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Review on spot Trading Day of SMM Base Metals on May 26th
May 26,2020 18:17CST
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Source:SMM
Review on spot Trading Day of SMM Base Metals on May 26th
The content below was translated by Tencent automatically for reference.

SMM, May 26th:

Copper: Apanlon copper opened high at $5337.5 / tonne today, fluctuated up to $5355 / tonne after opening, and then poured into the pressurized copper price, giving up all its gains, hitting an intraday low of $5333 / tonne. At this time, copper prices stopped revision, driven by rising international oil prices, climbed to the daily average line, and further rose to 5367 US dollars / ton, Shanghai copper fell slightly before the close. Entering the European trading session, the US dollar fell sharply, and copper prices maintained a strong upward momentum, with an intraday high of US $5391.5 / tonne. As of 17Rom 00, Lun Copper closed at US $5384 / tonne, up US $79 / tonne, or 1.49%. With the further relaxation or lifting of epidemic prevention restrictions in various regions of the world, the performance of market investors has become more optimistic. Germany's closely watched IFO business climate index in May was better than expected yesterday. Germany's Gfk consumer confidence index rebounded in June from the previous month, which also strengthened investors' confidence. And the price of crude oil rose sharply again during the day, and Lun Copper received a rise in momentum. At present, Lunyang Copper is supported by the 10-day moving average below, and the short-term goal is aimed at the US $5400 / ton mark. In the evening, follow the speech of the chief economist of the European Central Bank and the US Conference Board Consumer confidence Index in May to test whether Lun Copper can maintain its rally and break through the $5400 mark.

Today, the main force of copper in Shanghai opened at 43750 yuan / ton in the morning, and the bulls entered the market to drive up the copper price to the highest point of the day, 43910 yuan / ton, and then fell back to 43750 yuan / ton into the market, until the copper in Shanghai made a horizontal concussion around this position before noon. It closed at 43740 yuan / ton in midday. In the afternoon, bulls continued to increase positions to support copper prices higher, the second touch the highest point of the day 43910 yuan / ton, and then the center of gravity stabilized at 43870 yuan / ton. Near the end of the day, both the forces of both sides fled, and the fluctuation of copper price increased slightly, and finally closed at 43860 yuan / ton, up 410 yuan / ton, or 0.94%. Today, the main contract of Shanghai Copper increased its positions by 1791 to 105000, mainly by bulls; trading volume decreased by 18000 to 71000. Today, Shanghai Copper operates in the range of 43680tel 43910 yuan / ton, the trend is relatively stable, basically maintaining the night market fluctuation range. Copper prices rebounded during the day, mainly driven by the upward price of crude oil, and affected by the further improvement in the contradiction between supply and demand of crude oil. Us oil and cloth oil increased today, providing some support for copper prices. But domestic investors have been cautious because of tensions between China and the United States, limiting the rise in copper prices to some extent. The fundamentals have not changed much. Today, Shanghai copper closed, once again standing on the 5-day moving average, the technical side of copper prices still have room 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 180-220 yuan / ton for that month's contract, the transaction price of Pingshui copper is 43980 yuan / ton ~ 44070 yuan / ton, and the transaction price of copper is 43990 yuan / ton ~ 44080 yuan / ton. Shanghai copper futures rose to 43800 yuan / ton above shock finishing. Morning market next month ticket rise water 180 ~ rise water 200, when the month ticket quotes rise water 200 ~ rise water 210 yuan / ton, the low price goods source is favored by the market high, the transaction is OK, then rises the water to lift, that month ticket flat water copper is as high as 210 yuan / ton, good copper is as high as 220 yuan / ton, but the transaction is not as good as the morning market, wet copper quotes 150 to 180 yuan per ton per day, downstream to enter the market to supplement items, mostly when the monthly ticket. Today, the market transaction still revolves around the demand for bills of the current month, and most of the holders have carried out next month ticket transactions, and the difference between the ticket price of that month and that month is about 20 yuan / ton, the inventory has maintained a downward trend, and the holder is still not satisfied with raising the water at the same time. However, with the market rising at the same time, the acceptance of traders still needs to undergo repeated seesaw tests between delivery and investment, and both supply and demand are competing for the right to speak in the transaction at the end of the recent month. In the afternoon, the market walked slightly higher than 43900won / ton range, the holder had no willingness to relax the quotation, continued to bite the water, Pingshui copper when the monthly ticket quotation held firm at 200mur210 yuan / ton, good copper liter water 210MUE 220 yuan / ton, next month ticket price difference in the range of 10mur20 yuan / ton, the transaction price increased to 44100mur44170 yuan / ton, there is no room for bargaining in that month, next month's ticket can try to discuss price reduction, but down is limited.

