Home / Metal News / Copper / Review on spot Trading Day of SMM Base Metals on May 28th
Review on spot Trading Day of SMM Base Metals on May 28th
May 28,2020 18:44CST
translation
Source:SMM
Review on spot Trading Day of SMM Base Metals on May 28th
The content below was translated by Tencent automatically for reference.

SMM, May 28th:

Copper: today, Apanlon Copper opened at US $5303 / tonne. After opening, the concussion pierced the US $5300 / tonne mark to a intraday low of US $5294 / tonne. With the rapid rebound in the price of crude oil, the price of copper also shot up in a straight line, reaching a daily high of $5330.5 / ton. It fluctuates around US $5315 / ton during the day. Entering the European market, the center of gravity of Lunzhong remained stable and the amplitude of concussion was reduced. As of 1700, Lun Copper closed at 5313.5 US dollars per ton, up 18 US dollars per ton, or 0.34 per cent. Today, the daily average of Lun Copper Winding fluctuates in the range of 5295 U.S. dollars / ton, the trend is linked by crude oil prices, in the context of a sharp reduction in global oil production, the United States announced yesterday that week API crude oil inventories unexpectedly increased, putting oil prices under pressure. There is still uncertainty about the implementation of Europe's 750 billion yuan aid fund plan, and investors are cautious. Today, Luntong Shengyang, the upper pressure 5-day and 10-day moving average, KDJ opening continues to expand. In the evening, watch the number of initial jobless claims in the United States in the week to May 23 to test whether Lunchu can rise.

Today, the main force of Shanghai copper opened at 43660 yuan / ton in the morning. After opening, the price of copper rose to 43760 yuan / ton in the short term, but it quickly gave up 100 yuan, and the market fell to 43600 yuan / ton. At this time, the short-sellers made a profit and left the market. Bullish efforts led copper prices to rise to a daily high of 43850 yuan / ton, the center of gravity stabilized at 43800 yuan / ton, and closed at 43770 yuan / ton in midday. Shanghai copper maintained a narrow concussion pattern when trading opened in the afternoon. Near the end of the day, the bulls left the market, and the disk slid down through the daily average line to a daily low of 43580 yuan / ton. At this time, the copper price of short sellers rebounded slightly and finally closed at 43700 yuan / ton, down 150 yuan / ton, down 0.34%. Today, the main contract of Shanghai Copper reduced its positions by 1072 to 103000, mainly for short positions, while the trading volume increased by 6240 to 106000. Risk appetite in global markets has picked up as national economies have gradually recovered, but risk factors such as a possible recurrence of the epidemic, geopolitics and fluctuations in the oil market have retained concerns about the pace of economic recovery. During the day, Shanghai Copper operates in the range of 43,600 million yuan / ton, and its center of gravity is slightly higher than that of the night market. From a fundamental point of view, Tektronix Resources under the Antamina copper mine has resumed operation, is expected to achieve full production in the third quarter, the market for the long-term global copper supply oversupply concerns pressure copper prices, while the current low domestic inventory and give copper price support and short-term resistance, so the disk is more performance for the short-term glue, copper prices have always been difficult to break through the 44000 mark. Today, Shanghai copper closed, below there is still a 20-day moving average support, waiting for the outer disk guidelines at night to test whether the bulls can continue to push up copper prices.

Today, the spot price of electrolytic copper in Shanghai quoted a price of 170 yuan to 200 yuan per ton for that month's contract, 43980 yuan / ton to 44060 yuan per ton for Pingshui copper, and 43990 yuan / ton to 44080 yuan / ton for copper with rising water. The pressure on copper in Shanghai fell back to 43800 yuan / ton, and the trading period was kept in a narrow range. In the last two trading days at the end of the month, most traders have completed the settlement of the bills of that month, and some downstream receipts still need to be settled by monthly tickets. The following monthly ticket trading is dominated by the market, and the price difference is maintained in the range of 1020 yuan / ton. But nearly 200 yuan / ton of rising water market rarely low willingness to receive goods, holders have no choice but to lower the quotation, good copper generally rise 180 yuan 190 yuan / ton, flat copper can be as low as 170 yuan / ton, depressed price receiving space is limited, traders buy bargain, wet copper quotation at rising water 140 yuan / ton or so, downstream careful maintenance just need to buy. At the end of the month, the market is blocked at the 44000 yuan / ton mark, spot buying is cautious, but spot inventory continues to decline, rising water is less likely to fall, and the supply and demand stalemate may continue before the weekend. In the afternoon, the market rose first and then suppressed, it was still blocked at 43900 yuan / ton, fell down at the end of the day, once fell below 43800 yuan / ton, and the price quoted by the consignor remained stable at 170yuan / ton in Pingshui copper and 180yuan / ton in good copper. The proportion of next month's tickets has covered most of the market. If you intend to receive goods, there will be room for price reduction of 10 yuan / ton, and the transaction price is still 44080 yuan / ton.

