British bank holiday, LME is closed.

Shanghai Aluminum's main 2007 contract opened at 12810 yuan / ton in the morning, a spindle line was recorded on the K line in the first five minutes of trading, and the lower shadow line reached the lowest point of 12790 yuan / ton. in the first trading stage, the upstream fluctuated, and the high level was 12890 yuan / ton. the continued upward movement was blocked, and the empty entry was flat. In the second trading stage, the high level fell back to 12805 yuan / ton all the way back to 12805 yuan / ton, and maintained a narrow range in the afternoon, closing at 12840 yuan / ton, up 40 yuan / ton. The trading volume increased by 0.31%, the trading volume decreased by 41947 to 81336, and the position increased by 9 to 158000, closing at the Xiaoyang line, with the center of gravity slightly higher than yesterday. Aluminum prices are expected to continue to maintain a range of shocks in the evening. Today, it is announced that the inventory of electrolytic aluminum, which is the mainstream consumer of the society, is still strong, and the short-term downward space for aluminum prices is temporarily limited under the background of strong depots. Continue to pay attention to the changes in long positions and market trading sentiment in the evening.

Aluminum fluctuates and floats in the early afternoon. The spot transaction price in Wuxi area of Shanghai is between 13250 and 13270 yuan / ton, the price is 130 yuan / ton higher than yesterday, the rising water is between 90muri and 110 yuan / ton, and the price in Hangzhou area is between 13,270 and 13290 yuan / ton. Today, a large family is normally carrying out the procurement plan, and the shippers are more active. Some middlemen need to hand in long orders and normal resale trade demand, so they can pick up the goods. The trading between the two sides is more active, and the trading atmosphere in the 11:00 market has dropped. Shippers have increased significantly. The downstream is normally replenished today, and the willingness to receive the goods is general. The overall transaction in East China is mediocre today. Afternoon aluminum to maintain a range of fluctuations, the holder quotes around 13260 yuan / ton, about 100 yuan / ton of rising water on the disk, the market light mood wait and see, few transactions.

 

Lead: today is the British spring bank holiday, LME is closed.

During the day, the main 2007 contract of Shanghai lead opened at 14180 yuan / ton, running above the daily moving average and rose strongly. During this period, it once reached 14430 yuan / ton, was effectively supported by the 10-day moving average, and increased its position. It finally closed at 14350 yuan / ton, up 240 yuan / ton, or 1.70%. The position increased by 3610 hands to 29475 hands. Shanghai lead closed barefoot Dayang line, each moving average basically maintained the upward trend, due to the spring bank holiday, Lun lead did not open today, in the absence of outer disk drag, long funds continue to push up lead prices, there is the possibility of continuing to rise at night, but from a fundamental point of view, there is no new Ledo conditions to support lead prices to continue to rise, and be cautious to chase more at night.

Shanghai Changchi Hongji lead 14620 Mel 14650 yuan / ton, price for Shanghai lead 2006 contract 200 Mel 230 yuan / ton, Wuxi market South lead 14520 Mel 14540 yuan / ton, Shanghai lead 2006 contract 100 Mel 120 yuan / ton quotation for Shanghai lead 2006 contract liter water 14620 Mel 14650 yuan / ton, price for Shanghai lead 2006 contract 200 Mel 230 yuan / ton. Lead futures continued a strong trend and reached a new high in the past two months, with the holder actively shipping goods and lowering the price discount, while the downstream generally held a wait-and-see attitude and fewer inquiries, making it extremely difficult to trade at a high price in the bulk market. Guangdong market Nanhua lead 14375 yuan / ton, 50 yuan / ton for SMM1# lead price rise; Jinli 14275 ~ 14325 yuan / ton, 50 yuan / ton to Pingshui price for SMM1# lead price; 14275 yuan / ton for Hunan Shuikoushan, 50 yuan / ton for SMM1# lead price; 14125 yuan / ton for Hunan Jingui 14175 yuan / ton, 150,200 yuan / ton for SMM1# lead price. Jiang Copper 14375 yuan / ton, the average price of SMM1# lead 50 yuan / ton quotation. Jiangxi Jinde is 14275 yuan / ton, and the average price discount to SMM1# lead is 50 yuan / ton. Yunnan small factory 14025 yuan / ton, the average price of SMM1# lead discount 300 yuan / ton. Spot prices are further higher, refinery bulk orders are sold at a high price, but today's spot market transaction is poor, and the downstream is mainly wait-and-see.

 

Zinc: Lun Zinc is closed today.

