Review on spot Trading Day of SMM Base Metals on June 5th

SMM, June 5:

Copper: Apanlon copper opened at $5510 a tonne today and rose slightly to $5535.5 a tonne at the start of trading. Then it fluctuates around 5520 US dollars per ton. The bulls continued to push in the afternoon, and copper prices quickly rose to $5586 / ton. Entering the European trading period, driven by the upward price of crude oil, Lun Copper continued to rise to a daily high of 5632 US dollars / ton. Lun Copper closed at US $5613.5 per tonne, up US $88.50 per tonne, or 1.6 per cent, as of 17PUR 00. Geneva copper rose sharply and risk appetite was high. The timing of the OPEC+ meeting has been fixed, the extension of the production reduction agreement is in sight, and investors are more optimistic about the prospects for the recovery of the global economy. At present, Lun copper is big positive pillar, KDJ opening up expansion, the technical point of view is good copper price. In the evening, we will focus on the changes in non-farm payrolls after the May quarterly adjustment in the United States and the unemployment rate in the United States in May to test whether Lunbro can continue

Today, the main force of Shanghai copper opened at 44930 yuan / ton in the morning, and after the opening, the short positions increased the copper price, the disk slipped, and passed through the daily moving average, and then the center of gravity stabilized at 44880 yuan / ton, and finished horizontally around this position, closing at 44910 yuan in midday trading. At the beginning of afternoon trading, most of the copper prices crossed the daily average line, fluctuated upwards, and reached a daily high of 45260 yuan / ton. It finally closed at 45220 yuan / ton, up 430 yuan / ton, or 0.96%. Today, the number of positions in the main contract of Shanghai Copper increased by 2891 to 104000, mainly by long positions; the trading volume increased by 5000 to 90000; the Shanghai Copper Index increased its positions by 2732 to 322000, mainly by long positions; and the trading volume increased by 11100 to 199000. The main reason for the high rise in copper in Shanghai is the news that the OPEC+ meeting will be held this week, the contradiction between supply and demand of crude oil continues to ease, driven by the upward price of crude oil, thus linked to the shock rise of copper prices. And at present, overseas is in the process of resuming work and production, the macro mood continues to improve, and the upward momentum is strong under the positive stimulation. At present, the copper in Shanghai has closed, and the KDJ opening continues to expand. From a technical point of view, there is still room for copper prices to rise. At present, Lun Copper has surged to a high of US $5620 per tonne. If the strong momentum is maintained, Shanghai Copper will open at the 46000 mark that night and stand on a new platform.

Today, the spot price of electrolytic copper in Shanghai is quoted at a discount of 40 yuan / ton to that month's contract, the flat copper transaction price is 44950 yuan / ton ~ 45010 yuan / ton, and the rising copper transaction price is 44960 yuan / ton ~ 45030 yuan / ton. Shanghai copper hovers around the 45000 yuan / ton line. Following a large number of discarded goods in the market yesterday, the discount quotation first appeared yesterday afternoon, the quotation in the morning market continued at a small discount level, with a discount of 20 yuan / ton ~ flat water, and the morning market was still above 45000 yuan / ton, and the holder was eager to ship goods. Flat copper took the lead in lowering the discount around 30 yuan / ton, attracting buyers at a low price, and traders reduced the price to 40 yuan per ton, leading to a wave of trade receipts. The price of good copper is concentrated around 20 yuan / ton of discount. Entering the second trading stage, the market receiving and inquiry atmosphere improved, after the low-price supply was bought, the quotation went up, flat copper has been difficult to find a discount of 40 yuan / ton, quotation discount 30 ~ discount 20 yuan / ton, good copper followed and then returned to Pingshui. The performance of wet-process copper is relatively stable at 80 ~ 60 yuan / ton. Spot full discount, the market bargain buying initiative increased, downstream replenishment on demand, trading is dominated by speculators, trade enthusiasm has warmed up, trading under the discount has improved compared with yesterday. In the afternoon, the market further rose in a straight line to 45250mur45300 yuan / ton range, the spot trade inquiry atmosphere is active, the willingness to receive the discount is further enhanced, the market narrows the discount quickly, and before the close, the holder has shown no intention to discount shipment. the quotation has rebounded to the discount of 10 yuan to the level of water, the flat copper discount is 30 yuan / ton, the good copper discount is 20 yuan / ton, and the trading price quickly follows the price up to 45120 million yuan / ton. 45270 yuan / ton, the flat copper discount is 30 yuan / ton, the good copper discount is 20 yuan / ton, and the trading price quickly follows the price up to 45120 million yuan / ton. After digesting a large number of imported copper coming into Hong Kong this week, it may be difficult to show a big discount on the spot next week.