 

Aluminum: Lun Aluminum opened at US $1528 / ton in the morning and maintained a wide range of shocks during the day, with high and low fluctuations within US $6 / tonne. During this period, it hit a high of US $1534 / ton twice, but the upward momentum continued to be insufficient. As of 17:35, Lunal closed at 1530 US dollars / ton, up 0.5 US dollars / ton, or 0.03%. Trading volume decreased 12457 to 3489 lots, position increased 8488 to 862000 lots, closed in San Lianyang. Lunal intra-day trend is tangled, the upper resistance is strong and weak, is expected to maintain a range of shocks at night, floating space is limited, night focus on the dollar index, US April durable goods orders and GDP and other macro data.

The main 2007 contract of Shanghai Aluminum opened at 13080 yuan / ton in the morning, and the gold needle reached a bottom of 13060 yuan / ton at the beginning of the session, then fluctuated up to a high of 13170 yuan / ton, and the high level softened somewhat. From the second trading stage, it slowly climbed around 13110 yuan / ton, to the intraday high of 13175 yuan / ton at the end of the day, refreshing the new high since March 9, and finally closed at 13155 yuan / ton, up 190 yuan / ton, up 1.47%, recording Wulianyang. Trading volume decreased by 4608 to 117000, position increased by 3385 to 160000, the daily K line pierced the upper track of the Brin channel, the third line of the daily KDJ continued to rise, is expected to maintain strong volatility at night, pay attention to the changes in market sentiment and the contraction of the price spread between contracts at night.

In the early afternoon, the aluminum shock mainly fluctuated in a narrow range after the upstream. The spot price in Wuxi area of Shanghai is between 13440 and 13460 yuan per ton, and the price of rising water is between 120 yuan and 120 yuan per ton, which is 100 yuan higher than that of yesterday, and the spot price in Hangzhou area is between 13460 and 13470 yuan per ton. Today, large households are relatively active in receiving goods, and the quotation is in line with the market psychological price, and the holders are active in shipping to them. after the end of the purchase, the heat of the market transaction decreases, the holders continue to ship but at a higher price, and the middlemen tend to receive the goods at a low price. small traders seldom have much trading volume between buyers and sellers, resulting in a stalemate. Today, the downstream is mainly purchasing on demand, as the aluminum base price has risen for several days, the downstream wait-and-see attitude is gradually rising, fear of heights is obvious, and the receiving volume is not much. The overall transaction in East China is mediocre today. Afternoon aluminum to maintain a range of fluctuations, the holder quotes around 13450 yuan / ton, the opposite side of the market rising water around 110 yuan / ton, only a small number of transactions between traders, few downstream.

 

Lead: during the day, Lun lead opened at US $1643 / tonne. During the Asian period, Lun lead fluctuated around the daily moving average and entered the European period. Due to pressure on the 5-day moving average, Lun lead went all the way down to US $1625 / tonne. As of 16PLO, Lun lead temporarily closed at US $1628 / tonne, down US $14 / tonne, or 0.85 per cent. Lun lead temporarily closed the Xiaoyin line, the overall trend is weak, the downward channel initially appeared, the above daily averages limit the upward pace of Lun lead, it is expected that Lun lead may continue to explore at night.

During the day, the main 2007 contract of Shanghai lead opened at 14275 yuan / ton, and the entry of bullish funds at the beginning of the day pushed the center of gravity of lead prices up to around 14340 yuan / tonne. During this period, it hit an intraday high of 14380 yuan / ton, and finally closed at 14305 yuan / ton, down 65 yuan / ton, or 0.45%. The position decreased by 72 to 28655, and the trading volume decreased by 21824 to 21963. Shanghai lead closed on the Xiaoyang line, the long and short sides played a game near the 5-day moving average, considering that the trend of Lun lead was weak after the European period, and pay attention to whether Shanghai lead can stand firmly on the 5-day moving average at night.

