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Review on spot Trading Day of SMM Base Metals on July 6th
Jul 6,2020 18:34CST
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Source:SMM
Review on spot Trading Day of SMM Base Metals on July 6th
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Copper: Lun Copper opened higher at US $6040.5 / ton today, maintaining a volatile upward trend during the day. After the opening of Shanghai Copper, Lun Copper briefly explored the intraday peak of 6031 US dollars / ton and then rebounded quickly to 6070 US dollars / ton for horizontal finishing. The rally resumed in the afternoon, with bulls increasing positions to support copper prices to climb up to $6095 / tonne. After a brief consolidation of copper prices, bulls accumulated kinetic energy again, breaking through the $6100 / tonne barrier at one fell swoop, reaching a peak of $6102 / tonne. The high position led the bulls to leave the market at a profit, and the copper price gave up slightly below the 6100 mark. Lun Copper closed at US $6093.5 per tonne, up US $78.50 per tonne, or 1.31 per cent, as of 17PUR 00. Geneva copper rose, mainly due to higher international oil prices. The steady implementation of the OPEC+ production reduction plan showed results, with crude oil production falling by 1.92 million b / d to 22.69 million b / d in June compared with May, supporting further higher oil prices and providing momentum for higher copper prices against a backdrop of strong demand for crude oil. In the evening, we will pay attention to whether the bulls can continue to lift and stabilize the US $6100 / tonne mark on the basis of the gradual improvement of European and American data on the June ISM non-manufacturing PMI, test in the United States.

Today, the main force of Shanghai copper opened at 48930 yuan / ton in the morning. After opening, the copper price briefly fell, exploring the intraday low of 48820 yuan / ton, and then Kongping fluctuated higher, rising to 49150 yuan / ton all the way up the road. Bulls left the market at a profit before midday. Copper prices briefly fell to 48990 yuan / ton, then rebounded to close at 49050 yuan / ton. In the afternoon trading, Shanghai copper continued the concussion trend, the bulls entered the market to pull copper prices up to the intraday high of 49220 yuan / ton, at this time the bulls gradually reduced their positions, and the market fell again, closing at 49040 yuan / ton at the end of the day, down 49040 yuan / ton, or 0.2%. The intraday 08 contract reduced 4520 positions to 117000 positions, mainly short positions; trading volume decreased 18000 lots to 129000 lots; Shanghai Copper 07 contract reduced 5550 positions to 33000 lots, mainly for short positions. At present, the market still maintains the back structure, and the 07 mur08 contract price difference is maintained at around 70 yuan / ton. At present, the cumulative number of confirmed cases of the Xinguan epidemic has exceeded 11.47 million, and the continued spread of the epidemic has suppressed some optimism, but the sustained economic recovery at home and abroad still gives strong support to the upward price of copper. In addition, Chile's state copper company (Codelco) said it would suspend construction at the El Teniente copper mine to expand production, as concerns about tight copper supplies simmered again, helping to push copper prices higher. Today, Shanghai copper closed, the upper pressure 5-day moving average, the KDJ curve crosses downward, but the bottom is still supported by the 10-day moving average, waiting for the outer disk guidelines in the evening to test whether the bulls can sustain their efforts to help copper prices gain momentum again.

Today, the spot price of electrolytic copper in Shanghai quoted a price of 10 to 40 yuan per ton for that month's contract, 49010 yuan / ton to 49210 yuan / ton for Pingshui copper, and 49020 yuan / ton to 49220 yuan / ton for Shengshui copper. Shanghai copper opened low and went high, followed by A shares based on 49000 yuan / ton in a straight line to 49200 yuan / ton at about 10 o'clock. The morning market holder's quotation is still in the first line of Shengshui 20 yuan / ton, the low price source market response is positive, the inquiry is active, and the flat copper buyer is happy to focus on the rising water 20 yuan / ton, so the quotation is raised to 30 yuan / ton, the price of good copper is 30 yuan / ton, and the popularity is slightly lower than that of flat copper. The downstream just needs to buy, and the supply of wet copper is still loose, and the quotation is reduced from 5040 yuan / ton to 70-60 yuan. Today, it is difficult to have room for price reduction, it is difficult to receive low-price supplies, the market inquiry atmosphere is active, and the market buying interest has significantly improved. As a result, the holders have confidence in Shengshui and are more persistent in their performance, and form a certain degree of support for the further promotion of the market. In the afternoon, Shanghai copper steadily operated at 49200 yuan, the bottom center of gravity rose higher than in the morning, the market inquiry atmosphere continued to be active, flat copper has been strong at 30 yuan / ton, good copper 30 million 40 yuan / ton, the transaction price rose slightly to 49180, 49,250 yuan / ton.