Aluminum: Lun Aluminum opened at US $1560 / ton in the morning. In the Asian session, the opening price bottomed out at US $1560 / tonne and then continued to rise, reaching a five-day moving average of US $1569 / tonne in the early afternoon. Lunal rose to US $1573 / tonne at 15: 00 in the afternoon. During the European session, Lunal continued to be strong and tried to push higher, reaching a high of US $1585 / tonne and falling to US $1575.5 / tonne as of 17: 38. During the day, due to the continued decline in the weak US dollar index, the collective rush of non-ferrous metals, recently, because the US index fell nearly 1.5 in the week, non-ferrous metals were significantly boosted. In the evening, we continue to pay attention to the impact of US unemployment rate and non-farm data on the US index in May. If it is worse than expected, there is room for non-ferrous metals to continue to rebound, with the possibility of hitting the US $1600 / ton mark.

The 2007 contract of Shanghai Aluminum opened at 13165 yuan / ton in the morning. The opening of Shanghai Aluminum was depressed by short positions and hit an intraday low of 13090 yuan / ton. After the short-sellers left the market after a lack of confidence, Shanghai Aluminum rebounded quickly, and the bulls increased their positions in pursuit. Shanghai Aluminum broke through the 5-day moving average and turned red at noon. In the afternoon, the bulls continued to pursue Shanghai Aluminum and continued to break through the 10-day moving average and touch a high of 13225 yuan / ton. at the end of the day, the bulls made a profit and left the market, and Shanghai Aluminum fell back and closed at 13180 yuan / ton. Positions in the Shanghai Aluminium Index increased by 113th to 143276 lots, while those in the Shanghai Aluminium Index increased by 349lots to 509087 lots. As the stock of aluminum ingots in domestic society fell again to 46000 tons yesterday, it failed to continue the trend of narrow de-stocking, resulting in a lack of confidence among bears and an increase in departures. But at the same time, the expectation of weaker consumption in June is still in place, under this combined effect, Shanghai Aluminum still maintains a narrow range of shocks above 13000 yuan / ton, waiting for the confirmation of the weakening of consumption by the subsequent narrowing of the decline in aluminum ingot inventory in the society. In the evening, pay attention to the trend of outer pan Lun aluminum, Shanghai aluminum has the possibility of being driven up slightly.

Spot market, early afternoon aluminum shock upward. The spot price in Wuxi area of Shanghai is between 13450 and 13470 yuan / ton, and the rising water in the morning is between 100 and 120 yuan / ton. With the rise of the second trading stage of aluminum futures, the spot price begins to concentrate at 90 yuan / ton. The spot price is down nearly 40 yuan / ton compared with yesterday, and the price in Hangzhou area is between 13480 and 13500 yuan / ton. Today's market turnover is relatively light, although the holder is active in shipping, but the middleman is expected to narrow the rising water in the later stage, and the willingness to receive the goods is not strong. A large family buys normally today, and the transaction between buyers and sellers is mediocre. Downstream today is mainly on-demand delivery, although close to Friday, but did not show a clear sense of preparation. The overall transaction in East China is mediocre today. In the afternoon, aluminum rose, the monthly difference widened, the market wait-and-see mood increased, and there were few transactions.

Lead: during the day, Lun lead opened at US $1737.5 / ton. During the Asian period, Lun lead fluctuated along the daily moving average and entered the European period. Due to the overall strength of non-ferrous metals in the outer disk, the center of gravity of Lun lead continued to move upwards. As of 16V10, Lun lead temporarily closed at US $1772 / ton, up US $33.50 / ton, or 1.93%. Lun lead temporarily closed in the positive line, accelerating along the 5-day moving average, as overseas consumption recovery expectations continue to ferment, bulls continue to enter, boosting the upward trend of Lun lead, and it is possible for Lun lead to refresh its recent highs at night.

During the day, the main 2007 contract of Shanghai lead opened at 14350 yuan / ton, and the daily average of Shanghai lead pressure was running at the beginning of the session. During the period, the center of gravity went down near 14290 yuan. In the afternoon, the overall non-ferrous metals rose, Shanghai lead rebounded, feeling as high as 14445 yuan / ton all the way, nearing the close of trading, some bullish lead left the market, Shanghai lead fell slightly, and finally closed at 14390 yuan / ton, down 10 yuan / ton, or 0.07%. The position decreased by 1089 hands to 28228 hands. Trading volume decreased by 2692 to 21262 lots. Shanghai lead closed on the Xiaoyang line, the pace of decline was suspended, and the 5-day moving average above the pressure was suspended. After entering the European period, Waipanlun lead showed a strong trend at night, but the upward power of Shanghai lead was insufficient, and it is expected that the upward space of Shanghai lead at night is limited.

