Home / Metal News / Copper / Review on spot Trading Day of SMM Base Metals on July 1st
Review on spot Trading Day of SMM Base Metals on July 1st
Jul 1,2020 18:10CST
translation
Source:SMM
Review on spot Trading Day of SMM Base Metals on July 1st
The content below was translated by Tencent automatically for reference.

Copper: Apanlon copper opened at US $6038 / ton today and hit an intraday low of US $6032.5 / ton immediately after the opening of trading. After the opening of Shanghai Copper, the outer disk quickly pulled up about $40 / ton, and then slightly shaken up the intraday high of $6094 / ton. In the afternoon, Lunchen copper fell slightly to $6071 / tonne, then rebounded back above $6090 / tonne. Entering the European session, the market fell by about $30 / ton, giving up some of its intraday gains. Lun Copper closed at 6065 US dollars per ton, up 26 US dollars per ton, or 0.43 per cent, as of 17PUR 00. China's Caixin manufacturing PMI released during the day was higher than expected in June, indicating that the Chinese economy is recovering well and investors' confidence has been boosted by the positive performance of copper demand. At present, Lun copper closed, MACD red column has increased, the bottom is still far away from multiple moving averages, the technical side of copper prices still have upward momentum. In the evening, we will pay attention to the changes in EIA crude oil inventories in the United States in the week to June 26, testing whether Lun Copper can continue to rise by 6100 US dollars / ton.

Today, the main force of Shanghai copper opened high at 48940 yuan / ton in the morning. After the opening, the bulls gradually increased their positions and pulled the copper price up rapidly to 49280 yuan / ton. At this time, the long and short forces were deadlocked. After the copper price was slightly sorted out around 49210 yuan / position, the copper price fluctuated upward again until it closed at 49320 yuan / ton before noon. After opening in the afternoon, the bulls reduced their positions, and the market quickly fell to 49170 yuan / ton. At this time, the price of copper in Kongping continued to rise, exploring a daily high of 49380 yuan / ton, and finally closed at 49350 yuan / ton, up 790 yuan / ton, or 1.63%. Today, the main contract of Shanghai Copper increased its positions by 4888 to 129000, mainly by long positions; the trading volume increased by 46000 to 152000; and the Shanghai Copper 07 contract reduced its positions by 6189 to 52000, mainly by short positions. Trading volume fell by 12000 to 29,000. 09 contract increased significantly, up to 5234 in a day. During the day, the main force of copper in Shanghai continued to rise, mainly due to continued loosening of economic policy. Today, the people's Bank of China once again cut the re-lending and rediscount interest rates. After the cut of 0.25 percentage points, the interest rates of three-month, six-month and one-year agricultural re-loans and small loans were 1.95%, 2.15% and 2.25% respectively, and the rediscount rate was reduced by 0.25 percentage points to 2%. Major good news for the real economy and capital markets effectively boosted market confidence and pushed copper prices up sharply. In addition, the Caixin PMI announced today recorded 51.2, an increase of 0.5% over the previous month and the highest since December 2019. The manufacturing PMI index has been in the expansion range for two months in a row, reflecting that China's economic recovery growth has formed a good trend, and the manufacturing sector is obviously on the rise. Investor sentiment continues to be optimistic, supporting the upward trend in copper prices. At present, the price of copper in Shanghai has closed, the price of copper has jumped away from the lower moving average, and the KDJ opening continues to expand. From a technical point of view, it is good for the price of copper. In the evening, wait for the outer disk guidelines to test whether Shanghai Copper can break through the 49500 yuan / ton mark.

