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Review on spot Trading Day of SMM Base Metals on July 2nd
Jul 2,2020 18:26CST
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Source:SMM
Review on spot Trading Day of SMM Base Metals on July 2nd
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Copper: today, Apanlon Copper opened at US $6090 / tonne, while Shanghai Copper was slightly lower than the intraday low of US $6085 / tonne before the opening of trading. Shanghai Copper opened, Lun Copper shock uplink hit 6113.5 US dollars / ton, and then fell slightly, around 6085Lv 6100 US dollars / ton range horizontal finishing. At the end of the Asian session, the dollar fell below 97 points, while Lun Copper once again stood above $6100 / ton. To $6111. Entering the European trading session, Lunchu continued its upward trend, climbing to an intraday high of 6120 US dollars / ton, and then the bulls reduced their holdings at a high and led to Lunchu giving back about 20 US dollars / tonne. Lun Copper closed at 6093 US dollars per ton, up 37 US dollars per ton, or 0.61 per cent, as of 17PUR 00. Lun Copper rose today as investors' concerns about the copper supply side intensified again, and the Chilean Copper Mining Union proposed to the government to suspend production of all Chilean copper mines for 14 days to stop the further spread of the epidemic, adding to concerns about tight global copper supplies, supporting copper prices. At present, Lunchu is positive, and the opening of KDJ is expanded. In the evening, we will pay attention to the number of initial jobless claims in the United States in the week ended June 27, and the release of non-farm data to test whether Lun Copper can completely effectively exceed 6100 US dollars / ton.

Today, the main force of copper in Shanghai opened at 49390 yuan / ton in the morning, and the bulls increased their positions after the opening, driving the copper price to rise rapidly, exploring a daily high of 49570 yuan / ton. The high bulls took profits and took back some of the gains, then fluctuated in a narrow range around 49360 yuan / ton until the close in the afternoon. Copper prices briefly opened in the afternoon to explore the intraday low of 49270 yuan / ton, around 49300 yuan / ton attracted bulls to enter the market, driving the market to recover, and finally closed at 49410 yuan / ton, up 310 yuan / ton, up 0.63%. During the day, the main contracts reduced positions by 1262 to 128000, mainly by long positions; trading volume decreased by 5000 to 147000; and Shanghai Copper 07 contracts significantly reduced positions by 8400 to 44000, mainly by short positions. At present, the market still maintains the back structure, and the contract spread of 07mur08 has narrowed to around 80 yuan / ton. Shanghai copper continued to rise today. Last night, the United States announced that the weekly EIA crude oil depot fell from the previous value of 1.442 million 4.627 million barrels to-7.195 million barrels, ADP employment increased significantly, macro sentiment optimistic, bullish copper prices. In addition, the epidemic continues to spread in South America, with more than 280000 confirmed cases of new crown pneumonia in Chile so far. Celso Pardo, president of the (Antofagasta Minerals) Trade Union Confederation of Tofagasta Mining Company, has called on the government to suspend operations at all copper mines for 14 days to stop the spread of new crown pneumonia among workers. The news continued to raise concerns about copper supply, and concerns about tight copper supply fermented again, supporting copper prices higher. Today, Shanghai copper sun, along the Brin on the track, the top away from all recent moving averages. Non-farm data are released in the United States tonight, which is expected to lead to optimism in the market, waiting for the outer disk guidance at night to test whether the bulls can continue to push copper prices upwards.