Shanghai market south, Mulun lead 14310murl 14360 yuan / ton, to Shanghai lead 2006 contract flat water to rise water 50 yuan / ton quotation; Jiangsu and Zhejiang market south, Shuikoushan lead 14310Mel 14360 yuan / ton, Shanghai lead 2006 contract flat water to rise water 50 yuan / ton quotation; another import KZ lead 14290tel 14310 yuan / ton, Shanghai lead 2006 contract flat water to discount 20 yuan / ton price. Lead weakens again, the price of the holder changes little, at the same time, refinery goods maintain discounted delivery, the price advantage is obvious, the spot trade market transaction has not improved greatly for the time being.

South China lead 14300 yuan / ton in Guangdong market, 50 yuan / ton premium to SMM1# lead price; Jinli 14200 ~ 14225 yuan / ton, 50 yuan / ton to 25 yuan / ton discount to SMM1# lead price; 14100 yuan 14150 yuan / ton in Minshan, Henan, 100million yuan / ton discount to SMM net; 14150 yuan / ton in Shuikoushan, Hunan, 50 yuan to 100 yuan / ton to SMM1# lead price; 14250 yuan / ton in Jiangtong, to SMM1# lead price Jiangxi Jinde is 14200 yuan / ton, and the average price discount to SMM1# lead is 50 yuan / ton. Anhui Copper Crown 14250 million 14300 yuan / ton, to the average price of SMM1# lead to 50 yuan / ton; to the south of Hechi, Guangxi 14230 yuan 14250 yuan / ton, to SMM net average discount 20 yuan / ton to flat water quotation; Yunnan small factory 13850 million 13900 yuan / ton, to SMM1# lead average discount 350 million 400 yuan / ton. Lead prices fell further today. Downstream procurement is generally hot, some enterprises just need to purchase at a low price, but the overall trading is still weak.

Zinc: zinc in Geneva opened at US $2025.5 / tonne, adjusted downwards at the beginning of the session, fluctuated in a narrow range around US $2020 / tonne, showing a slightly stronger performance than domestically. Basic metals generally rose in the afternoon, Lunzinc homeopathic, concussive uplink refreshed the recent high to US $2051 / tonne, the high part of the funds stopped earnings and left the market, Lunzinc gave up some of its gains, closing at US $2044 / tonne, up 18 US dollars / tonne, or 0.89 per cent. Lun Zinc center of gravity further moved upward, the performance is relatively strong, overseas economic restart process is relatively smooth, the marginal improvement of consumption is expected to continue to strengthen, coupled with the recent continuous decline in LME zinc inventory boost, the external strong and internal weak pattern has been strengthened, Lun Zinc is expected to run strong or strong at night.

During the day, the main 2007 contract of Shanghai zinc opened at 16610 yuan / ton. at the initial stage of trading, zinc reduced its position and went down, rapidly falling to around 16520 yuan / ton. then the bulls gradually increased their positions, expected zinc to repair the decline upward, and paused slightly at about 16585 yuan / ton. then accelerated upward, backfilling all decreased to around 16660 yuan / ton, the top pressing is more difficult to break through. The final closing price rose to 16635 yuan / ton, up 20 yuan / ton, or 0.12%. The trading volume decreased by 9180 lots to 140000 lots, and the position increased by 347 lots to 83748 lots. Zinc turned red, although social inventory recorded growth, but the marginal improvement in consumption is not expected to fade, while the overseas mining recovery has not yet transmitted to the smelter actual raw materials loose, the fundamentals do not appear more negative in the short term, coupled with the strong rise of Lun zinc in European trading hours, it is expected that zinc will be strong in the evening.

The mainstream transaction of zinc in Shanghai was 16720 Mel 16780 yuan / ton, Shuangyan and Huize 16800 yuan / ton, Shuangyan and Huize reported a rise of 110 yuan / ton in June, Shuangyan and Huize reported a rise of 110 yuan / ton in June, and Shuangyan and Huize traded 16660 RMB16720 / ton. The Shanghai Zinc 2006 contract bottomed out and rose again, closing at 16650 yuan / ton in the morning market. Smelter shipments are normal, intra-day traders receive goods more actively, the morning market reported rising water 90 yuan / ton transactions active, rapid price adjustment to 100 yuan / ton or so, market recognition is still high, some traders further raised their quotations to about 110 yuan / ton, and market acceptance slowed down slightly. Entering the second trading session, the market quotation remained stable at around 100 per ton of rising water, with a transaction performance, while the quotations for downstream brands Shuangyan, Huize and imports changed little from yesterday, and zinc prices fell and rebounded to restrain downstream buying and buying activity. the overall intraday transaction was concentrated among traders, which was significantly better than yesterday's transaction.