Today, the spot price of electrolytic copper in Shanghai is quoted as 80 yuan / ton to 120 yuan / ton for that month's contract, 49370 yuan / ton to 49490 yuan / ton for leveling copper, and 49380 yuan / ton to 49500 yuan / ton for litre copper. Global liquidity easing and inflation spurred copper prices to continue to climb, continue to refresh recent highs, Shanghai copper rose another 500 yuan / ton to 49400 yuan / ton high today. After the copper rose, the market rose high and reported low. The morning market holder quoted a rising water price of 130,000,000 yuan / ton, and a large number of imported copper goods flowed out. The holder is eager to meet the high exchange desire, but the market is afraid of buying high and weak. Flat copper led to a downward slide trend under the deal, flat copper quotation fell straight down 100 yuan to rising water 90 yuan / ton, good copper quoted price slid to around 100 yuan / ton rising water, a small amount of transactions. In the second section of the trading stage, the high copper price made it difficult to improve the restrained trading situation in the market. The quoted price of Pingshui copper continued to drop to around 80 yuan / ton, and the quoted price of good copper dropped to 90 yuan / ton, all of which had room for price suppression. wet-process copper quickly followed up from 30 yuan 40 yuan to 10 yuan 20 yuan per ton. Futures prices continue to rebound, traders and downstream are afraid of high stop and wait-and-see state, holders sell a large number of goods, today's quotation is nearly halved to improve the market buying interest, strong and weak characteristics are highlighted, rising water has not seen a stop signal for the time being. In the afternoon, copper in Shanghai fluctuated at a high near 49350 yuan / ton, and the spot market was still high and difficult to digest the supply of goods. The quotation held steady at 70muri 80 yuan / ton for copper in Pingshui, and 90 yuan / ton for good copper. The transaction price continued to be at 49370m / t. 49490 yuan / ton.

Aluminum: Lun Aluminum opened at US $1617.5 / ton this morning. In the Asian session, the trend of Roon Aluminum was more tangled, closing at 1621.5 US dollars / ton as of 15:00; in European trading, the US index fluctuated lower, the outer disk non-ferrous disk gained respite, and Roon Aluminum rose slightly, closing at 1626 US dollars / tonne as of 17:10. The daily K temporarily closed at a small positive line, which increased by US $8 / ton, or 0.49%, compared with the opening of the day. The trading volume decreased by 11038 lots to 3575 lots, and the position decreased by 6224 lots to 818000 lots, mainly by short positions. It is expected that the evening is still dominated by strong shocks, we need to continue to pay attention to the impact of the release of overseas macro data on the trend of commodities.

The 2008 contract of Shanghai Aluminum opened at 13900 yuan / ton in the morning. After the opening, the bulls strongly increased their positions, helping the market to rise steadily, closing at 13965 yuan / ton in the afternoon. Shanghai Aluminum continued to rise, feeling as high as 14050 yuan / ton, closing at 14030 yuan / ton, up 200 yuan / ton, or 1.45%. The trading volume increased by 9984 to 101000, and the position increased by 3179 to 168000, mainly by long positions. Day K line close a big positive line, the top touch Brin on the track, daily KDJ three lines continue to rise. Within the day when the contract spread widened again, as of the day close expanded to 250 yuan / ton, to warehouse support, spot tension driven futures rise logic continued, it is expected that the recent trend of Shanghai aluminum is still likely to rise. There may be a pullback this evening, but the range is expected to be limited. It is expected that the main company will run at 13690 Mel 14150 yuan / ton in the evening concussion.

Early afternoon aluminum concussion upward. The spot price in Shanghai is between 14340 and 14350 yuan / ton, and the spot price in Wuxi is between 14360 and 14380 yuan / ton, which is nearly 200 yuan / ton higher than yesterday's price. the spot price in Wuxi is tight relative to Shanghai, and the price is on the high side, and the spot price in Hangzhou is between 14360 and 14370 yuan / ton, while the spot price in Wuxi is relatively tight relative to Shanghai, and the price is on the high side, and the spot price in Hangzhou is between 14360 and 14370 yuan / ton. Today, a large buyer plans to purchase more than 10,000 tons in East China, the price is reasonable, the shipper is OK, the middleman is relatively less willing to receive the goods, and the transaction between the buyer and the seller is mediocre. Downstream today, mainly on-demand procurement, due to a large increase in aluminum prices, the enthusiasm to buy goods is not high. The overall transaction in East China is mediocre today. Aluminum shock uplink in the afternoon, the holder quoted price near 14350 yuan / ton, to the disk surface rising water around 160yuan / ton, the market light almost no deal.

