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Review on spot Trading Day of SMM Base Metals on May 29th
May 29,2020 20:20CST
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Source:SMM
Review on spot Trading Day of SMM Base Metals on May 29th
The content below was translated by Tencent automatically for reference.

SMM, May 29th:

Copper: today, Apanlon Copper opened at US $5350 / tonne and briefly fluctuated around US $5345 / tonne after opening. Affected by crude oil prices, copper prices fell to an intraday low of $5319.5 / ton in the short term, but quickly recovered to $5345 / ton and fluctuated within a narrow range around the daily moving average line, operating in the intraday range of 5,330 U.S. dollars / ton. Lun Copper closed at US $5345 per tonne, down US $27 per tonne, or 0.5 per cent, as of 17PUR 00. Today, the two sides fight each other, Luntong copper around 5345 US dollars / ton shock adjustment. The US released a series of economic data last night, showing signs of economic recovery, boosting optimistic market expectations and supporting copper prices. But Trump said publicly that he would make a major move against China this week, raising fears at home and abroad about the further deterioration of Sino-US relations. Overseas sentiment is intertwined with domestic risk aversion, and copper prices have been fluctuating in a narrow range. Today, Lun Copper received negative, 5-day and 10-day moving average adhesion, strengthening the bottom support. In the evening, pay attention to the core PCE price index of the United States in April to test whether Lun Copper can continue its upward trend.

Today, the main force of copper in Shanghai opened at 43840 yuan / ton in the morning, and after the opening, copper prices briefly fell to a daily low of 43730 yuan / ton. Then long increased positions superimposed short positions, copper prices fluctuated up to 43920 yuan / ton. Then it was arranged horizontally around the position of 43890 yuan / ton, and closed at 43910 yuan / ton at noon. Opening in the afternoon, the bulls renewed their strength, and the disk quickly rose to the highest point of the day, 44050 yuan / ton, but the rising momentum was insufficient. Copper prices fell below the 44000 mark, and the disk slipped to the position of 43800 yuan / ton. Near the end of the day, short sellers made a profit and the copper price rebounded and finally closed at 43940 yuan / ton, up 320 yuan / ton, or 0.73%. Today, the main contract of Shanghai Copper reduced its positions by 232 hands to 103000 hands, mainly for short positions, and the trading volume decreased by 14000 lots to 92000 hands. The main force of copper in Shanghai rose during the day, mainly due to the release of overnight data showing positive signs of economic recovery, the number of Americans applying for unemployment benefits fell for eight weeks in a row. But Sino-US relations remain strained and caution continues to dampen the continued rise in copper prices. From a fundamental point of view, domestic copper consumption is better than expected, and social inventories continued to decline on Wednesday, which also supported copper prices. Today, the copper in Shanghai closed, and the opening of the KDJ curve shrank. Below there are 5-day and 10-day moving averages adhering to the bottom, from a technical point of view, good copper prices. Wait for the outer disk guidelines in the evening to test whether Shanghai Copper can effectively break through the 44000 yuan / ton mark.

Today, the spot price of electrolytic copper in Shanghai is quoted at 160 yuan / ton to 180 yuan / ton for that month's contract, the transaction price of leveling copper is 44100 yuan / ton ~ 44160 yuan / ton, and the transaction price of copper in rising water is 44110 yuan / ton ~ 44170 yuan / ton. Shanghai copper hovering at the 44000 yuan / ton mark has always been difficult to break through. At the end of the month, on the last day of the month, most of the enterprises in the market were in settlement, the trading activity decreased, and the price quoted by the holder relaxed slightly, but the overall quotation performance was still stable. In the morning market, the price of flat water copper rose about 170 yuan / ton. Good copper quoted a water rise of 170 yuan per ton, while wet-process copper maintained a steady rise of 130 yuan per ton. The supply of low-priced goods in the market is limited, and it is still favored by some traders. Most of the downstream are waiting to enter the market after the next month, and there are no signs of large-scale selling and redemption by the holders. Today's weekend plus the end of the month, the market fully shows the characteristics of settlement. In the afternoon, the plate concentrated its efforts on rushing over 44000 yuan / ton and climbing above 44050 yuan / ton. due to the relationship at the end of the month, it is difficult to make active enquiries. Those with real demand can lower the price to Pingshui copper to raise the water to 150 yuan / ton, good copper still rises to 170 yuan / ton, and the transaction price increases to 44140mur44240 yuan / ton with the increase of the plate.