The mainstream transaction of Ningbo Brand was 16680 RMB16780 / ton, and the price of ordinary brand was raised by 90mur110 yuan / ton to 2006 contract. The price difference between Ningbo and Shanghai ordinary brand changed from yesterday's flat water to 10 yuan / ton discount. Ningbo market consumption continues to be weak, traders actively ship goods. In the first period of time, Tiefeng News raised 100 yuan per ton for the June contract, Huize News raised 110 yuan per ton for the June contract, and brands such as Yunxi, Kirin and West Mining reported a water increase of 90 yuan per ton for the June contract, which was basically the same as yesterday. However, there are rumors in the market that some traders with fewer supplies are selling goods at low prices. Kirin reported an increase of 50 yuan per ton for the June contract, but most traders will not quote to this low level because of money losses. Overall, market turnover is still weak, and there is no obvious weekend replenishment behavior.

The mainstream transaction of zinc in Guangdong Province was 16590mur16670 yuan / ton, and the quotation was concentrated on the price of the 2007 contract for Shanghai zinc. The discount of the Guangdong market was 120 yuan / ton higher than that of the Shanghai market, which was 30 yuan higher than that of the previous trading day. In the first trading session, futures prices were weak, while the downstream demand increment was limited, the market supply was still abundant, and supply exceeded demand obviously. in addition, driven by the withdrawal of funds by some holders on Friday, the overall price adjustment and shipment was positive. Kirin and Mongolia quoted water for the Shanghai zinc contract for July, rising 80 yuan per ton, while Tiefeng rose 80 yuan per ton. In the second trading session, after the network price was determined, the market quotation was relatively unified, but the demand for brands such as Tiefeng and Feilong was general, and the overall price was still lower than that of other brands at 20 yuan / ton, exerting pressure on spot transaction prices, and traders received goods at low prices, driving market trading. Kirin and Mongolia quoted a price of 90 yuan / ton for the July contract for Shanghai zinc, while Tiefeng and Feilong rose 70 yuan / ton. Kylin, Mengzi, Feilong and Tiefeng mainstream traded at 16590 RMB16670 per ton.

The mainstream turnover of Zinc ingots in Tianjin market was 16820 RMB16880 / ton, Zijin was traded at 16880 RMB16920 / ton, Huludao was quoted at 17980 RMB / ton, Zinc was generally quoted around RMB 180 / ton to 200 yuan / ton for Zinc 2006 contract, and around RMB 240 / ton for June contract, compared with Shanghai Stock Exchange, the price of rising water in Tianjin fell to about 80 yuan / ton from 100 yuan / ton to 80 yuan / ton. Today, the high level of zinc in Shanghai has dropped, and the spot market has maintained a rising discount price, and the price is relatively uniform. The ordinary brand Bering News has quoted a rise of 200 yuan per ton for the 06 contract, and Hongyi has quoted a rise of 200 yuan per ton for the 06 contract. Chi Hong has quoted a rise of 180 yuan per ton for the 06 contract, while the high-priced brand Zijin has quoted a rise of 240 yuan per ton for the June contract. Tiefeng and Mongolia have reported a rise of 170 yuan per ton for the 06 contract. KZ quoted a rise of 130 yuan per ton for the 06 contract. Zinc prices shot up and fell back today, but did not stimulate downstream buying interest. Refineries and traders maintained yesterday's rising water prices, and some brands sold goods at low prices. Downstream, rising water prices remained low, but absolute price adjustment was still limited. Downstream, the willingness to receive goods downstream is still poor, and the procurement is poor. On the whole, today's turnover is light. Zinc ingots traded at around 16720 RMB16780 per ton.

Tin: Lunxi opened at US $16050 / ton today. Trading was light in early Asian trading. In the afternoon, Lunxi prices began to fluctuate upward in the afternoon at 16050, 16080 US dollars. When the European market opened, Lunxi prices began to fluctuate upward. Around the time of the closing of the Asian market, Lunxi has shown a horizontal concussion of US $16100 per ton. As of 1615, the latest price of Lunxi is US $16115 / ton, showing a small positive line. The physical part is above all moving averages, and the upper resistance level is expected to be around US $16500 / ton.