 

Aluminum: Lun Aluminum opened at US $1507 / ton in the morning, hit a high of US $1517 / ton in the afternoon, with strong continuous upward resistance, and then turned its head all the way down. after entering the European market, it fell to the intraday low of US $1503.5 / ton, and the low rebounded. As of 17:30, Lun Aluminum broke through the layer-by-layer moving average and closed again at US $1513.5 / t, closing at Xiaoyang Line, up US $10 / ton. The trading volume increased by 0.67%, the trading volume decreased by 7538 to 3782, and the position decreased by 596 to 856000, with the center of gravity above the 5 / 40 daily moving average. It is expected to continue to explore the size of the upper space at night. At night, focus on the changes in the dollar index and the guidance of market sentiment from macro data such as new home sales in the United States in April.

The main 2007 contract of Shanghai Aluminum opened at 12845 yuan / ton in the morning, the center of gravity of aluminum price rose in the afternoon, the high stopped at 12960 yuan / ton, and the continued upward movement was blocked at 13000 yuan / ton. In the afternoon, the trend was tangled, maintaining a narrow range of fluctuations, briefly exploring 12965 yuan / ton during the period, closing at 12940 yuan / ton at the end of the day, up 115 yuan / ton, or 0.9%. Trading volume increased by 7001 to 88337, and position increased by 3111 to 161000, closing at Xiaoyang line. So far, aluminum prices have recorded three Lianyang, the center of gravity is above all moving averages, and the third line of daily KDJ is facing up. Under the background of the recent strong de-stocking of electrolytic aluminum inventory and the continuous decline of warehouse order inventory in the previous period, aluminum prices are expected to remain strong and volatile before delivery, and may continue to explore the upper Wansan mark at night, paying attention to the changes in long positions and market trading sentiment at night.

Aluminum fluctuates and floats in the early afternoon. The spot transaction price in Wuxi area of Shanghai is between 13320 and 13340 yuan / ton, the price is 70 yuan / ton higher than that of yesterday, and the rising water is between 100 yuan / ton. The holder of consignment in Hangzhou area is relatively high, with a quotation of 13,360 million yuan / ton. Today, a large family carries out a normal procurement plan, but the purchase price has not fully reached the market price, the shipments of the holders are more active, some middlemen expect the subsequent rising water to narrow, and the receiving of goods is relatively active today, and the trading between the two sides is active, but there is a slight stalemate on the transaction price. Downstream goods are mainly shipped on demand today. The overall transaction in East China is mediocre today. Aluminum maintained a narrow range of fluctuations in the afternoon, with the price quoted by the holder around 13340 yuan / ton and 90 yuan / ton on the opposite side, with only a small number of transactions between traders and few downstream.

 

Lead: during the day, Lun lead opened at US $1648 / ton, and during the Asian period, Lun lead used to rise, and then due to the bonding of 5-day and 40-day moving averages to form a suppression platform, Lun lead's upward pace was temporarily suspended and fluctuated at the daily moving average, once rising to US $1668 / ton. entering the European period, the decline of the US dollar made Lun lead try to rise again. As of 1714, Lun lead temporarily closed at US $1670 / t, up US $22 / t, or 1.34%. Lun lead temporarily closed the entity Xiaoyang line, taking into account the continued weakness of the US index, supporting the bottom with the 10-day and 20-day moving average at night, it is possible to break through the intra-day suppression platform.