 

Aluminum: Lun Aluminum opened at US $1538 / ton in the morning, maintained a narrow range during the Asian trading session, and the operating price spread was more than US $6 / tonne. After entering the European trading session, it temporarily touched a daily high of US $1542 / tonne at the end of the Asian pan. After entering the European trading session, Lunal began to fall back at a high level. As of 16:40, Fenlun Aluminum stabilized around US $1535 / ton and closed at US $1536 / tonne, down US $2 / tonne, or 0.13%. Trading volume decreased by 9524 lots to 2531 lots. The position increased by 4399 hands to 866000 hands, closing at the Xiaoyin line, ending Sanlianyang, with the center of gravity above all moving averages except the 60-day moving average. The recent trend of Lun aluminum is strong, from a technical point of view, the resistance of the 60-day moving average above is relatively strong, and the short-term upward space for Lun aluminum is limited. It is expected to continue to maintain interval shocks at night, to explore the size of the upper space, and to pay attention to the dollar index, key data in Europe and the United States and the upcoming press conference on Sino-US relations in the evening.

The main 2007 contract of Shanghai Aluminum opened at 13155 yuan / ton in the morning, briefly down 13110 yuan / ton at the beginning of the session, rose first and then suppressed at noon, and was under pressure at 13185 yuan / ton. In the afternoon, short positions began to be concentrated, aluminum prices rose and climbed all the way. By the end of the day, they reached a daily high of 13260 yuan / ton, continuing to refresh yesterday's new high, closing at 13215 yuan / ton, up 110yuan / ton, up 0.84%. Trading volume decreased by 11340 lots to 105000 lots, positions decreased by 8954 lots to 151000 lots, and short positions were mainly reduced to close at Xiaoyang line, recording six Lianyang. In the case of strong superimposed consumption in the absence of treasury, the spot circulation in the market is tight, the short-sellers are not strong in the near future, and it is expected to be mainly strong and volatile in the short term.

Aluminum maintained a wide concussion in the early afternoon. The spot price in Wuxi area of Shanghai is between 13450 and 13460 yuan per ton, and the price of rising water is between 120 yuan and 120 yuan per ton, which is basically the same as yesterday, while the spot price in Hangzhou is between 13460 and 13480 yuan per ton. Today, a large household is very active in receiving goods, and the holder is also more active in shipping goods to it, with active trading between the two sides, but there is still a stalemate between small and medium-sized traders, while the price of the holder is relatively high, while the middleman receives the goods in general. In addition, as today is the last spot delivery day of the month, traders are not as active as they did in the previous two days, taking into account the problem of financial settlement. Today, the downstream is mainly purchasing on demand, and the fear of heights is obvious. The overall transaction in East China is mediocre today. Aluminum shock uplink in the afternoon, individual shippers quoted prices around 13460 yuan / ton, rising water to the disk of about 100 yuan / ton, only a small number of transactions between traders, few downstream.

 

Lead: during the day, Lun lead opened at US $1631 / tonne. During the Asian session, Lun lead fluctuated downward to US $1621.5 / ton under the influence of the inner market, then fluctuated along the daily moving average and entered the European period, the United States Index accelerated weakening to boost Lun lead, and the center of gravity of Lun lead slowly moved upward. as of 1630, Lun lead temporarily closed at US $1632 / ton, down US $5 / ton, or 0.31%. Lun lead temporarily closed the Xiaoyang line, although the downward pace has slowed down, but the upper pressure of each daily average line, the upward revision pressure is strong, Lun lead may continue to hover with 1620 yuan / ton at night.

During the day, the main 2007 contract of Shanghai lead opened at 14235 yuan / ton, at the beginning of the session, the short position increased, the center of gravity of Shanghai lead moved down to 14125 yuan / ton, and then the daily average of Shanghai lead pressure fluctuated around 14185 yuan / ton, finally closing at 14220 yuan / ton, down 60 yuan / ton, down 0.42%, the position decreased by 2181 to 26473, and the trading volume increased by 3647 to 25610. Shanghai lead closing Xiaoyang line, the center of gravity of the daily K line continues to move downward, the upper pressure bearing 5-day moving average, and the lower 10-day average as the support, considering the trend of the outer disk after the European period, the downward movement of the center of gravity of Shanghai lead at night is limited.