Shanghai Changchi Hongyang lead 14605 Mel 14625 yuan / ton, price for Shanghai lead 2006 contract 180 Mel 200 yuan / ton; Wuxi market South lead 14525 yuan / ton, Shanghai lead 2006 contract price 100 yuan / ton; another import KZ lead 14425 yuan / ton, flat water quotation for Shanghai lead 2006 contract. Future lead to maintain the consolidation trend, the price of the holder has not changed significantly, while the primary lead and recycled lead factory shipping price advantage is obvious, diversion is just needed, the spot trade market continues to be in the doldrums.

Guangdong market Nanhua lead 14375 yuan / ton, 50 yuan / ton for SMM1# lead price rise; Henan Jinli 14275 ~ 14325 yuan / ton, 50 yuan / ton to Pingshui for SMM1# lead price; 14225 yuan 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. Jiangxi 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 13975Mu 14025 yuan / ton, the average price of SMM1# lead discount 300MZ 350 yuan / ton quotation. Lead prices a small correction, but the downstream procurement demand is limited, refineries to maintain discounted shipments, in which the differences between the north and south still exist, the overall market transaction is general.

 

Zinc: zinc in Geneva opens at US $1934.5 / tonne. At the beginning of the day, Zinc fluctuates in a narrow range near the daily moving average, and the upper and lower space is only about US $10 / ton. after that, the amplitude narrowed close to one word operation, and then the strengthening of the US index formed a repression. the center of gravity of Lun zinc moved down to around US $1625 / ton. the attempt to reach a high of US $1934.5 / ton was blocked and recorded an inverted V fall, and the upward pressure plus the lack of fundamental support. Len Zinc resumed its decline in European trading and accelerated its decline. As of 17RU 17, it closed down US $1907 per ton, or US $28.50 per tonne, or 1.47 per cent. Lun Zinc received a big negative column, the operating center of gravity further moved downward, all the moving averages under pressure, with the resumption of overseas economy, the mine end is also accelerating recovery, more mines have recently joined the ranks of resuming production to constitute a negative, while consumer recovery is slow, market optimism cools down, returning to fundamentals, zinc under supply pricing is not optimistic, focusing on 1900 US dollars / ton support intensity at night.

During the day, the main 2007 contract of Shanghai zinc opened at 16125 yuan / ton. after a slight adjustment at the beginning of the session, Shanghai zinc recorded a V reversal and a low of 16095 yuan / ton. with the short sellers leaving Shanghai zinc shock upward, the center of gravity moved up to 16220 yuan / ton narrow range concussion, the upper and lower space was less than 50 yuan / ton, the upper 5-day moving average was difficult to break through, the bulls stopped the surplus and left the market, and the zinc operation was weak, and finally closed down at 16180 yuan / ton, down 95 yuan / ton, down 0.58%. Trading volume decreased by 3380 lots to 163000 lots, and positions decreased by 5142 lots to 84867 lots. Within a day, Shanghai zinc stops overturning red, and the five-day moving average under pressure is insufficient. Fundamentals, the contradiction in mine supply is expected to ease, while social inventory is slowly removed, zinc is lack of positive guidance, and the outer disk is dragged down at the same time. Zinc in the evening may test the support of Wanliu pass again.

In Shanghai, zinc mainstream traded at 16400 Mel 16520 yuan per ton, Shuangyan at 16470 Mel 16550 yuan per ton, Shuangyan zinc at 130MZ 140 yuan / ton in June, Shuangyan water at 170,200 yuan / ton in June, and Shuangyan zinc mainstream at 16320ft 16440 yuan / ton. The Shanghai Zinc 2006 contract fluctuated higher, closing at 16380 yuan / ton in the morning market. Zinc prices have fallen, smelter shipments have been under control, the morning market from rising water 150 yuan / ton down to rising water 140 yuan / ton or so, transaction feedback is still not good, some traders take the initiative to adjust prices to 130 yuan / ton to promote trading, but the mainstream market quotations are concentrated in rising water 135murl 140 yuan / ton, another part of the average price-5 / average price transaction is OK. Into the second trading session, the domestic quotation remained stable, while the downstream brand Shuangyan due to import squeeze, the quotation was lowered, from the rising water 190lv 200 yuan / ton down to 170lue 180 yuan / ton, import SMC, YP quotation is relatively stable, quoted water 120murt 140 yuan / ton, downstream every fall into the market inquiry procurement, but bearish mood is strong, procurement control, the overall intraday turnover is slightly better than yesterday. 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 10 yuan / ton yesterday. The price of ordinary brands for ordinary brands in Ningbo was raised around 160 yuan / ton for 2006 contracts. Today, zinc prices are steadily adjusted, and traders in Ningbo market are actively shipping. In the morning, it basically continued yesterday's market quotation. In the first period of time, Tiefeng, Huize and Kirin reported a water increase of 150 yuan / ton for the June contract, Yunxi News rose 130 yuan / ton for the June contract, and the West Mining News rose 240 yuan / ton for the July contract, which translates to 100rel 110 yuan / ton for the June contract. However, zinc prices are rising again today, downstream enterprises are mainly wait-and-see, the willingness to receive goods is obviously weakened, compared with yesterday's willingness to inquire is also weakened, the overall trading situation in the market is poor. It is worse than yesterday.