Lead: within a day, lead is opened at US $1779.5 / ton. In the Asian session, trading activity was low and Lun lead adjusted horizontally along the daily moving average. Although it had an intraday high of US $1787, it was unable to maintain stability. In the afternoon, after lingering for a long time to establish that short positions could not recover, Lun lead once fell below the 20-day moving average and fell below $1758.5 / ton. A wide range of fluctuations around the daily moving average of 1770 US dollars. As of 1730, Lun lead was reported to be 1772 US dollars / ton, down 6.50 US dollars / ton, or 0.37%. Lun lead rose first and then fell below the 5-10 moving average in the evening, focusing on the number of ADP jobs in the United States in June and the crude oil inventory of EIA in that week, and the impact of the recovery process of the US economy. it is expected that Lun lead will continue to be under pressure at night to see whether it can hold the US $1770 front line.

During the day, the main 2008 contract of Shanghai lead opened at 14840 yuan / ton, and the bulls entered strongly at the beginning of the session, trying to break through the previous pressure line. Shanghai lead twice pulled up to a high of 14915 yuan / ton. In the afternoon, due to insufficient support from consumption expectations, the bulls left the market. Shanghai lead quickly fell through the daily moving average and shook down, closing at 14785 yuan / ton, up 15 yuan / ton, or 0.10%. The position increased by 789 to 25451, and the trading volume increased by 3891 to 26022. Shanghai lead negative line, the domestic macroeconomic recovery is higher than expected, investors are enthusiastic about investment, while the fundamentals of Shanghai lead are not very good at present, there is great upward pressure, and pay attention to the layout and operation of bullish forces in the future. Shanghai lead is expected to fluctuate between 14785Mel 14840 yuan / ton at night.

Shanghai market Mulan lead 14970mur14990 yuan / ton, Shanghai lead 2007 contract discount 70mur50 yuan / ton price; Jiangsu and Zhejiang market Muleng, Jiang copper lead 14970color 14990 yuan / ton, Shanghai lead 2007 contract discount 70Mue 50 yuan / ton to level water quotation; import KZ lead 14940 yuan / ton, Shanghai lead 2007 contract discount price 100RMB / ton. Lead futures break up one after another, and the holders offer more, but due to the relatively abundant supply of goods in circulation, fear of high and careful mining downstream, and more bargaining, there is no significant improvement in the spot market for the time being.

Guangdong market South China lead 14850 yuan / ton, the average price of SMM1# lead price 25 yuan / ton quotation; Henan Jinli, Wanyang 14775 SMM1# lead price 14,800 yuan / ton, the average price of SMM1# lead discount 25 million 50 yuan / ton (trader); Hunan Shuikoushan 14825 yuan / ton, to SMM1# lead average price level quotation (trader); Hunan Jingui 14825 yuan / ton, to SMM1# lead average price flat quotation (trader). Jiang Copper 14850 yuan / ton, the average price of SMM1# lead water 25 yuan / ton quotation. Jinde 14750 yuan / ton, the average price of SMM1# lead discount 75 yuan / ton. Yunnan small factory 14475, 14525 yuan / ton, the average price of SMM1# lead discount 300 million 350 yuan / ton. Lead prices continue to strengthen, refinery shipments are active, but downstream delivery is cautious, spot trading discount is gradually expanding.

Zinc: zinc in Geneva opened at US $2038 / tonne, non-ferrous metal rose at the beginning of the day, and Len Zinc quickly rose to a narrow range around US $2050 / tonne. In the afternoon, the US index strengthened and Zinc gave up all its gains. After slightly finishing at US $2037 / tonne, it fell further to around US $2025 / tonne, hitting a low of US $2022 / tonne. As of 1618, Lunzin closed down at US $2027 / degree, down US $10 / t, or 0.49%. The center of gravity of Lun and Zinc has moved further downward, the process of overseas economic restart has stalled due to the increase in the growth rate of infected people, the further deepening of the congtango structure weakens the support of short-term contradictions, there is no bright spot in zinc fundamentals, or weak operation at night, pay attention to macro guidance.