Aluminum: Lun Aluminum opened at US $1615.5 / ton in the morning. In the Asian session, prices fluctuated upwards after a short fluctuation around $1617 / ton after opening, with a slight pullback at the end of the Asian session, at 1619.5 yuan / ton as of 15: 00. During the European session, Lun Aluminum continued the upward trend of volatility in the Asian market, reaching a high of US $1623 / tonne and ending at US $1622 / tonne. The daily K line temporarily closed at a small positive line, which increased by US $10 / tonne, or 0.62%, compared with the opening of the day. The trading volume decreased by 3889 to 3027, and the position decreased by 112 to 820000, mainly by short positions. It is expected that the evening price of Lun aluminum is still fluctuating near the 5-day moving average, so we need to continue to pay attention to the release of overseas macro news and the change of Hulun ratio. The main 2008 contract of Shanghai Aluminum opened at 14055 yuan / ton in the morning, opening 15 minutes, the total long positions strongly increased more than 700 hand-held aluminum prices to a pre-afternoon high of 14105 yuan / ton, and then some bulls made a profit to reduce their positions, aluminum prices fell and fluctuated in the range of 14080 yuan / ton prices. In the afternoon, many parties entered the market again to raise the aluminum price, reaching a intraday high of 14155 yuan / ton. After the high sniper from the short side, aluminum prices stopped rising but fell, some bulls left the market, and aluminum prices gave up their afternoon gains. At the end of the session, the empty side was afraid of high and left the court cautiously, and aluminum futures recorded two consecutive days, closing at 14125 yuan / ton. 08 contract day position reduced 1451 to 166738 hands, Shanghai aluminum index position reduced 5551 to 434320 hands, daily K line closed a small positive line, below the 5-day moving average support is strong, up 70 yuan / ton, up 0.5%, mainly short positions. On the whole, the bulls still occupy the initiative in the market, the current warehouse receipt inventory remains low, the social inventory continues to go to the warehouse, the spot-driven futures logic continues, and when the price spread may further widen the next month, we need to continue to pay attention to the change of long short force.

Spot market, aluminum futures before noon high range shock, Shanghai spot price in 14410Mel 14420 yuan / ton, Wuxi area price in 14430Mel 14450 yuan / ton, slightly higher than last Friday price, rising water fell sharply to 30Mel 50 yuan / ton. Today, the supply tension in Wuxi market has increased, and the price quoted by the holder is very strong, but relatively speaking, the supply in Shanghai is more relaxed, and the price is 20 yuan / ton lower than that in Wuxi. A large company normally announced its purchase plan today, but the actual receipt of goods in Shanghai is on the high side. Although the middleman is willing to accept the goods, it is more difficult to reach an agreement with the holder on the price, and the two sides have reached a stalemate. In addition, imports of aluminum increased significantly today, suppressing the decline of rising water. From the downstream point of view, today's normal delivery is the main, procurement enthusiasm is not high. The overall transaction in East China is poor today. Afternoon aluminum to maintain a range of shocks, the holder quoted price at 14450 Mel 14460 yuan / ton, on the disk surface rise water 50 Mel 60 yuan / ton around, the transaction is very light.

Lead: within a day, lead is opened at US $1788 / ton. In the Asian period, the trading activity was low, and Lun lead went up all the way along the daily moving average line with Shanghai lead. After entering the European period, it reached a high of 1800 US dollars / ton several times, but failed to stand firm, the latter dollar index rebounded, and Lun lead fell back to near the daily average line and continued to fluctuate downwards along the daily average line. As of 1700, Lun lead was last reported at 1795 US dollars per ton, up 10 US dollars per ton, or 0.56 per cent. Technically, Lun lead recorded Erlianyang, has been stable station above the 5-day moving average, KDJ index opening opened upward, bulls strength is strong, but the upper part is still under pressure of 1800 yuan / ton integer level. Night focus on the US Markit service industry PMI final value and ISM non-manufacturing PMI value, the disk is expected to take the 5-day moving average as the support for high volatility.