During the day, the main 2007 contract of Shanghai zinc opened at 16375 yuan / ton. at the beginning of the day, Shanghai zinc opened low, opened down 16170 yuan / ton, and some bears stopped falling. Shanghai zinc quickly rebounded to the daily average line of 16350 yuan / ton narrow range shock operation, recorded a V shape, entered the European trading period, Shanghai zinc around the daily moving average horizontal concussion, during the period tried to test the 20-day moving average suppression strength, but failed to make it, fell back to 16330 yuan / ton near the narrow range operation. The final close fell to 16330 yuan / ton, down 30 yuan / ton, down 0.18%, trading volume to 145400 lots, position to 938.25 million lots. Day-to-day Shanghai zinc received Xiaoyin line, the overall operation around the 20-day moving average, the upper pressure 5-day average, the pressure is difficult to break through. During the day, Shanghai zinc operated independently, domestic zinc ingot social inventory recorded a decline, providing a certain positive mood for the market, zinc prices recovered a certain decline, Shanghai zinc is expected to still run around the 20-day moving average at night.

The mainstream transaction of zinc in Shanghai was 16480 RMB16610 / ton, Shuangyan 16530 RMB16650 / ton, and imported zinc 16450 RMB16580 / ton. Zinc in Shanghai was generally quoted for 160 yuan per ton of water in June; Shuangyan quoted water at 220 yuan per ton in June, and imported zinc traded at 130 yuan per ton in June; and zinc mainstream traded at 16410,16540 yuan per ton. Today, the long order ended and the market was active, but the transaction was better than the demand of some traders for that month's tickets. The mainstream transactions of that month's ticket market concentrated on the average price discount of 5 yuan / ton to level water on the SMM net, and the market rose 170yuan / ton on the 2006 contract in the morning. Entering the second period of time, the market quotation is relatively stable, and the mainstream of the holder reported a rise of 160,0170 yuan / ton for the 2006 contract; the spot price stopped falling and stabilized, and the long order ended today, and the market was in demand for that month's tickets. the spot supply of the current month is relatively strong, and the purchasing mood downstream today is still good, mainly to meet bargains and replenish warehouses.

The mainstream transaction of Ningbo Gao was 16520 Mel 16620 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands increased from 10 yuan / ton to 20 yuan / ton. The price of ordinary brands in Ningbo increased to around 120 million yuan / ton in the contract of 2006 yuan / ton. Zinc prices fell in the first period of the morning, and the consignors actively made shipments. Tiefeng reported a water increase of 160 yuan per ton for the June contract, while Huize and Kirin reported a water increase of 150 yuan per ton for the June contract. Yunxi News was near 130 yuan / ton for the June contract, and the West Mining newspaper was around 200 yuan / ton for the July contract, which translated to around 120 yuan / ton for that month. During the second period of time, the market rebounded and the willingness to buy downstream weakened. Mainly due to the fall in zinc prices last Friday superimposed weekend reserve demand, downstream purchase more, overdraft part of this week's demand. Overall, today's transaction is significantly worse than last Friday.

The mainstream transaction of zinc in Guangdong Province was 16280mur16460 yuan / ton, and the quotation was concentrated in the price increase of 80rel 120 yuan / ton in the 2007 contract for Shanghai zinc, and the discount in Guangdong stock market was 160 yuan / ton higher than that in Shanghai stock market, which was 10 yuan higher than that in the previous trading day. In the first trading session, Guangdong inventory continued to decline, the price quoted by the consignor was relatively strong, individual brands quoted lower pressure prices, and the downstream purchased mainly at low prices, and the market transaction was OK. Kirin, Huize, Mengzi quoted water for the Shanghai zinc contract for July, 110murl 120 yuan / ton, and Tiefeng rose water 90,100 yuan / ton. In the second trading session, the external quotation of resources in the market in that month was relatively strong, and the quotations of individual holders for next month's tickets were on the low side, pressuring the performance of the market, and with the rebound of zinc prices, downstream procurement demand declined, and the overall market trading cooled. Kirin, Mengzi and Huize quoted for the July contract of zinc in Shanghai, the price of rising water is 80murl 110 yuan / ton, and Tiefeng and Feilong Shengshui is 80mur95 yuan / ton. The mainstream transactions of Kirin, Mengzi, Huize, Tiefeng and Feilong were 16280mi 16460 yuan / ton.