Shanghai Changchi Hong lead 14525Mel 14545 yuan / ton, price for Shanghai lead 2006 contract 180 Mel 200 yuan / ton; Wuxi market South lead 14445 yuan / ton, Shanghai lead 2006 contract price 100yuan / ton; another import KZ lead 14345 yuan / ton, flat water quotation for Shanghai lead 2006 contract. Lead reduction positions down, the holder quotation with the market, at the same time Friday price at the end of the month, part of the downstream on-demand purchase, but the smelter shipping price advantage remains, the trade market transaction has not improved significantly.

Guangdong market Nanhua lead 14425 yuan / ton, 50 yuan / ton for SMM1# lead price rise; Jinli 14325 ~ 14375 yuan / ton for Henan area, 50 yuan discount / ton to Pingshui price for SMM1# lead price; 14275 yuan 14325 yuan / ton for Hunan Shuikoushan, 50 yuan / ton for SMM1# lead price; 14175 yuan 14225 yuan / ton for Hunan Jingui and 150,200 yuan / ton for SMM1# lead price. Jiangxi Copper 14425 yuan / ton, the average price of SMM1# lead 50 yuan / ton quotation. Jiangxi Jinde is 14325 yuan / ton, and the average price discount to SMM1# lead is 50 yuan / ton. Yunnan small factory 14025Mel 14075 yuan / ton, the average price of SMM1# lead discount 300MZ 350 yuan / ton quotation. Lead prices continue to fall, storage enterprises according to just need to carefully adopt, refinery supply is difficult to recover, light trading in the spot market.

 

Zinc: Genevan zinc opened at US $1938 / tonne. Pancu Zinc recorded a V reversal of US $1925 / t and accelerated upward after a pause at US $1940 / tonne. The center of gravity of step-by-step high operation was directly moved up to US $1960 / tonne. As of 16VM00, Lunzn Zinc closed up at US $1960 / t, up US $20 / t, or 1.03%. Lun Zinc recorded a small positive pillar, the upper short moving average tends to adhere to form suppression, LME zinc inventory continues to decline, superimposed Back structure continues to expand, side shows that the recovery of overseas consumption is not a castle in the air, it is expected that Lun Zinc will operate strongly at night, but we need to be on guard against the risk of deterioration of Sino-US trade relations.

During the day, the main 2007 contract of Shanghai zinc opened at 16230 yuan / ton. At the beginning of the session, Shanghai zinc opened high and went low. After exploring a low of 16165 yuan / ton, the V word reversed to recover the decline. Some bulls tried to enter the market and promoted the zinc center of gravity to move up to about 16270 yuan / ton. In the afternoon, long positions poured in, and Shanghai zinc accelerated to hit a high of 16470 yuan / ton. With some funds to stop earnings and left the market, Shanghai zinc plate tail was slightly revised down, closing up at 16400 yuan / ton, up 275 yuan / ton. The trading volume increased by 1.71%, while the trading volume decreased by 15605 to 147000, while the position increased by 733 to 85600. Within the day, Shanghai zinc received a big positive pillar, strongly repairing most of the decline in the week. Fundamentals there are smelters to join the ranks of maintenance, the mine side of the time mismatch has not been solved, at the same time, social inventory reduction constitutes a good, night attention to whether to break through the 5-day moving average.

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 16430 Mel 16530 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands was maintained at a discount of 10 yuan / ton yesterday to near Pingshui, while the price of ordinary brands in Ningbo rose to around 150 yuan per ton in the contract of 2006. Today, Shengshui in Shanghai has weakened, and the price gap between the two places has basically flattened. In the first session of the morning, the consignor slightly lowered the water supply, Tiefeng and Huize News rose 150 yuan / ton for the June contract, Yunxi News raised 120 yuan / ton for the June contract, Kirin lowered it to 120 yuan / ton for the June contract, and the West Mining News raised 240 yuan / ton for the July contract, which translates to 110 million yuan / ton for the June contract that month. There are many inquiries in the market today, but the actual turnover is still light, which is basically flat compared with yesterday, and the willingness to prepare stocks at the weekend is lower.

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 plate at US $15475 / ton today, there was little trading between early morning and midday in the Asian market. In the afternoon of the Asian market, Lunxi quickly rose to US $15570 / ton, then the pressure fell somewhat, and generally maintained around the daily moving average of US $15540 / tonne. As of 1730, the latest price of Lunxi was US $15550 / ton, showing a small positive line, located above all moving averages. The resistance above Lunxi is expected to be near the previous high of $15700 / tonne.