During the day, the main 2008 contract of Shanghai lead opened at 14585 yuan / tonne. Last night, short sellers made efforts, several downturns were fruitless, early trading left one after another, bulls low positions increased, non-ferrous metals generally rose, Shanghai lead fluctuated upward after small consolidation along the daily moving average, and some bulls made profits after reaching intraday highs of 14650 yuan / ton in the afternoon. Shanghai lead gave back gains, fluctuating above the 10-day moving average, closing at 14650 yuan / ton, down 40 yuan / ton, down 0.2727. The position increased by 303 to 26870, while the turnover decreased by 4866 to 19797. During the day, the sharp rise in A-share volume has boosted confidence in the financial and commodity markets. Shanghai lead has opened low and moved high, returning to the daily moving average to keep its 10-day moving average, but it is necessary to guard against the closing of Shanghai lead with 4 consecutive overcast, technical indicators still have signs of emptiness, the opening of KDJ indicators is still downward, pay attention to the counterbalance performance of multi-air forces at night, and it is expected that Shanghai lead will still be trapped in the range of 5-10 moving average in the short term. In addition, 2009 contracts and 2010 contracts add a total of 558 positions, far larger than the main 08 contracts, pay attention to the impact of the transfer of capital power on the price spread in the near and far months.

The price of Mulun lead is 14850 yuan / ton in Shanghai market, 50 yuan / ton for Shanghai lead 2007 contract, 14850 yuan / ton for copper crown lead in the south of Jiangsu and Zhejiang market, and 50 million yuan / ton for Shanghai lead 2007 contract. Lead concussion consolidation, while recycled lead to maintain a deep discount, the holder of passive shipments, coupled with the current price spread is large, the holder will be more willing to deliver, quotation discount has not changed significantly compared with last week, transactions remain in the doldrums.

Guangdong market Nanhua lead 14725 yuan / ton, for SMM1# lead average price 25 yuan / ton quotation; Henan Jinli 14700 yuan / ton, to SMM1# lead average price flat water quotation (trader); Henan Minshan 14700 yuan / ton, to SMM1# lead average price flat water quotation; Hunan Shuikoushan 14700 yuan / ton, to SMM1# lead average price flat water quotation (trader); Jiang Copper 14700 yuan / ton, to SMM1# lead average price flat water quotation. Jinde 14650 yuan / ton, 50 yuan discount to SMM1# lead price. Anhui Bronze Crown 14600 yuan / ton, 2007 contract discount 50 yuan / ton. Yunnan small factory 14350 million 14400 yuan / ton, the average discount price of SMM1# lead 300 yuan 350 yuan / ton. Lead prices have fallen at a high level, downstream consumption is still in need of procurement, and there is an abundant supply of goods in circulation in the market.

Zinc: Geneva Zinc opened at US $2026 / tonne, intraday market risk appetite soared, the US index fell, Lunzin rose step by step, finishing at US $2040 / ton in the afternoon, further rising to a narrow range around US $2050 / ton in the afternoon, reaching a high of US $2053 / ton, insufficient energy, high performance in European trading hours blocked, falling back to the daily moving average to be supported, as of 1730, Lun zinc closed up $2045.5 / ton, up $10 / ton, or 0.49%. Lun Zinc turned red, mainly driven by market optimism, the fundamentals did not change much, at night Lun Zinc or continued range fluctuations, pay attention to the macro news guidance.

During the day, the main 2008 contract of Shanghai zinc opened at 16670 yuan / ton, and the optimism in the intraday market continued to ferment, and most of the market was flat. Zinc concussion went up and filled all the losses in the night market, while refreshing the high value to 16820 yuan / ton. It finally closed up at 16820 yuan / ton, up 100 yuan / ton, or 0.6%. The trading volume increased by 35328 to 147000, and the position decreased to 86134. The long shadow of the zinc closing period is a small positive pillar, which continues the high shock trend, with the release of global money, a substantial increase in market liquidity, inflation expectations highlight the nature of commodity finance, and the loose fundamentals of medium-and long-term zinc supply are weakened. it is expected that zinc in the evening may continue to fluctuate in the range.

The mainstream turnover of zinc in Shanghai was 16780 RMB16860 / ton, while that of Shuangyan and Chihong was 16800 RMB16880 / ton, while that of Shuangyan and Chihong was 70 RMB80 / ton in July, and that of Shuangyan and Chihong was 16700tel 16780 yuan / ton. Shanghai Zinc 2007 contract intraday volatility higher, the morning market closed at 16750 yuan / ton. Smelter normal shipments, traders mainly shipments, morning market quotation stable at about 80 yuan / ton, weak transaction price down to 75 yuan / ton or so, a small number of underreported to rise water about 70 yuan / ton, soon the transaction disappeared, the overall transaction is still weak, downstream to maintain on-demand procurement, the overall transaction is roughly the same as last week.