Today, the spot price of electrolytic copper in Shanghai is quoted at a discount of 10 yuan / ton to 40 yuan / ton for that month's contract, 49410 yuan / ton to 49520 yuan / ton for flat copper, and 49420 yuan / ton to 49520 yuan / ton for copper with rising water. The high concussion of copper in Shanghai was sorted out at 49500 yuan / ton. In the morning, the supply of copper was still abundant and the willingness to cash was clear. Most of them came from imported copper sources, continuing the slide-like rhythm of the previous few days. The price offered by the holder continued to decline, and the market willingness to receive goods was always low. Under ample supply, the holder accelerated to lower the quotation, and the good copper dropped from around 50 yuan / ton to 10 yuan / ton. Pingshui Copper only shows its willingness to receive goods from the quotation of 40 yuan / ton to 10 yuan / ton of discount. Keep wait-and-see downstream, wet process copper quotation from 20 to 50 yuan / ton discount and there is still room for substantial price reduction. Plate strong copper prices are high, stocks are increased, market consumption is afraid of heights and buying is weak, market risk aversion vigilance is still high, it is difficult for the market to quickly digest imported copper, and the daily output of the warehouse has dropped sharply recently. in the short term, spot prices may soon turn to a comprehensive discount situation. In the afternoon, the continued high shock hindered 49500 yuan / ton, and there were still some discounted supply of 10 yuan / ton in spot to attract the consignors, but the good copper refused to follow suit and managed to hold steady at the rising water level of 10 Mel 20 yuan / tonne, and the transaction price was deadlocked at 49,400 Mel 49,520 yuan / ton.

Aluminum: Lun Aluminum opened at US $1624 / ton in the morning. In the Asian session, the trend of Lun Aluminum was relatively stable in the afternoon, with an amplitude of US $2 / tonne, while it fell in the afternoon to a low of US $1617.5 / tonne. After the partial correction of Shanghai aluminum prices in the vicinity of 1619 US dollars / ton smooth operation, as of 15: 00 Lun aluminum reported 1614.5 US dollars / ton. In the European session, Shanghai Aluminum recovered its decline and rose higher, as of 1715, Lun Aluminum was at 1619 US dollars / ton. The recent epidemic crisis abroad has continued, and the manufacturing PMI data of Europe and the United States in June are still below the rise and fall line, so we need to continue to pay attention to the external impact of US non-agricultural data in the evening.

The main 2008 contract of Shanghai Aluminum opened at 13995 yuan / ton in the morning, and the long positions increased more than 250 hands in the first 5 minutes. Shanghai Aluminum once again broke through the Wansi pass after the night trading, and encountered empty buying after rising 14020 yuan / ton, and the aluminum price once fell to 13980 yuan / ton. Long and short game, the short part leaves, the bulls occupy the initiative, aluminum prices before noon to explore the intraday high of 14030 yuan / ton. At noon, long positions reduced more than 1400 hands to drive aluminum prices down, and after short sellers entered the market, Shanghai aluminum prices fell to an intraday low of 13920 yuan / ton. In the afternoon, the lack of confidence in long and short positions were reduced one after another, closing at 13965 yuan / ton at the end of the day. The daily position decreased by 2477 to 168361, while the Shanghai Aluminum Index reduced its position by 1469 to 446696. Recently, the spot supply of electrolytic aluminum is tight, considering the weakening fundamental signals such as the gradual weakening of new orders in the downstream aluminum processing industry, both sides are relatively cautious today. To avoid danger and leave the scene one after another. It is expected that the night is still dominated by strong shocks, Wansi is still a short-term breakthrough target.

Aluminum rises first and then suppresses in the early afternoon. In the morning, the spot price in Shanghai is between 14400 and 14410 yuan / ton. In the second trading stage, with the fall of aluminum futures, Shanghai prices begin to concentrate between 14360 and 14380 yuan / ton. Around 130 yuan / ton of aluminum futures, the morning spot price in Wuxi is between 14420 and 14430 yuan / ton, and in the later stage it is 14400 14420 yuan / ton, which is nearly 70 yuan / ton higher than that of yesterday. The spot price of aluminum futures is between 130 and 150 yuan / ton. Wuxi spot price is relative to Shanghai. The spot price is between 14420 and 14420 yuan / ton, which is up nearly 70 yuan / ton compared with yesterday's price. The spot price of aluminum futures is between 130 and 150 yuan / ton. Wuxi is relative to Shanghai. The price is on the high side, and the spot price in Hangzhou is between 14410 and 14430 yuan / ton. A large buyer plans to purchase more than 10,000 tons in East China today, and the normal quotation shows that the shipments of the holders are still relatively positive, the middlemen are relatively less willing to receive the goods, and the trading between the buyers and sellers is poor, which is obviously not as good as that in early June. Downstream today, mainly on-demand procurement, as aluminum prices have risen for several days in a row, taking into account the weakening of their own orders and the previous part of the hoarding of goods, the recent purchase interest is not high. The overall transaction in East China is poor today. In the afternoon, aluminum remained low and fluctuating, with the price quoted by the holder around 14310 yuan / ton, and the price rising water to the market was about 110yuan / ton. Only a small amount of transactions were made between traders, and there were few light transactions downstream.