Shanghai tin 2008 contract last night after the opening of 133060 yuan / ton, the beginning of the session generally maintained in the opening price near the shock finishing, and then affected by long positions showed a shock upward trend. After opening at 134030 yuan / ton this morning, it bottomed out and rose again after falling at the beginning of the session, and then fluctuated all the way up to the intraday high of 134740 yuan / ton before falling slightly. Finally, it closed at 134420 yuan / ton, up 750yuan / ton, or 0.56%. The trading volume increased by 7017 to 40325, the position was 32601, and the position was increased by 2046. Today, Shanghai tin closed with the Xiaoyang line, the physical part was supported by the 5-day moving average, and the resistance above the Shanghai tin 2008 contract is expected to be around 135500 yuan / ton.

Spot market, quoted price of 136500 won 138500 yuan / ton today, Shanghai tin plate price is gradually rising, upstream merchants are more active in shipments, downstream demand remains weak, and the overall trading atmosphere in the Shanghai tin spot market is weak. For Shanghai tin 2007 contract, Yunxi Shengshui 4500won 5000 yuan / ton, ordinary Yunzi Shengshui 3500 RMB4000 / ton, and small brand water 3000 yuan / ton.

 

Nickel: the Lunni sub-market opened at 12185 US dollars / ton today, and shortly after the opening, it went down along the daily average line, reaching a daily low of 12145 US dollars / ton, followed by a sharp rise in Shanghai nickel, rising to 12300 US dollars / tonne, but due to the pressure on the 10-day moving average, Lunni gradually gave up its gains, and then the center of gravity fluctuated around 12200 US dollars / ton. After entering the European session, Renni concussion uplink gradually turned red, as of 1715, Lunni temporarily closed at 12255 US dollars, temporarily closed up 5 US dollars / ton, an increase of 0.04%. After yesterday's left, Xiaoyang column was recorded again, but it was still under pressure above the 10-day moving average. In the evening, watching the EIA US monthly crude oil production and the US April core PCE price index, Lenny continued to test the consolidation of US $12200 / tonne.

The main contract of Shanghai Nickel 2008 opened at 100170 yuan / ton today, and the short sellers put pressure on the market after the opening, causing Shanghai Nickel to fall to 99860 yuan / ton, the lowest point in the day. Subsequently, after Kongping entered more, Shanghai Nickel gradually recovered its decline and turned red. At around 10:00 in the morning market, bulls continued to increase their positions, making Shanghai nickel straight up, touching as high as 101290 yuan / ton and then coming under pressure again. After the long-short reduction of positions, Shanghai Nickel gradually gave up all the increases, reached 100150 yuan / ton, the morning market recorded a "V" trend. In the afternoon, although Shanghai nickel turned red for a time and briefly crossed the daily average of 100440 yuan / ton, it soon fell back under the selling pressure in late trading and finally closed at 100080 yuan / ton, the settlement price fell by 130 yuan / ton, or 0.13%. The position increased by 3979 lots to 90636 lots, and the turnover increased from 12510 lots to 542000 lots. Xiaoyin column was recorded today, and the upper shadow line is still unable to break through the glued 10 / 20 moving average above. From a technical point of view, the energy of the bulls has weakened. Pay attention to the trend of the outer disk in the evening, be on guard against the risk aversion of funds leaving the market at the weekend to make the price of Shanghai nickel back.

Today, SMM1 Electrolytic Nickel quotation 100100Muth101400 yuan / ton. After the opening of Shanghai Nickel Morning Market, it bottomed below 100000, rose 101000 yuan / ton in intraday trading, and then fell back. In the spot market, traders in the city generally reported monthly tickets, most of which said that the trading atmosphere was deserted, and only a small amount of holding capacity downstream of the stable terminal was OK. Russo Nickel to Shanghai Nickel 2007 contract is quoted for 250mur200 yuan / ton, and the willingness to ship is different in the market, and some holders have significantly lowered their quotations, but it is reported that the transaction is still limited; while traders with low willingness to ship goods, they even raise their quotations and wait for the market demand to pick up before shipping; the quotation of mainstream traders in the market is around 200 yuan / ton. Jinchuan nickel, due to a small supply of goods, rising water is still strong, the Shanghai nickel 2007 contract quoted rising water 1100mur1200 yuan / ton. The ex-factory price of Jinchuan is 101600 yuan / ton today. Due to the continuous decline of nickel in Shanghai, the volume of goods received by traders is limited. Nickel bean discount remains stable, still posted 1100mur1000 yuan / ton, there are a large number of original nickel bean clearance into storage this week, the current supply is sufficient, but the downstream demand is limited, today's transaction is few.

 

  

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