The price difference between Ningbo and Shanghai ordinary brands is around 10 yuan per ton since last Friday, while the price difference between Ningbo and Shanghai ordinary brands has remained around 10 yuan per ton since last Friday, while the mainstream transaction of Ningbo has been traded at 16750 murmur16850 yuan per ton, while the contract for ordinary brands of ordinary brands in Ningbo has been trading at around 2007 yuan per ton. The supply of goods in Ningbo market is less circulating today, and some traders are willing to raise the price. In the first period of the morning, Tiefeng was near 90 yuan / ton for the July contract, and the West Mining newspaper was about 80 yuan / ton for the July contract. A small amount of Kirin arrived, and the traders were more willing to raise the price. It was quoted that the water rose 100 yuan / ton for the July contract. Entering the second period of time, as the market turnover is relatively light, and traders are unwilling to ship goods at a low price, the rising water in the market is more deadlocked, which is basically maintained at about 80,000,000 yuan / ton for the July contract. Overall, today's Ningbo market turnover is relatively light, mainly because last Friday some enterprises replenish treasury overdraft this week consumption, most downstream enterprises are mainly wait-and-see. Today's transaction is worse than last Friday.

The mainstream transaction of zinc in Guangdong Province was 16670mur16780 yuan / ton, and the quotation was concentrated in the price increase of 40 yuan / ton for the 2008 contract of zinc in Shanghai, and the discount of 90 yuan / ton on the Guangdong market was the same as that of the previous trading day. In the first trading session, the initial shipments and price adjustments of the consignors were still relatively positive, but the rising discount was on the low side, the sentiment of selling up prices increased, the market flow dropped slightly, and traders could receive goods at low prices. Kirin, Mengzi and Huize quoted a price of 10 yuan / ton for the August contract of zinc in Shanghai, and 50 yuan / ton for Feilong and Tiefeng. The second trading session, traders continue to lower prices to receive goods, low-price supply after the completion of the market quotation is relatively stable, there is not much room for downward float, downstream bargain just need a small amount of procurement, there is no significant improvement. Kirin, Mengzi, Blue Zinc quotation for Shanghai zinc August contract rose 15mur20 yuan / ton, Tiefeng water 10 yuan / ton. The mainstream transactions of Kirin, Huize, Mengzi, Tiefeng and Feilong were 16670Mui 16780 yuan / ton.

The mainstream turnover of Zinc ingots in Tianjin market was 16850mur16930 yuan / ton, Zijin was traded at 16930mur17000 yuan / ton, Huludao was quoted at 18130 yuan / ton, Zinc was generally quoted around RMB 130 / ton to 150 yuan / ton for 2007 contract, Zijin quoted water at around 210murue 220 yuan / ton for July contract, and the Tianjin stock market remained at around 6070 yuan / ton compared with Shanghai stock market. Today, Shanghai zinc remains volatile, the spot market maintains a rising discount price, and the price is relatively uniform. The ordinary brand Bering News quoted a rise of 140 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, and the high-priced brand Zijin quoted a rise of 210 RMB220 per ton for the July contract, while Baiyin quoted a rise of 150 yuan per ton for the 07 contract. Yunxi Daily quoted 100 yuan / ton of water for 07 contract, Xikuang (delivered) quoted 120 yuan / ton of water for 07 contract, fourth Ring Road (delivered) quoted 100 yuan / ton of water for 07 contract, KZ/YP quoted 70 yuan / ton of water for 07 contract, and Harbin Zinc (including depot) quoted 60PRI 70 yuan / ton for 07 contract. Zinc prices remain volatile today, as Zijin factory has no shipment today, it will be shipped after 7.10, the trader Zijin brand bid for shipment, but the transaction is poor, while other brands maintain rising sticker water quotations, shipments are also reduced; downstream, the downstream still needs weak procurement, the overall willingness to receive goods is general. On the whole, today's turnover is light. Zinc ingots were traded around 16,750,16820 yuan per ton of zinc ingots.

Tin: the electronic plate of Lunxi opened at 16895 US dollars / ton today. There was almost no trading in Lunxi in the morning. After the price rose to 17050 U.S. dollars / ton in the afternoon, it was arranged horizontally, showing a pause until the Asian market hit a high of 17080 U.S. dollars / ton again at the end of the Asian market. As of 1730, the latest price of Lunxi is 16950 U.S. dollars / ton, the physical part is above all moving averages, showing a positive line, and the 5-day moving average shows a upward trend. If it can effectively stand above 17000 US dollars / ton, the next target in the short term is expected to be around the previous high of 17200 US dollars / ton.