Lead: within a day, lead is opened at US $1778.5 / ton. In the Asian session, trading was light, with Lun lead settling in a narrow range below the daily moving average, falling $1771 / ton and hindered around $1775. In the afternoon, the bulls began to increase their positions at a low level, and the center of gravity rose slightly to the first line of US $1777. After entering the European session, the US dollar plummeted, falling below the 97-point mark, and the basic metals rebounded. Lun lead shot up US $1790 / ton in a straight line and fell back again. As of 1700, Lun lead was last reported at US $1781 / ton, up 5 US dollars / ton, or 0.28%. Lun lead temporarily withdrew the bald Xiaoyang line and was trapped in a shock between the 5th and 20th moving average. The release of non-farm payrolls data in the United States tonight will further guide the market and pay attention to the corresponding performance of the US dollar and US stocks. Pay attention to whether Lun lead can break through the current price bottleneck and get rid of technical pressure.

During the day, the main 2008 contract of Shanghai lead opened at 14795 yuan / ton. last night, the first two attempts to push higher were fruitless. Shanghai lead always hovered near the daily moving average. Shanghai lead was still obviously blocked by 14900 yuan / ton in early trading, and bulls saw no hope of a breakthrough. Shanghai lead opened to give up the rising trend, fell through and moved all the way away from the daily moving average line. In the afternoon, the intraday low of 14710 yuan / ton was detected, and short positions left at the end of the day. Shanghai lead rebounded somewhat. It finally closed at 14790 yuan / ton, up 5 yuan / ton, or 0.03%. The position increased by 866 to 26317, while the trading volume decreased by 3383 to 22639. It is difficult to stand firm in the multi-head rush within the day, and the performance meets the high departure. Shanghai lead closed cross star today, but it is still standing above all averages, but it is necessary to be vigilant that the technical indicators of KDJ have shown signs of convergence, pay attention to the seesaw performance of multi-empty forces in the night market, and the disk may continue to carry out high shock finishing based on the 5th line.

Shanghai market Mulun lead 14880mur14900 yuan / ton, Shanghai lead 2007 contract discount 70mur50 yuan / ton price; Jiangsu and Zhejiang market Muleng, Jiang copper lead 14880Mue 14900 yuan / ton, Shanghai lead 2007 contract discount 70Mue 50 yuan / ton to level water quotation; import KZ lead 14850 yuan / ton, Shanghai lead 2007 contract discount price 100RMB / ton. Lead on the impulse can be limited, after the opening of the morning a small decline, the price of the holder with the market, while the rapid expansion of recycled lead discount, just need to transfer downstream, the trading market continues to be in the doldrums.

South China lead in Guangdong market is 14825 yuan / ton, the average price of SMM1# lead is 25 yuan / ton, Jinli and Wanyang in Henan is 14700Mel 14750 yuan / ton, and the average price of SMM1# lead is 50ml / ton (trader). Minshan, Henan 14,750,14800 yuan / ton, 50 yuan / ton to Pingshui (SMM1# lead average discount 50 yuan / ton to Pingshui), South China lead price is 14825 yuan / ton, average lead price is 25 yuan / ton, Jinli and Wanyang in Henan Province is 50 yuan / ton. Hunan Shuikoushan 14800 yuan / ton, to SMM1# lead average price flat water quotation (trader); Jiang Copper 14825 yuan / ton, to SMM1# lead average price rise water 25 yuan / ton quotation. Jinde 14725 yuan / ton, the average price of SMM1# lead discount 75 yuan / ton. Yunnan small factory 14400 won 14450 yuan / ton, the average price of SMM1# lead discount 350 million 400 yuan / ton. Lead prices continue to operate at high levels, refinery shipments are active, but downstream delivery is cautious, and spot trading discounts are gradually expanding.