During the day, the main 2007 contract of Shanghai lead opened at 14320 yuan / ton, the pressurized daily moving average was weak and fluctuated, during which it was as low as 14200 yuan / ton, and the bulls were not willing to leave the market. It finally closed at 14310 yuan / ton, up 75 yuan / ton, or 0.53%. The position decreased by 817 hands to 28640 hands. Shanghai lead newspaper closed the lower shadow Xiaoyin line, 5-day moving average support is still effective, medium-and short-term daily moving average trend is slower, fundamental support is weak, but the financial strength can not be ignored, the recent caution of high short selling.

Shanghai Changchi Hongyang lead 14605 Mel 14625 yuan / ton, price for Shanghai lead 2006 contract 200 Mel 230 yuan / ton, Wuxi market South lead 14505 Mel 14525 yuan / ton, Shanghai lead 2006 contract 100 Mel 120 yuan / ton. Another import KZ lead 14405 yuan / ton, Shanghai lead 2006 contract flat water quotation. Lead futures to maintain a high level of consolidation, the holder actively shipped, quotations increased than yesterday, while imports of lead arrived, the lower reaches are not optimistic about the future, only just need to purchase, and mostly for long-term transactions, the bulk market transaction is still not improved.

Guangdong market Nanhua lead 14375 yuan / ton, 50 yuan / ton for SMM1# lead price rise; Jinli 14275 ~ 14325 yuan / ton, 50 yuan / ton to flat water for SMM1# lead price; 14325 yuan / ton for SMM1# lead price; 14275 yuan / ton for Shuikoushan, Hunan, 50 yuan / ton for SMM1# lead price; 14125 yuan / ton for Hunan Jingui 14175 yuan / ton, 150 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 price shock operation, refinery bulk orders meet high shipments, but today's spot market transaction is poor, the downstream is mainly wait-and-see.

 

Zinc: zinc in Geneva opened at $1985 / tonne, rising slightly at $1987 / tonne, then dragged down by the fall in Shanghai zinc, and then found support to fall by $1960 / tonne, and then found support to rebound. The center of gravity moved up to $1970 / tonne, entering the European trading session. Under the long-short game, Lunzin fluctuated in a narrow range near the daily moving average line, with an operating range of no more than $10 / tonne. As of 16PUR 22, Lun Zinc closed down US $1976 / ton, or US $9 / ton, or 0.45%. Lun Zinc closed a small negative column, 10-day line to suppress the upward trend, synchronous recovery of the mine to suppress the rally, Lun Zinc break kinetic energy slightly insufficient, night test 20 line support strength, the European trading session, the dollar fell, most of the basic metals are up, Lun Zinc is difficult to have a strong performance, at night to test whether Lun Zinc can hold the lower 40-day moving average.

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 and went high. After a short period of consolidation around 16370 yuan / ton, the daily average showed that Shanghai zinc quickly fell 16220 yuan / ton and rebounded slightly after finding support. around 16250 yuan / ton line narrow shock, into the afternoon trading session, Shanghai zinc steadily move up, touch 16340 yuan / ton, and then empty into more flat, tail pressure daily moving back down. The final closing price fell to 16285 yuan / ton, down 65 yuan / ton, or 0.4%. The trading volume decreased to 128951 lots, and the position decreased by 3294 to 90531 lots. During the day, five consecutive shades of zinc were recorded in Shanghai, the KDJ index was about to become a dead cross, and the upper 5 / 20-day moving average was suppressed, indicating that the kinetic energy of zinc return in Shanghai was insufficient. In the case of no obvious improvement in downstream enterprise orders, the pressure on the supply side of domestic refineries still exists, and the fundamental support of Shanghai zinc is fragile. Pay attention to the suppression strength of the 5-day moving average at night.

The mainstream trading of zinc in Shanghai was 16490 million yuan / ton, Shuangyan 16630 yuan / ton, imported zinc 16480 yuan 16540 yuan / ton; Shuangyan quoted 140 million yuan / ton of water in June; Shuangyan quoted 220 yuan / ton of water in June, imported zinc quoted 130 million yuan / ton in June, and zinc mainstream traded 16420 won 16480 yuan / ton. Shanghai Zinc 2006 contract shock weakened, the first trading session of the morning market closed at 16365 yuan / ton, today's market trading is general, mainly for the end of this month's long order, next month's ticket market mainstream transactions concentrated on the SMM net average price discount of 5 yuan / ton to flat, followed by quotes for 2006 contracts in the morning market up 160yuan / ton. Entering the second period of time, the spot rising water in the market began to decline, and the mainstream of the holders reported a rise of 150yuan / ton for the 2006 contract, and there was a price of 140yuan / ton at a low price; the spot price operated in a narrow range, and trading between traders was general, but downstream, with the lower zinc price, it is still dominated by demand.