Shanghai tin 2009 contract last Friday night trading at 140050 yuan / ton, night trading to maintain a small horizontal concussion. Opened at 139800 yuan / ton in the morning, briefly maintained the volatility of the night market last Friday, driven by the continued entry of bulls, Shanghai Fuxi fluctuated all the way up, hitting the highest point of 142650 yuan / ton so far this year, and then arranged horizontally nearby. It closed at 142380 yuan / ton, up 2590 yuan / ton, up 1.85%, 31641 hands traded, 32211 positions, an increase of 3050 hands, showing a long positive line, and the physical part is above all moving averages. Today, the tin above Shanghai Stock Exchange has broken through all the platforms of the year, approaching the high point of September last year, and has broken through the Bollinger belt on the track. Since early April, Shanghai tin has been steadily moving upward near the five-day moving average, and the rising trend has not diminished. We need to continue to observe the follow-up situation. If it stabilizes effectively below, the next target is expected to hit a high of 143600 yuan / ton in September last year.

On the spot market, today's quotation is 139000 won 141500 yuan / ton. When quoted today, the morning futures market is basically the same as last Friday, so the net price remains unchanged. The subsequent price pull up, the manufacturer's quotation increases, the price is high and the downstream will to receive goods is cold, traders have a small amount of timely delivery, and then the factory quotation continues to rise with the futures price, and the transaction is light. The overall trading atmosphere in the Shanghai tin market is cold. Liter discount, the Shanghai tin 2008 contract set Yunxi 500 yuan / ton near, ordinary Yunzi level near the water, small brand discount 1000 yuan / ton.

Nickel: the Lunni Asian market opened at US $12985 / ton today and re-stood above the Wansan mark shortly after the opening. After the opening of Shanghai Nickel, Lun continued to rise to US $13100 / ton. At about 10:36, Lunni was again boosted by the sharp rise in Shanghai Nickel, with its center of gravity rising to 13230 US dollars / ton. After entering the European trading session, Lenny still did not give up its gains, continued to fluctuate at high levels, and continued to brush a new high of $13265 / ton after the New year. As of 18PUR 00, Lunni temporarily closed at US $13255 / ton, up US $280 / ton, or 2.16%, for the seventh consecutive trading day. Today, crude oil fell slightly after rising in daily trading, while the US index weakened. Lunni took advantage of the rising trend of the inner market to rise unilaterally. In the evening, we will be concerned about whether Lunni can continue to stand above 13300 US dollars / ton.

Today, the main 2010 contract of Shanghai Nickel opened at 105120 yuan / ton. after a brief horizontal trading shock after the opening, the bulls increased their positions to make Shanghai Nickel cross the daily moving average station on the first line of 105200 yuan / ton. in the second trading session of the morning market, bulls increased their positions, so that Shanghai Nickel fluctuated at 107200 yuan / ton after a sharp rise, with a peak of 107500 yuan / ton, a new high after the Spring Festival. In the afternoon, only a few of the main positions left the market. Although Shanghai Nickel once fell 107000 yuan / ton, it still rose and closed at 107110 yuan / ton in late trading, closing up 2740 yuan / ton, or 2.63%. The trading volume was 712363 lots, and the position increased by 33735 lots to 127788 lots. Today, under the lead of the bulls, Shanghai Nickel's position continues to increase greatly, and the breakthrough momentum continues unabated after standing on the boll line. Today, there is no new news from the fundamentals, the main reason for the sharp rise is the presence of a large number of positions in the capital market and the continued release of long energy. Shanghai Nickel broke upward after three months of trading, so we still need to pay attention to the guidance of various technical indicators in the short term. At present, the third line of Shanghai Nickel KDJ is up, MACD green column continues to enlarge after turning red, short-term cautious bearish, pay attention to the pressure of 108500 yuan / ton above at night, and continue to pay attention to the change and guidance of the main position force.

Today, SMM1 Electrolytic Nickel is quoted at 104100Mel 105600 yuan / ton. After the opening of nickel trading stabilized at 104600 yuan / ton, it continued to break through, setting a new high after the Spring Festival. In the spot market, downstream demand is more stable and wait-and-see affected by the rise in the morning market, and the afternoon trading atmosphere is lighter and lighter. In terms of discount, Russo Nickel 2008 contract with Shanghai Nickel 500 to 450 yuan / ton, the morning market opened some traders posted 450 yuan / ton or so to achieve a small number of transactions, after the nickel price went up, a small number of bulk orders traded around 500 yuan / ton, due to the poor downstream demand, so the trading volume is limited. Jinchuan Nickel Morning Market reported that the contract for Shanghai Nickel 2008 rose 700 yuan to 800 yuan / ton, and the transaction was also poor. Jinchuan Company's ex-factory price was 107000 yuan / ton today. After the nickel price rose sharply, some consignors lowered their quotations to around 650 yuan / ton, but there are still few receivers. For nickel beans, the discount is still quoted as 1400 yuan / ton for the Shanghai Nickel 2008 contract.

 

 

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