Zinc: Geneva zinc opened at US $2047.5 / ton, Pancu Zinc moved down to around US $2045 / t, with less than US $5 / tonne up and down. in the afternoon, with the US index lower, Lun Zinc was boosted by shocks to rise US $2075 / tonne. As of 1637, Lun Zinc closed up at US $2073 / t, up US $26.5 / t, or 1.29%. Lun Zinc increased its positions and fell mostly during the Lianyang backfilling week. By boosting market sentiment, the US infrastructure plan offset the suspension of economic restart in some regions by boosting market sentiment and strengthening medium-and long-term expectations of overseas consumption. at present, the macro environment is more optimistic. Lun Zinc is expected to continue its high shock operation.

During the day, the main 2008 contract of Shanghai zinc opened at 16710 yuan / ton, and at the beginning of the day, Shanghai zinc bottomed out and hit a low of 16640 yuan / ton. then bullish positions poured in, zinc quickly pulled up, the center of gravity moved up to around $16790 / ton, and fell slightly at the end of the day. It closed up at 16775 yuan / ton, up 15 yuan / ton, or 0.09%. The trading volume increased by 2886 to 134000 tons, and the position decreased by 4218 to 87641 hands. The end of the day rose to 16775 yuan / ton, up 15 yuan / ton, or 0.09%. The trading volume increased by 2886 to 134000 tons, and the position decreased by 4218 to 87641 hands. Zinc in the future will maintain a high shock trend, consumption demand will weaken month-on-month in the off-season, and mineral supply will increase seasonally. at the same time, higher prices and profits to repair smelter production will increase month-on-month, and zinc fundamentals will still be weak. however, the macro environment is better, zinc is expected to decline during the limited period of inflation expectations, and zinc is expected to continue to operate in the evening.

The mainstream turnover of zinc in Shanghai was 16780 RMB16830 / ton, while that of Shuangyan and Chihong was 16890 RMB16920 / ton. Shuangyan and Chihong reported a liter of 75 RMB80 / ton in July, Shuangyan and Chihong reported a litre of 90 RMB100 / ton in July, and Shuangyan and Chihong traded 16720 RMB16760 / ton. The Shanghai Zinc 2007 contract fluctuated within a narrow range, and the morning market closed at 16755 yuan / ton. The smelter shipped normally, and traders mainly shipped. The intra-day market quotation held steady at about 80 yuan / ton of water quoted yesterday, and some traders in the morning market quickly dumped goods at a low price of 75 yuan / ton, but the market was not willing to follow the adjustment and was still deadlocked at about 80 yuan / ton, while the downstream maintained on-demand procurement whenever it fell, the circulation of imported zinc in the market decreased gradually, and the quotation remained stable at about 5060 yuan / ton. The overall turnover within the day has not changed much from that of yesterday.

The mainstream transaction of Ningbo Gao was 16960 Mel 17060 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands was maintained around 10 yuan / ton yesterday, while the contract water for ordinary brands of ordinary brands in Ningbo was around 2007 yuan per ton, while the price difference between Ningbo and Shanghai ordinary brands was maintained around 10 yuan per ton yesterday. Today, shipments in the Ningbo market are still relatively weak. In the first session of the morning, Tiefeng reported a water increase of 90 yuan per ton for the July contract, while the West Mining News raised 80 yuan per ton for the July contract, and a small amount of Kirin pushed down the price. It was reported that the water rose 90 yuan per ton for the July contract. Enter the second period of time, the market rising water changes less, basically maintained at the contract life in July although 80 RMB90 / ton. Overall, Ningbo market supply slightly tightened, mainly due to weak consumption, some refinery delivery direction has shifted, today's downstream enterprises are mainly wait-and-see, the overall trading is still light.