During the day, the main 2008 contract of Shanghai zinc opened at 16730 yuan / ton, promoted by long buying at the beginning of the day, the center of gravity of Shanghai zinc operation moved up to 16760 yuan / ton near the pressurized daily average, the high hit 16790 yuan / ton, and then short positions poured in, zinc shock fell, sinking to around 16700 yuan / ton, closing down at 16685 yuan / ton, down 120 yuan / ton, down 0.71%, the trading volume decreased by 5777 to 131000, and the position increased by 380 to 91859. Shanghai zinc received a negative column to give up almost all the increases yesterday, the mine end supply gradually relaxed, processing fees increased, while the smelting end incremental put in, the supply side of zinc price support is insufficient, while consumption has not improved greatly, the overall zinc fundamentals are still empty, it is expected that zinc will be weak finishing and operation in the evening.

The mainstream transaction of zinc in Shanghai was 16870 RMB16910 / ton, while that of Shuangyan and Chihong was 16890 RMB16920 / ton. Shuangyan and Chihong reported rising water in July at 80mur90 yuan / ton. Shuangyan and Chihong quoted water at 90rel yuan / ton in July, and Shuangyan and Chihong traded at 16800rel 16840 yuan / ton. Shanghai Zinc 2007 contract after strong intraday shock after finishing operation, the morning market closed at 16815 yuan / ton. The smelter shipped normally within the day, and the traders mainly shipped. At the beginning of the morning market, the market reported a rise of 90 yuan per ton, with a small number of transactions. With the zinc price rising, the transaction became worse, and the market quotation was lowered to about 80 cents per ton, or the average price was about 5 yuan per ton, while the rising water was about 80 yuan per ton. There were a small number of transactions, and the market further lowered the quotation willingness to lower the quotation, and the rising water remained stable. While Shuangyan, Chi Hong quoted rising water 90mur10 yuan / ton, due to Chi Hongcargo volume is lower, quoted price higher than Shuangyan 5mur10 yuan / ton, and import circulation gradually reduced, SMC quoted rising water 60MZ 70 yuan / ton or so, with the support of price difference, the downstream is not reduced in favor of imports, but the overall procurement to maintain the on-demand rhythm, replenishment is more cautious, the overall intraday turnover is slightly warmer than yesterday.

The mainstream transaction of Ningbo Gao was 16860 RMB16960 / ton, and the price difference between Ningbo and Shanghai ordinary brands was increased from 20 yuan / ton to 30 yuan / ton, while the price difference between Ningbo and Shanghai ordinary brands was increased to around 2007 yuan / ton for ordinary brands. The price difference between Ningbo and Shanghai ordinary brands increased from 20 yuan / ton to 30 yuan / ton. Today's zinc price pullback, traders intend to sell at a positive price. In the first period of the morning, Tiefeng reported a water increase of 110 yuan / ton for the July contract, Ximang reported a water increase of 90 yuan / ton for the July contract, and Kirin reported a water increase of 120 yuan / ton for the July contract. The market transaction was poor, entering the second period of time, Kirin lowered the water price and reported a water increase of 110 yuan / ton for the July contract. Follow-up market transactions improved slightly. Overall, today's zinc price correction, downstream enterprises to buy significantly better, compared with yesterday's transaction situation warmed up.