Shanghai tin 2008 contract last night after the opening of 134600 yuan / ton, Shanghai tin prices plunged to a daily low of 133800 yuan / ton, and then affected by the multi-short game, the price correction fell again. After that, it shook up under the influence of the intertwined forces of long and short positions, closing at 134730 yuan / ton. 9: 00 in the morning opened at 134730 yuan / ton, and then affected by the short entry, shock fell, Shanghai tin in the afternoon under the influence of the long-short game in the vicinity of 134200 yuan / ton sideways finishing. In the afternoon, under the influence of the short exit, it began to shock and rise, and finally closed at 134700 yuan / ton, up 1050 yuan / ton, or 0.79%. The trading volume was 44181 lots, the position was 35192 lots, decreased by 528 hands, showing a cross star. The lower support level is expected to be near the 10-day moving average of 134000 yuan / ton, and the upper resistance level is near the five-day moving average of 135000 yuan / ton.

On the spot market, today's quotation is 137000 RMB140000 per ton. The center of gravity of the Shanghai market is stronger and stable than yesterday, and the spot price is basically the same as yesterday. The purchase volume of enterprises and traders in the lower reaches of the day is relatively small, and the overall transaction atmosphere in the Shanghai-tin spot market is relatively weak. In terms of liter discount, Yunxi rose around 5500 yuan / ton for the Shanghai tin 2008 contract, 4500 yuan / ton for ordinary Yunzi, and 25003,000 yuan / ton for small brands.

Nickel: today's Lunni sub-market opened at US $12800 / tonne, briefly fluctuated around US $12770 / ton after opening, and gradually rose in the afternoon, reaching as high as US $12850 / tonne before noon. Lun Nickel rose unabated in the afternoon, rising steadily to around $12900 / ton. After European trading, Lunni rose again to 12985 US dollars / ton, boosted by the sharp rise in crude oil, but after a short stay, due to heavy pressure, Lunni began to fall sharply and continued to decline after falling below the daily average of 12900 US dollars / ton. It closed at US $12805 per ton as of 17RV 31, giving up most of the gains during the day and closing up only US $5 per ton. Temporarily recorded Yang Cross Star, failed to break through the previous selling pressure of 13000 US dollars / ton line. In the evening, we will pay attention to the unemployment rate in the United States in May and the non-farm payrolls after the quarterly adjustment, and test whether Lunni can make a breakthrough to 13000 yuan / ton again.

The main 2008 contract of Shanghai Nickel opened at 103000 yuan / ton, and fluctuated in a narrow range near its moving average on the 5th day of the day. Then at 10:30, the bulls increased their positions. Shanghai Nickel fluctuated strongly all the way, probing the 104000 yuan / ton pass, and was under pressure at the top of 104000 yuan / ton in the afternoon. The center of gravity fluctuated slightly around 103800 yuan / ton, and finally closed at 103790 yuan / ton, an increase of 1010 yuan / ton or 0.98% over the previous trading day. The position increased by 4817 to 118718, while the turnover decreased by 50398 to 590141. Throughout the day, the Shanghai Nickel 2008 contract closed at Xiaoyangzhu, the K-column jumped above the 10 / 20 moving average, broke through the 5-day moving average, and faced resistance at the top of the 104000 yuan / ton mark. At night, we will pay attention to whether Shanghai Nickel can continue to strengthen, and pay attention to the resistance near the rail position on the Boll line above.

The price of SMM1 Electrolytic Nickel is 102500 RMB103800 / ton, the average price is 450RMB / ton higher than that of yesterday. Nickel prices fluctuated upward today, recovering yesterday's decline in the morning market and continuing to rise in the afternoon. In the spot market, downstream demand is still weak, trading is limited in the morning, there are few transactions in the afternoon, and there is a small flow of low-priced goods among traders. Liter discount, Russo Nickel to Shanghai Nickel 2007 contract mainstream quotation in the paste 300 to 250 yuan / ton, Russo Nickel discount slightly expanded compared with yesterday. Jinchuan nickel to 2007 contract rose 900 to 1000 yuan / ton, Jinchuan ex-factory price of 104000 yuan / ton. Traders pick up an appropriate amount of goods in Gansu. It is reported that there are many sources of goods on their way to Shanghai recently. If the uptrend of futures is connected downstream, there may be a slight reduction in the range of rising water. In terms of nickel beans, the offer for the Shanghai Nickel 2007 contract is about 1300 won 1200 yuan / ton.

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