The mainstream turnover of zinc ingots in Tianjin market was 16620mur17740 yuan / ton, while that of ordinary brands was 16620mur16760 yuan / ton. For the 2006 contract, the price of rising water was about 180yuan / ton to 300yuan / ton, and the price of Tianjin stock market was about 70 yuan / ton higher than that of Shanghai stock market. Today, Shanghai zinc low shock, the spot market to raise the discount price, the price is more divergent, the ordinary brand lark newspaper quoted water 220 yuan / ton on the 06 contract, Hongli quoted water 220 yuan / ton on the 06 contract, Chi Hong quoted water 220 yuan / ton on the 06 contract, high-price brand Zijin quoted a premium of 300 yuan / ton on the June contract, KZ quoted a premium of 230 yuan / ton on the 06 contract, and the fourth Ring News quoted a rise of 180 yuan / ton on the 06 contract. Today, zinc prices are low and fluctuating, traders raise their discount quotations, some traders are more willing to raise their prices, and refineries ship fewer goods today, and rising water prices are higher; downstream, spot prices in Tianjin rose slightly today, and downstream enterprises are willing to take goods. Some enterprises just need to replenish the stock. On the whole, today's transaction is the same as last Friday. Zinc ingots traded at around 16570 RMB16710 per ton.

 

Tin: Lunxi today falls on the day when the bank is closed for the spring holiday.

Shanghai tin 2007 contract last Friday night after the opening of 132700 yuan / ton, affected by some bulls overall shock upward trend, climbed to an intraday high of 134600 yuan / ton after a slight decline. After the opening of 134350 yuan / ton in the morning trading today, the overall volatility was maintained around 134300 yuan / ton from morning trading to midday trading, then the bulls gradually reduced their positions, and the Shanghai tin market closed at 133360 yuan / ton, up 1650 tons, or 1.25%. The trading volume was 46192, the position was 26195, and the position was reduced by 1992. Today, Shanghai tin closed with Xiaoyang line, the physical part is located near the 5-day moving average, the resistance above Shanghai tin is expected to be near the previous high of 136000 yuan / ton, and the lower support is around 129,000 million yuan / ton.

In the spot market, today's quotation is 136000won 138000 yuan / ton, and the overall tin market in Shanghai is maintained at a high level of shock and finishing, downstream enterprises have a weak willingness to purchase, some traders have purchases, and the overall trading atmosphere in the Shanghai tin spot market is generally weak. For Shanghai tin 2007 contract, Yunxi rising water is 5000 yuan / ton, ordinary Yunzi water is 4000 yuan / ton, and small brand water is 3000 yuan / ton.

 

Nickel: today is the British spring bank holiday, LME is closed.

The Shanghai Nickel 2007 main contract opened at 101320 yuan / ton today, and was sold down to 100350 yuan / ton after the opening of the morning market. After stabilizing, it continued to be under the pressure of the daily average of 100900 yuan / ton. During the day, the center of gravity of Shanghai nickel was almost sideways around 100700 yuan / ton, and finally closed at 100650 yuan / ton. The settlement price fell 2060 yuan / ton compared with the previous trading day, closing down 2.01%. After last Friday, long Air continued to reduce its positions and left the market, with daily positions reduced by 9705 to 69967 and trading volume reduced by 376000 to 259000. Although Xiaoyang column was recorded today, the upper shadow line crossed the 10 / 20 moving average, but the trend of Shanghai nickel was slightly weak, transversely below the pressure level, and the kinetic energy of upward repair was insufficient. At present, it seems that the mood of Shanghai Nickel in last week's surge has receded, and today is a British bank holiday, in the absence of outer disk trend, long and short parties also choose to wait and see carefully. It is expected that Shanghai Nickel will still take the consolidation of the 100000 gate as the adjustment direction in the evening.

Today, SMM1 Electrolytic Nickel quotation 100600 RMB101900 / ton. Today, Shanghai nickel is almost running sideways, although the nickel price has changed less than last Friday, once more wait-and-see downstream, but with the reduction of discounts in the market traders, there are transactions have been reached, but the trading volume varies from good to bad. In terms of Russian nickel, the mainstream quotation in the morning market was more than 100 yuan / ton to Pingshui, and the transaction was weak. In the second trading session of the morning market and in the afternoon, some of the market merchants lowered the discount to 200 RMB150 / ton, stimulating downstream to take goods, recording a certain transaction; but most traders due to weak market demand, today's trading volume is not good. Jinchuan Nickel to Shanghai Nickel 2007 contract rose 1100murl 1200 yuan / ton. Today's turnover is weak, and the supply of goods from some traders is still on the way to Shanghai, so Jinchuan nickel is strong due to tight supply. Today, the ex-factory price of Jinchuan is 101500 yuan / ton, and traders have a small amount of No. 2 nickel and No. 3 nickel to receive goods in Gansu. The discount for nickel beans has been reduced to 1000 yuan / ton.

  

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