The mainstream transaction of Ningbo Gao was 16440 Mel 16540 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands was maintained at a discount of 20 yuan / ton yesterday. The price of ordinary brands for ordinary brands in Ningbo was raised around 120,540 yuan / ton for 2006 contracts. In the first session of the morning, the holder continued to quote yesterday. Tiefeng News was near 150 yuan / ton for the June contract, Huize and Kirin were reported around 150 yuan / ton for the June contract, and Yunxi News was near 130 yuan / ton for the June contract. West Mining reported around 230 yuan / ton for the July contract, converted to 120 yuan / ton for that month. In the second period of time, some holders lowered the brand quotation around 10 yuan / ton. However, due to more purchases in the lower reaches of last Friday, the overdraft part of this week's demand. On the whole, there is no significant improvement in today's transaction compared with yesterday.

The mainstream transaction of zinc in Guangdong Province was 16330mur16470 yuan / ton, and the quotation was concentrated on the price increase of 90,110 yuan / ton for the Shanghai zinc 2007 contract, and the discount on the Guangdong market was 10 yuan higher than that of the previous trading day. In the first trading session, futures rose and fell back, and the market standing price was strong. The holder reported a difference of about 10 yuan between the current month and next month's ticket, and the downstream just needed a small amount of purchase, and the market transaction was limited. Kirin quoted a price for the July contract of zinc in Shanghai to rise 100 won per ton, while Tiefeng rose 90100 per ton. The second trading session, after the network price pricing, the holder is still relatively strong shipments, but traders in the face of rising water procurement demand in general, downstream procurement is also weak, the market transaction is poor. Kirin quotes the July contract for zinc in Shanghai to rise 110 yuan / ton, while Tiefeng liter water 100ml 110 yuan / ton. The mainstream transactions of Kirin, Mengzi, Huize, Tiefeng and Feilong were 16330 RMB16470 per ton.

The mainstream turnover of zinc ingots in Tianjin market was 16620mur17660 yuan / ton, while that of ordinary brands was 16620mur16720 yuan / ton. For the 2006 contract, the price of rising water was 270yuan / ton to 350yuan / ton. Compared with Shanghai stock market, the price of rising water in Tianjin stock market rose from 70 yuan / ton to about 150yuan / ton. Today, Shanghai zinc low shock, the spot market to raise the discount price, the price is more divergent, the ordinary brand lark newspaper in the 06 contract quoted water 270 yuan / ton, Hongli quoted on the 06 contract quoted water 320 yuan / ton, Chi Hong quoted water 350 yuan / ton on the 06 contract, high-price brand Zijin quoted water 350 yuan / ton on the June contract, KZ quoted a premium of 210 yuan / ton on the 06 contract, and Kirin quoted a premium of 270 yuan / ton on the 06 contract. Today, zinc prices are low and fluctuating, traders have a strong willingness to raise prices, and the discount has risen sharply, among which Chihong has a poor transaction due to its small market volume and high price sales; downstream, spot prices in Tianjin are stable today, and downstream enterprises' willingness to receive goods has not weakened, and some enterprises just need to replenish their inventory. On the whole, today's transaction is the same as that of yesterday. Zinc ingots traded around 16570 million yuan per ton.

 

Tin: after the opening of Lunxi electronic disk at US $15400 / ton today, from the Asian session to the beginning of European trading, Lunxi generally showed a downward trend at first and then rose, and the trend of horizontal consolidation was maintained at the beginning of the session slightly down to around the daily average of US $15350 / ton. From the end of the Asian session to the opening of the European market, due to the sharp fall in the US dollar, the Lunxi shock rebounded. As of 1730, the latest price of Lunxi was US $15365 / ton, showing a small Yin line, and the physical part was under pressure at the 5-day moving average. The lower support of Lunxi is expected to be near the 60-day moving average of 15100 US dollars / ton.