The mainstream transaction of zinc in Guangdong Province was 16720murl 16820 yuan / ton, and the quotation was concentrated on the price increase of 20rel 40 yuan / ton for the Shanghai zinc 2008 contract, and the discount of 80 yuan / ton for the Guangdong market was 30 yuan lower than that of the previous trading day. The first trading session, although the price center of gravity has moved down compared with yesterday, but the overall price is still on the high side, it is difficult to attract downstream to increase procurement, holders in the lack of buying support, coupled with the narrowing of the futures monthly difference, the market is difficult to raise the quotation for the next month. Kirin, Mengzi, Huize and Danxia quoted water for the Shanghai zinc contract for August, rising 30 yuan / ton for the Shanghai zinc contract and 2030 yuan / ton for Tiefeng. In the second trading session, traders mainly buy at a low price, but the price is too low, the willingness of the holder to ship goods decreases, the supply and demand sides show a slight stalemate, and the market transaction is general. Kirin, Mengzi, Lan Zinc quoted price for Shanghai zinc contract in August rose 35mur40 yuan / ton, Tiefeng water rose 20 yuan / ton. Kirin, Huize, Mengzi, Tiefeng, Feilong mainstream transactions in 16720Mui 16820 yuan / ton.

The mainstream turnover of zinc ingots in Tianjin market was 16930mur16960 yuan / ton, Zijin was traded at 16970copyright 17,000 yuan / ton, Huludao was quoted at 18120 yuan / ton, zinc common to 2007 contract quoted rising water around 130 yuan / ton to 140 yuan / ton, Zijin to July contract quoted rising water around 170mur180 yuan / ton, the Tianjin stock market remained at about 50 yuan / ton compared with Shanghai stock market. Today, Shanghai zinc rebounded upward, and the spot market slightly lowered the discount quotation, which is relatively uniform. The ordinary brand Bering News quoted a rise of 130 yuan per ton for the 07 contract, and Hongyi quoted a rise of 140 yuan per ton for the 07 contract. Chi Hong quoted a rise of 130 yuan per ton for the 07 contract, while the high-priced brand Zijin quoted a rise of 170 yuan per ton for the July contract, while Baiyin quoted a rise of 150 yuan per ton for the 07 contract. Yunxi Daily quoted a rise of 70 yuan per ton for the 07 contract, Xikuang (delivered to) quoted a rise of 60 million yuan per ton for the 07 contract, KZ/YP quoted a rise of 100 yuan per ton for the 07 contract, and Harbin Zinc (including the depot) quoted a rise of 50 yuan per ton for the 07 contract. Zinc prices fell slightly today, superimposed Zijin factory did not ship today, traders Zijin brand price delivery, average transaction, other brands maintain yesterday's quotation; downstream, today's zinc disk is slightly weaker, downstream enterprises' willingness to receive goods has not improved significantly, mainly low-cost brands. On the whole, today's transaction is slightly better than yesterday. Zinc ingots traded at around 16820 RMB16840 per ton.

Tin: the Lunxi electronic plate opened at 16830 US dollars / ton today. There was almost no trading in Lunxi in the morning. A few transactions were made in the afternoon, and the price rose to 16855 U.S. dollars / ton. In the afternoon to the end of the Asian market, trading was light. After entering the European market, Lunxi first suppressed and then rose. After exploring a low of 16770 US dollars / ton, it rebounded slightly to around 19800 US dollars. As of 17:30, the latest price of Lunxi is 16800 US dollars / ton, up 30 US dollars / ton, showing a cross shape, and the physical part is still above all moving averages. The upper pressure level is expected to be around $16950 / tonne and the lower support level is around $16700 / tonne.

Shanghai tin main 2008 contract opened at 138310 yuan / ton last night, after a slight rise in the night market, the center of gravity decreased, the overall trend of horizontal concussion. It opened at 138310 yuan / ton in the morning. After opening, it shook down under the influence of bulls leaving the market, reaching the intraday low of 137440 yuan / ton, then rebounded due to the short positions leaving the market and rose all the way up. After reaching the intraday high of 138610 yuan / ton, it converged and closed at 138610 yuan / ton, down 220yuan / ton, or 0.16%. The turnover was 23223, the position was 10902, and the decrease was 1801. It was a positive line, and the lower part of the entity was supported by the 5-day moving average. The volume of the Shanghai Tin 2009 contract has increased by 5774 to 21949, and the trading volume has reached more than 25000. The main force has basically completed the monthly change, closing at 138430 yuan / ton, up 210 yuan / ton. The upper pressure level is expected to be at the previous high of 139500 yuan / ton.