The mainstream transaction of zinc in Guangdong Province was 16680mur16750 yuan / ton, and the quotation was concentrated on the price increase of 40 yuan / ton for the 2008 contract of Shanghai zinc, and the discount of 110yuan / ton for the Guangdong market was 30 yuan higher than that of the previous trading day. In the first trading session, the center of gravity of futures prices has moved down, but under the condition that the terminal order has not been improved, the downstream still needs to purchase less, the market demand in general is weak, and the market is still active in shipments. Kirin, Mengzi, Huize and Danxia quoted water for the Shanghai zinc contract for August, rising 30 yuan / ton for the Shanghai zinc contract and 20 for 30 yuan / ton for Tiefeng. In the second trading session, the market turnover did not improve, and traders mainly depressed prices, but the motivation to further reduce prices was insufficient, and the overall transaction was mediocre. Kirin, Mengzi, Blue Zinc quoted for the Shanghai zinc August contract rose 30 yuan / ton, Tiefeng water rose 20 yuan / ton. The mainstream transactions of Kirin, Huize, Mengzi, Tiefeng and Feilong were 16680mi 16750 yuan / ton.

The mainstream turnover of zinc ingots in Tianjin market was 16860mur16900 yuan / ton, Zijin was traded at 16910murmur16930 yuan / ton, Huludao was quoted at 18060 yuan / ton, Zinc was generally quoted around RMB 130 / ton to 150 yuan / ton in the contract of 2007, and Zijin was quoted around RMB180 / ton in the contract in July, and the price of water in Tianjin rose from 50 yuan / ton to 60 yuan / ton compared with Shanghai stock market. Today, the low level of zinc in Shanghai fluctuates, the spot market maintains a rising discount price, and the price 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 150 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 180 yuan per ton for the July contract, and 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 40 yuan per ton for the 07 contract. Today's zinc price low shock, superimposed Zijin factory today did not ship, traders Zijin brand price shipment, other brands maintain yesterday's quotation, overall shipments; downstream, today's zinc disk is slightly weaker, however, the absolute price decline is not large, the overall delivery is still in need of weak procurement. On the whole, today's transaction is the same as that of yesterday. Zinc ingots traded at around 16750 Mill 16770 yuan per ton.

Tin: Lunxi electronic plate opened at 16775 US dollars / ton today, there was almost no trading in Lunxi in the morning, and rose to 16825 U.S. dollars / ton in the afternoon. After entering the European session, the dollar plummeted, falling below 97 points, and Lunxi rushed up to 16875 U.S. dollars / ton, but it is still difficult to have activity. As of 1715, the latest price of Lunxi is 16875 U.S. dollars / ton, showing a small positive line, the physical part is located near the 5-day and 10-day moving average, and the upper pressure is expected to be 16950 U.S. dollars / ton.

Shanghai tin 2009 contract opened at 138450 US dollars / ton last night, the horizontal market fluctuated at night, and the center of gravity moved down slightly. Early trading in Shanghai tin opened at 138020 yuan / ton, opened slightly down to the intraday low of 137440 yuan / ton, then rebounded, rose slightly, reached the intraday high of 138610 yuan / ton, then swung horizontally, narrowed the last trading amplitude, closed at 138350 yuan / ton, fell 80 yuan / ton, or 0.06%, traded 23074 hands, held 24927 positions, increased 2978 hands, the physical part was above all the moving average, and the lower shadow line was above the 20-day moving average. As a cross star, the lower support level is expected to be around 137000 yuan / ton, and the upper pressure level is around 139500 yuan / ton.