Shanghai tin 2007 contract last night after the opening of 134180 yuan / ton, affected by the exit of the bulls all the way down, down to the night market low of 132380 yuan / ton, and rebounded at the end of the day. After the opening of 133240 yuan / ton in early trading today, the early bulls reduced their positions again and the pressure on Shanghai tin fell slightly, and then the short sellers left the market to push up the price trend, finally closing at 134080 yuan / ton, up 720 yuan / ton, or 0.54%. The trading volume was 41176 lots, and the position was 14434 lots, a decrease of 11761 lots. Today, Shanghai tin closed with a cross star line, located near the 5-day moving average, and the lower support of Shanghai tin is expected to be around 130000 yuan / ton 20-day moving average.

On the spot market, the price is 135500 RMB138000 per ton today. Downstream enterprises buy interest to maintain a weak state, a small number of traders have received goods. The overall transaction atmosphere in the Shanghai-tin spot market is weak. For the Shanghai tin 2007 contract, the Yunxi rising water is around 5000 yuan / ton, the ordinary Yunzi rising water is around 4000 yuan / ton, and the small brand rising water is around 3000 yuan / ton.

 

Nickel: Lenny jumped as low as $12215 / ton in Asian trading today and briefly fell back to $12195 / ton at the start of the day, the lowest point of the day. After that, it rebounded and rose to 12350 US dollars / ton under pressure, giving up the increase and adjusting around the 20-day moving average of 12240 US dollars / ton. At the end of the Asian session, Lunni rose to recover 12300 US dollars / ton after shock adjustment, after entering the European session, Lunni continued to break upward, reaching as high as 12415 US dollars / ton. As of 17Groud 34, Lunni temporarily closed at 12390 US dollars / ton, up 110 US dollars / ton, or 0.9%, temporarily recorded as Zhong Yang Zhu. At present, Lunni sits solid 20-day moving average support, in the European trading period, the dollar fell sharply, Lunni showed an obvious upward repair trend, pay attention to the trend of the dollar in the evening, testing whether Lunni can recover 12400 US dollars / ton.

The main contract of Shanghai Nickel 2007 opened at 100910 yuan / ton today, and it was mostly empty after opening. Shanghai Nickel quickly rose and reached the highest point of 101800 yuan / ton within the day, but it soon fell continuously under selling pressure, and the morning market recorded an inverted "V" trend. The lowest price reached 100580 yuan / ton, and then it fluctuated at 100600 100900 yuan / ton. In the afternoon, Shanghai Nickel once again came out of the trend of rising and falling, but rose to 101100 yuan / ton's 20-day moving average, and then gave up the rise. in the end, Shanghai Nickel closed at 100860 yuan / ton today, down 0.03% from yesterday's 30 yuan / ton. Trading volume decreased by 122000 to 138000, and position decreased by 4702 to 65265. Xiaoyangzhu was temporarily recorded, and the upper shadow line reached the 5-day moving average. In the case of little change in the fundamentals, Shanghai Nickel is still based on the 100000 mark, consolidate the lower support as the short-term goal. Pay attention to the trend of the night market, pay attention to whether Shanghai Nickel can effectively break through the above 10 / 20 moving average pressure.

Today, SMM1 Electrolytic Nickel quotation 100650Muth101905 yuan / ton. In the morning market, Shanghai nickel still fluctuated in yesterday's range after rising, and market enquiries were more active after opening. Russian nickel traders had a strong willingness to ship goods today, lowering the discount to between 100 and 200 yuan / ton. However, the transaction situation varies from good to bad, and the trading volume of low-priced goods is OK, but most of the holders with a small price adjustment react that the trading volume is not as good as that of yesterday. In the afternoon, prices rose again and fell back, and market trading gradually weakened. Jinchuan Nickel to Shanghai Nickel 2007 contract rose 1,100,200 yuan / ton. Today, Jinchuan's ex-factory price is 101700 yuan / ton. Jinchuan can only pick up goods in Gansu area. It is reported that the volume of goods received by traders is relatively small. Due to the limited supply of goods, Jinchuan market up and down little room, and today's transaction is also weak. Nickel beans, due to weak demand, the discount expanded to 1100 yuan / ton.

  

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