On the spot market, today's quotation is 138000 RMB140500 per ton. The Shanghai market first suppressed and then rose in the morning, gradually approaching yesterday's morning price, and the spot price was flat. The price is still in a high position, downstream delivery is more cautious, just need to purchase. Traders shipped a small amount in the morning, then the price rose and the transaction became light. The overall transaction atmosphere in the spot market is weak. With regard to the liter discount, the Shanghai tin 2008 contract set Yunxi Shengshui 2000 RMB2500 / ton, the ordinary Yunzi Shengshui 1000 RMB1500 / ton, and the small brand near Pingshui.

Nickel: the Lunni Asian market opened at US $12805 / ton today and fluctuated around US $12800 / ton in the morning, reaching as high as US $12835 / ton and falling as low as US $12740 / ton. In the afternoon, the center of gravity of Lunni gradually fell to US $12800 / t and then fluctuated downwards. After entering the European trading period, it continued to decline to US $12675 / t, where it was temporarily supported by the 5 / 10 EMA adhesion. As of 17Rom 20, Lunni temporarily closed at US $12680 per ton, down US $125.00, or 0.98 per cent. In the evening, we will focus on the employment of ADP in the United States in June and the crude oil inventory of EIA in that week to test whether Lenny can consolidate at the $12700 / tonne line.

Shanghai Nickel 2008 main contract opened at 101790 yuan / ton today, gradually fluctuated up to 102220 yuan / ton after the opening, the highest point of the day, and then lagged behind in the vicinity of 101800 yuan / ton. In late morning trading, Shanghai nickel bottomed out at 101350 yuan / ton and quickly rebounded to 102000 yuan / ton, but still failed to break through the resistance of the daily average of 102100 yuan / ton above. When trading opened in the afternoon, the short positions increased the pressure, and the center of gravity of Shanghai Nickel gradually fell to 101600 yuan / ton, and gradually reduced its positions in the late trading period. Shanghai Nickel rose slightly and finally closed at 101850 yuan / ton, the settlement price fell 760 yuan / ton, a drop of 0.74%. Today's Shanghai Nickel 2008 main contract turnover is 152107 lots, far month Shanghai Nickel 2010 contract volume is 292526 lots; 2008 main contract positions increased by 1124 lots to 79744 lots, and far month Shanghai Nickel 2010 contracts positions increased by 10802 lots to 61907 lots. It is expected that the main force will change months this weekend. Today's domestic release of June Caixin manufacturing PMI data higher than expected, but also failed to boost the nickel market. On the contrary, Shanghai Nickel recorded a mid-negative column and gave up the gains of the previous two days, falling below the 40-day moving average again. In the evening, we will pay attention to the guidelines on the trend of the outer disk after the release of European and American economic data to test whether Shanghai Nickel can stop falling.

Today's SMM1 Electrolytic Nickel quotation is 101300 won 102800 yuan / ton. Today's nickel futures are adjusted around 101800 yuan / ton. Although the trading price is lower than yesterday, the market transaction situation has not picked up, the terminal demand is still weak, and more traders respond to poor trading volume. Russo Nickel to Shanghai Nickel 2008 contract quoted 500 to 400 yuan / ton, the same as yesterday. Jinchuan Nickel to Shanghai Nickel 2008 contract was overquoted at about RMB800 / ton. The supply of goods in Shanghai is still tight. Some traders' supplies are expected to arrive tomorrow, and most of the intra-day transactions are between businessmen in the market. Today, Jinchuan's ex-factory price is quoted at 102600 yuan / ton in Shanghai and 102150 yuan / ton in Gansu. It is reported that the manufacturer will receive the goods in Shanghai in the last two days. Nickel beans to Shanghai Nickel 2008 contract is still a discount of 1400 won 1300 yuan / ton, there are few transactions today.

 

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