On the spot market, today's quotation is 138000 RMB140500 per ton. After the opening of the Shanghai market, it fell slightly and then rebounded quickly, which was similar to the price yesterday morning, and the spot price was flat. After the price reduction, the rebound is too fast, and it is still in a high position, and there are fewer goods in the lower reaches, which just need to be purchased. Traders are worried that the downstream consumption gap will lead to poor shipments and a backlog of inventory, taking a wait-and-see attitude. The overall trading atmosphere in the spot market is light. In terms of discount, Yunxi rose about 2000 yuan / ton for Shanghai tin 2008 contract, about 1000 yuan / ton for ordinary Yunzi, and near small brand Pingshui.

Nickel: the Lunni sub-market opened at US $12855 / ton today and fluctuated in a narrow range around US $12850 / tonne. Shortly after the opening of Shanghai Nickel, Lunni fell slightly, reaching as low as US $12785 / ton and then stopped falling by the 5 / 20 moving average. After that, it continued to operate below the daily moving average of 12835 US dollars / ton. At about 14:00 in the afternoon, boosted by the strong price of US crude oil, Lenny recovered its decline and turned red, continuing to rise into the European session, and did not fall under pressure until it rose to around US $12960 / ton. As of 17Rod 51, Lunni temporarily closed at 12910 US dollars / ton, up 60 US dollars / ton, or 0.47%, closing for the fifth consecutive trading day, and the lower shadow line hit the 5 / 20 moving average support. In the evening, we will pay attention to the data such as the US unemployment rate in June, non-farm payrolls after the quarterly adjustment, and the number of people applying for unemployment benefits in the current week to test whether Lenny can reach 13000 US dollars per ton and hit the previous high.

Shanghai Nickel 2008 main contract opened at 102580 yuan / ton today, after a brief horizontal market shock, then fell to 5 / 40 daily moving average of 102200 yuan / ton. In the second trading session of the morning market, Shanghai nickel fell below the daily average of 102050 yuan / ton, bottomed out to the lowest point of 101840 yuan / ton, and then stabilized and rose to around 102100 yuan / ton. In the afternoon, Shanghai Nickel showed a shock upward trend, backed by the 40-day moving average to support continuous exploration, until under the pressure of 102800 yuan / ton above the 20-day moving average, it finally closed at 102750 yuan / ton, up 730 yuan / ton, or 0.72%. Today, the turnover of Shanghai Nickel 2008 contracts was 156497 lots, with a position reduction of 7782 lots to 71962 lots, while in Yuanyue, the turnover volume of Shanghai Nickel 2010 contracts was 345814 lots, with a position increase of 2247 lots to 64154 lots. Last night, the United States announced a sharp increase in ADP employment, when EIA crude oil inventories fell more than expected, the market macro mood was optimistic, and the boost to base metals continues to this day. However, the weak fundamentals of the nickel market have not improved, and the short-term will continue to consolidate around the staggered moving average above 100000. In the evening, pay attention to the guidance of the trend of the outer disk, and test whether the main force of Shanghai Nickel can change the month with the help of the rising trend.

Today, SMM1 Electrolytic Nickel is quoted at 101650 RMB103150 per ton. The nickel morning market fluctuated around the 5 / 40 daily moving average, rising continuously in the afternoon to around 102700 yuan / ton of the 20-day moving average. As the futures price is higher than yesterday, the market trading situation has not picked up, only individual traders can make a deal. Russo Nickel to Shanghai Nickel 2008 contract quoted 500mur400 yuan / ton, the same as yesterday, most Russian nickel traders trading volume is limited. Jinchuan No.1 Nickel to Shanghai Nickel 2008 contract rose 800mur900 yuan / ton, the supply of goods in the market is still tight, traders have limited room to move goods, it is reported that the shipment volume of some holders with inventory is OK, and the terminal transaction is up 850Mel 900 yuan / ton. The ex-factory price of Jinchuan is 102800 yuan / ton in Shanghai and 102350 yuan / ton in Gansu. It is reported that there may be some goods arriving in Shanghai in the near future. The nickel bean newspaper sticker is 1400 won 1300 yuan per ton, which is still the same as yesterday.

 

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