The mainstream transaction of zinc in Guangdong was 16260mur16400 yuan / ton, and the quotation was concentrated in the price increase of 140 million yuan / ton in the 2007 contract for Shanghai zinc, and the discount of 150 yuan / ton in the Guangdong market was the same as that in the previous trading day. In the first trading session, the price difference of the initial futures in the current month / the next month is large, the holder is still selling at a straight price, and the supply of Gaoshengshui goods is slightly closed, and the market quotes are mostly on the net price. Kirin and Mongolia are quoted at a price of 10 yuan / ton, while Tiefeng is 10 yuan / ton higher than the net price. Downstream, they just need to buy at a low price, and traders contribute to most market transactions. Kirin and Mongolia quoted a price of 150 yuan / ton for the July contract of Shanghai zinc. Tiefeng Shengshui 140Pak 150 yuan / ton. The second trading session, in the face of Gaoshengshui traders lack of willingness to receive goods, downstream procurement is also limited, while the holder will be more willing to ship at high prices, the market quotation has been loosened, but the overall transaction is not much. Kirin quoted zinc for Shanghai July contract up 150 yuan / ton, Tiefeng water 140 yuan / ton. Kirin, Tiefeng mainstream transaction at 16260MUR 16400 yuan / ton.

In Tianjin market, the mainstream turnover of zinc ingots was 16600 RMB17640 / ton, while that of ordinary brands was 16600 RMB16770 / ton. for the 2006 contract, the price of rising water was 250 yuan / ton to 380 yuan / ton. compared with Shanghai, the price of Tianjin rose from 150 yuan / ton to about 170 yuan / ton. Today, Shanghai zinc rebounded, the spot market maintained a rising discount price, and the price was relatively uniform. The ordinary brand Bering News quoted a rise of 300 yuan per ton for the 06 contract, and Hongyi quoted a rise of 330 yuan per ton for the 06 contract. Chi Hong quoted a rise of 300 yuan per ton for the 06 contract, while the high-priced brand Zijin offered a rise of 380 yuan per ton for the June contract, and Tiefeng quoted a rise of 280 yuan per ton for the 06 contract. The fourth Ring Road quoted a rise of 250 yuan per ton for the 06 contract. Today, zinc prices fell and rebounded, due to the low circulation of mainstream brands in the market, refineries and traders maintained high-price shipments; downstream, Tianjin spot fell slightly today, downstream enterprises in the recent weak trend of zinc prices, bearish sentiment increased, consider to continue to receive goods on the bargain. On the whole, today's turnover is weaker than yesterday's. Zinc ingots were sold at around 16550 Mill 16710 yuan per ton.

 

Tin: after the opening of the Lunxi electronic disk at US $15395 / ton today, there was little trading in the Asian market. After the opening of the European market, it fell slightly to $15385 / ton before bottoming out and rebounded. As of 1700, the latest price of Lunxi is $15445 / tonne, showing a small positive line. The physical part is supported by the 5-day moving average, and the resistance above Lunxi is expected to be near the previous high of $15700 / tonne. Tonight, you can watch the number of U.S. jobless claims in the latest week, the monthly rate of signed sales index of existing homes after quarterly adjustment in April, and the change of EIA crude oil inventory in the week ended May 22 (10,000 barrels).

After the Shanghai tin 2007 contract opened last night at 133430 yuan / ton, affected by the successive reduction of positions by multi-air forces, the overall trend was first suppressed and then rose, and the shock fell to a low of 133090 yuan / ton before bottoming out and rising again. After the opening of 133790 yuan / ton in morning trading, the overall upward trend was concussive. After climbing the intraday high of 134720 yuan / ton, it fell slightly, and finally closed at 134520 yuan / ton, up 420 yuan / ton, or 0.31%. The trading volume decreased by 8677 to 32443, and the position decreased by 1529 to 10151, showing a small positive line, supported by the 5-day moving average below. It is estimated that the resistance above the Shanghai tin 2007 contract is near the previous high of 136000 yuan / ton. Today, the main contract of Shanghai tin changed from 2007 to 2008. Affected by the increase of long-short forces, the main 2008 contract of Shanghai tin also showed a trend of restraining at first and then rising. The closing price was 133670 yuan / ton, and the trading volume decreased by 7414 to 33308. The position increased by 2931 to 30555, and the day closed with the Xiaoyin line, and the lower shadow line was located near the 5-day moving average.

In the spot market, today's price is 136000won 138500 yuan / ton. The overall center of gravity of the tin plate in Shanghai is stable, and the buying interest of traders and downstream enterprises is weak, only a small amount of prudent purchases. 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 3500 won 4000 yuan / ton, and the small brand rising water is around 2500 won 3000 yuan / ton.

 

Nickel: Lunni opened slightly higher at 12155 US dollars / ton today, followed Shanghai Nickel stronger in the morning, quickly reached 12280 US dollars / ton, and then fluctuated around 12240 US dollars / ton between the 10 / 20 moving average. In the afternoon, Lunni rose again with Shanghai Nickel, reaching as high as US $12305 / ton, the highest point of the day. But soon came down under pressure, and after the close of trading in Shanghai, Lunni fell below the daily average line, falling to $12155, giving up all its gains during the day. After entering the European trading session, Lunni was under selling pressure after a brief shock, and then stabilized after reaching 12135 US dollars. As of 1715, Lunni temporarily closed at 12160 US dollars / ton, up 20 US dollars / ton, or 0.16%, from yesterday. Today, after the rise and fall of Lunni, the sun cross star has been recorded for the time being. The 40x60 EMA below Lunni has formed adhesion at US $12000 / tonne, and Lenny is expected to continue to fluctuate within a narrow range in the near future, waiting for the multiple alignment of the averages.

The main contract of Shanghai Nickel 2008 opened at 100140 yuan / ton today. After a brief shock, the bulls tried to add positions. After the center of gravity of Shanghai Nickel rose rapidly, the horizontal market fluctuated between 100,600,100,900 yuan / ton until the afternoon. At about 14:20 in the afternoon, the bulls increased their positions and tried to break through, making Shanghai Nickel reach the intraday high of 101100 yuan / ton. However, due to the top 10 / 20 adhesion overlap, forming a strong pressure, empty open more flat, Shanghai nickel gradually gave up the increase in late trading, and finally closed at 100730 yuan / ton. The settlement price increased by 130 yuan per ton, or 0.13%. Trading volume decreased by 15773 lots to 530000 lots, while position increased by 4421 lots to 86660 lots. Although Zhong Yang Zhu was recorded today, Shanghai Nickel is always under pressure below the 5 / 10 moving average, and it is expected that the upward resistance is relatively high, and the two sides of the long and short positions may still compete around the 100000 mark at night.

Today, SMM1# Electrolytic Nickel quotation 100300 Mel 101700 Yuan / ton. Shanghai Nickel fell last night and returned to the concussion of more than 100,000 after the opening of trading today. There were few transactions in the spot market in the morning, and it became lighter in the afternoon. According to traders, the poor trading atmosphere is not due to the price, but more because of the weak downstream demand. In terms of discount, Russo Nickel's contract with Shanghai Nickel 2007 is quoted at 250fu 150 yuan / ton, and the inquiry situation is not as good as yesterday, so today's shipments from low-price sources in the market are also not satisfactory. Jinchuan Nickel to Shanghai Nickel 2007 contract rose 1100murl 1200 yuan / ton, held firm during the week. Jinchuan ex-factory price is the same as the previous trading day, still 101300 yuan / ton, long Association traders have a certain degree of delivery in Gansu. Nickel beans to Shanghai Nickel 2007 contract sticker 1100-paste 1000 yuan / ton, there is no improvement in demand for nickel beans almost no deal.

  

Scan the QR code and apply to join the SMM metal exchange group. Please indicate the company + name + main business.

SMM Daily Review
basic Metal Daily Review

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn