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Review on spot Trading Day of SMM basic Metals on July 7th
Jul 7,2020 18:39CST
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Source:SMM
Review on spot Trading Day of SMM basic Metals on July 7th
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Copper: Apanlon copper opened higher at $6158 / tonne today and climbed an intraday high of $6172.5 / tonne after the opening. After the opening of Shanghai Copper, Lun Copper fell about $10 / ton and then rose back to $6166.5 / ton, and then settled around 6145 $6165 / ton. In the afternoon, short positions pushed down the price of copper, with Lun copper falling to $6132.5 / ton for first-line consolidation. Entering the European session, Lun Copper accelerated the downward trend to 6108 US dollars / ton, and the center of gravity fluctuated along the 6113 US dollars / ton line. Bears went on the offensive again, dragging Lilun copper down to an intraday low of $6087.5 a tonne. Lun Copper closed at 6089 US dollars per ton, down 51 US dollars per ton, or 0.83 per cent, as of 17PUR 00. As the epidemic continues to spread abroad and has not been effectively controlled, it continues to arouse investor concern and lead to a pullback in copper prices that lead to bulls leaving the market. In addition, the European Union lowered the economic growth forecasts of European countries, adding to investors' worries about the economic recovery in Europe, and the price of copper fell. At present, Lunzhong negative, KDJ opening convergence, but the bottom is supported by the 5-day moving average. In the evening, watch the changes in API crude oil inventories in the United States in the week ended July 3 to test whether Lun Copper can rise again.

Today, the main force of Shanghai copper opened at 49480 yuan / ton in the morning. After the opening, the price of copper fluctuated higher, climbing all the way up to the intraday high of 49610 yuan / ton. Then the copper price of short positions fell slightly, and the center of gravity stabilized at 49480 yuan / ton position. It closed at 49520 yuan / ton before noon. When trading opened in the afternoon, bears increased their positions one after another, and copper prices briefly fell to an intraday low of 49300 yuan / ton, then rebounded to close at 49360 yuan / ton, up 470 yuan / ton, or 0.96%. The intraday 08 contract reduced 2695 positions to 114000, mainly short positions; trading volume decreased by 10, 000 to 119000; Shanghai Copper 07 reduced positions by 3770 to 29000, mainly by short positions; trading volume decreased by 4000 to 21000. 09 contract day increase of more than 2500 positions, mainly for long positions, 08mur09 contract spread has narrowed to about 70 yuan / ton. Shanghai copper rose during the day, mainly due to rising optimism about the global economic recovery. Us stocks rose collectively, while the US ISM non-manufacturing PMI figure released last night rebounded sharply to 57.1 from 45.4 in May, far exceeding expectations of 50 and reaching its highest level since February this year, while Japan's foreign exchange reserves increased again in June after a decline in May, with a public value of US $1.05024 trillion, an increase of US $8.92 billion over the previous month. The continued improvement in the macroeconomic environment has accelerated market optimism and supported the upsurge in copper prices. At present, Lun Copper is still at a high of more than 6100 US dollars / ton, followed by Shanghai Copper today. Although the MACD red column has narrowed, there is still a 5-day moving average at the bottom, and the upward pattern of copper prices has not yet been destroyed. Wait for the outer disk guidelines in the evening to test whether Shanghai Copper can continue its upward trend and effectively break through the 49500 yuan / ton mark upward.

Today, the spot price of electrolytic copper in Shanghai is quoted at 30-50 yuan / ton for that month's contract, the transaction price of Pingshui copper is 49580 yuan / ton ~ 49640 yuan / ton, and the transaction price of copper is 49590 yuan / ton ~ 49650 yuan / ton. Copper in Shanghai continued to rise and returned to a high of 49500 yuan / ton, an increase of more than 500 yuan / ton. After yesterday's rising water rose steadily, today's rising water pushed higher again, attracting traders to enter the market, the inquiry atmosphere was positive, and the holder maintained a strong desire to lift the water. the morning market holder quoted a rising water of 30,000,000 yuan / ton, and the copper supply in Pingshui accounted for relatively less. rising water 30 yuan / ton low price supply is fast, and it is difficult to lower the price, the standing price is raised to around 40 yuan 50 yuan / ton. Good copper quotation rises 50 yuan / ton, the same price as flat copper, but the transaction is still not as good as flat copper, downstream maintenance just need to buy, wet stalemate in the discount 60 ~ discount 40 yuan / ton quotation. Today, the market continues to rise, the supply of imported copper in the market has not seen a large influx, today's mainstream transactions are mostly concentrated in traders, strong willingness to push up prices, spot rising water holding firm to increase the boost of copper futures. In the afternoon, copper futures fell slightly to 49450 yuan / ton from around 49550 yuan, and the holder continued to quote a firm pattern with little room for price reduction. Pingshui copper water rose 40 yuan / ton, good copper water 50 yuan / ton, and the transaction price dropped slightly to 49470 Mak 49630 yuan / ton.

Aluminum: Lun Aluminum opened at US $1634.5 / ton in the morning. In Asian trading, some of the evening gains fluctuated around $1631 / tonne, about $3 / tonne, and Lun Aluminum recorded an intraday low of 1628.5 yuan / tonne at 15:00. In the European session, Lomalco continued its concussion trend, trading at US $1629.5 / tonne as of 16: 39. The Japanese K line temporarily closed at a small overcast line, down 4.50 US dollars / ton, or 0.28%, compared with the opening of the day, and its position decreased by 3977 hands to 816000 hands, mainly by bulls. It is expected to fluctuate in the horizontal range near the moving average on the 5th at night, so we need to continue to pay attention to the release of overseas macro news and the change of Hulun ratio.

Shanghai aluminum main 2008 contract opened at 14175 yuan / ton in the morning, opening long positions mainly, aluminum prices continue the downward trend at the end of the night. At about 10:00 in the afternoon, although some bulls entered the venue to try to raise prices, about half an hour later, bears entered more than 300 hands to give downside signals, and then bulls hurriedly left the market, and aluminum prices fell all the way to an intraday low of 14005 yuan / ton. At 14:00 in the afternoon, the short side left the market at a profit, and the aluminum futures price was slightly repaired. it closed at a small Yin line at the end of the day, and the closing price was 14055 yuan / ton. 08 contract day position decreased by 2769 to 163969 hands, the Shanghai Aluminum Index position decreased by 5463 to 428857 hands, the daily K line closed a small negative line, the center of gravity is still above the 5-day moving average, down 65 yuan / ton, or 0.46%, mainly by bulls. On the whole, Shanghai Aluminum has a high correction today, but the warehouse receipt is still relatively low, giving strong support to futures prices in recent months, which is expected to be dominated by strong shocks at night, so we need to continue to pay attention to the changes in internal and external ratios and price spreads in recent months.

Aluminum concussion fell before noon. The spot price in Shanghai is between 14400 and 14420 yuan / ton, while the price in Wuxi is between 14430 and 14440 yuan / ton, which is basically the same as that of yesterday. The rising water is concentrated in the price of 40 yuan / ton. Today, the spot price in Wuxi is tighter than that in Shanghai, and the price is 20 yuan / ton higher than that in Shanghai. A large family received goods normally today, but the actual transaction was still dominated by the supply of goods in Shanghai, and the holder actively shipped the goods, but the relative price, the willingness to adjust the price was not high, the enthusiasm of the middleman was general, the transaction between the two sides was slightly deadlocked, and some traders gave feedback. because downstream processing plants prefer brands to be out of stock, in the context of recent high aluminum prices, the willingness to buy goods downstream is not obvious in the near future, and there is not much to receive goods today. The overall transaction in East China is poor today. In the afternoon, aluminum first suppressed and then rose, and the price quoted by the holder was between 14350 and 14370 yuan / ton. Near the flat water on the disk, the market was light and there was almost no deal.

Lead: within a day, lead is opened at US $1796 / ton. In the Asian session, Lun lead was under pressure of US $1800 / ton. Affected by the fall in the price of US crude oil, it fluctuated down below the daily moving average. After entering the European time, it fell all the way to the intraday low of US $1781.5 / ton, supported by the 10-day moving average, and temporarily closed at US $1783 / ton as of 1714, standing above the 5-day moving average. Lun lead recorded a long overcast line, short force increased, it should be noted that the 5-day moving average has a downward trend of 10 moving averages, KDJ indicators also have a downward opening trend, positions decreased, trading activity decreased, the technical side gradually empty, need to pay attention to whether the bulls entered low at night, Lun lead is still expected to be supported by the 5-day moving average and fluctuate sideways along the daily moving average.

During the day, the main 2008 contract of Shanghai lead opened at 14625 yuan / ton, early trading, short positions increased, and the price of Shanghai lead fluctuated horizontally near 14618 yuan / ton below the daily average line. Near noon, the intraday low price of 14585 yuan / ton was detected, and the short sellers made a profit. Shanghai lead rose all the way, rising to a high of 14710 yuan / ton in the afternoon, blocked by the 5-day moving average, bears re-entering every high, and the long-short game was fierce. Shanghai lead fluctuated sharply along the daily average line and ended at 14670 yuan / ton. It rose 20 yuan per ton, or 0.14%. The position decreased by 1062 to 25808 lots, and the trading volume increased by 690 lots to 20487 lots. During the day, the overall strength of the long and short is evenly matched, and the Shanghai lead fluctuates sharply between the 5-day moving average and the 10-day moving average, recording 5 consecutive overcast, but the center of gravity of the k-line moves upward, the opening of the KDJ index is converged, and the technical aspect is supported by 14650 yuan / ton. It is expected that the Shanghai lead will still adjust between the 5-day moving average and the 10-day moving average at night. It is worth noting that the position of the main 08 contract decreased significantly, 09 contract and 10 contracts increased the position by more than 300 hands, indicating that the main capital gradually began to move backward, and the price difference between the main 08 contract and 09 contract has shrunk from around 100 yuan yesterday to 80 Mustang 85 yuan today.

The price of Mulun lead in Shanghai market is 14880 yuan / ton, the discount for Shanghai lead 2007 contract is 50 yuan / ton, the price for copper crown lead in the south of Jiangsu and Zhejiang market is 14880 Mel 14900 yuan / ton, and the discount for Shanghai lead 2007 contract is 50 Mel 30 yuan / ton. Lead futures trend is strong, the month of the contract once broke through the Wanwu mark, while the downstream procurement caution, some holders want to tend to the delivery of positions, bulk market trading two light.

Guangdong market Nanhua lead 14850 yuan / ton, for SMM1# lead average price 50 yuan / ton quotation; Henan Jinli 14800 yuan / ton, to SMM1# lead average price flat water quotation (trader); Henan Minshan 14800 yuan / ton, to SMM1# lead average price flat water quotation; Hunan Shuikoushan 14800 yuan / ton, to SMM1# lead average price flat water quotation (trader); Jiang Copper 14800 yuan / ton, to SMM1# lead average price flat water quotation. Jinde 14750 yuan / ton, 50 yuan discount to SMM1# lead price. Anhui Bronze Crown 14880 yuan / ton, 2007 contract discount 50 yuan / ton. Yunnan small factory 14450 million 14500 yuan / ton, the average discount price of SMM1# lead 300 yuan 350 yuan / ton. Lead futures remain high, and trading in the spot market is light.

Zinc: zinc in Geneva opened at 2058.5 US dollars / ton. The activity of Lunlun zinc in the Asian market was relatively low, and the continued strength of the US index caused a certain degree of repression. the daily average of Lun zinc fell back to around 2055 US dollars / ton, and the optimism of the market converged in the afternoon. Non-ferrous metals generally weakened. Lunzn zinc quickly fell to around 2045 US dollars / ton, and the upper and lower space was only about 5 US dollars / ton. In European trading, Ren Zinc fell further to a bottom of US $2039 / t, followed by a slight repair. As of 16RU 51, Lunzn Zinc closed down US $2044 / t, down US $8.50 / t, or 0.41%. Lun Zinc received negative, continued interval shock, overseas economy restarted and landed, but the overall pace of actual consumption recovery is still slow, the current risk of secondary outbreak of the epidemic has not caused the mine end reduction, there is no bright spot in the fundamentals, mainly driven by macro emotions. It is expected that the shock of the Lun-Zinc range will continue and pay attention to the macro guidance.

During the day, the main 2008 contract of Shanghai zinc opened at 16820 yuan / ton, and the optimism in the morning market has converged. Some funds have been tried out, and the zinc shock has weakened to 16750 yuan / ton. In the afternoon, with the influx of short positions, zinc futures plummeted to the bottom of 16635 yuan / ton in the afternoon to sort out a little bit. With more than short price, the zinc backfilling part of the market fell, and finally closed down at 16705 yuan / ton, down 15 yuan / ton, down 0.09%. Trading volume decreased by 13885 lots to 133000 lots, while position increased by 2864 lots to 88998 lots. Zinc continues to fluctuate in a narrow range, with delivery approaching, part of the position in the near month shifts to the distant month, the monthly difference further narrows, the supply at the mine end gradually increases, the smelting output increases steadily, and the consumption of zinc in the short and medium term is negative. However, with the support of macro optimism, it is expected that the zinc interval shock operation will continue.

The mainstream transaction of zinc in Shanghai was 16835mur16875 yuan / ton, Shuangyan 16895 yuan / ton, imported zinc 168150016855 yuan / ton; Shuangyan quoted water 60,070 yuan / ton in July; Shuangyan quoted water 80 yuan / ton in July, imported zinc quoted 40litre 50 yuan / ton in July, and zinc mainstream traded 16910rel 16940 yuan / ton. Shanghai Zinc 2007 contract fluctuated downward, the first trading session of Shanghai Zinc closed at 16770 yuan / ton in the morning market, the spot price rebounded slightly, the morning market trading was light, the shippers actively shipped, and the market transactions of ordinary zinc brands were concentrated on the average price discount of 50.10 yuan / ton to SMM net, and the market quotation rose 70 yuan / ton to 2007 contract in the morning, and then some consignors lowered the bid price to 60,065 yuan / ton. Entering the second period of time, the market quotation is relatively stable, and the holder keeps the price of rising water to 600.70 yuan / ton for the 2007 contract; the spot price is high, the willingness to purchase at the downstream high price is poor, and the high price of the holder is mainly for shipment. the performance of spot rising water is relatively weak.

The mainstream transaction of Ningbo Gao was 16820mur16920 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands was maintained around 10 yuan / ton since yesterday, while the contract water of ordinary brands for ordinary brands in Ningbo was around 2007 yuan per ton, and the price difference between Ningbo and Shanghai ordinary brands was maintained at around 10 yuan per ton. Today, the turnover in the Ningbo market is still relatively light. In the first trading session, Tiefeng Bao was near 90 yuan / ton for the July contract, West Mining News was about 80 yuan / ton for the July contract, and Qilin was about 100 yuan / ton for the July contract. However, the center of gravity of zinc price operation has shifted upward, and the willingness of downstream enterprises to buy has obviously weakened. Entering the second period of time, Kirin lowered the water price to 90 yuan / ton for the July contract. On the whole, Market turnover remained weak after the downgrade. Trading in the market today is worse than it was yesterday.

The mainstream transaction of zinc in Guangdong Province was 16,750won 16810 yuan per ton, and the price was concentrated on a premium of 20 yuan per ton for the 2008 contract for Shanghai zinc. The discount on the Guangdong market was 70 yuan per ton lower than that of the previous trading day, which was 20 percent lower than that of the previous trading day. The first trading session, the market standing price is still relatively difficult, some holders quoted more than a pair of online prices floating 5mur10 yuan, pressure on the transaction price, traders depressed the price to receive the goods, the market low price transaction is OK, Kirin, Mengzi, Huize quoted for the Shanghai zinc August contract water rise 1520 yuan / ton, Feilong, Tiefeng rise water 5Lv 10 yuan / ton. The second trading session, the current zinc price is still on the high side, downstream as a whole just need to purchase, individual holders hesitate to sell slightly up-price, the market inquiry traders are limited, the overall transaction is weak. Kirin, Mengzi, Huize quoted for the Shanghai zinc contract in August rose 10 murals 20 yuan / ton. Kirin, Huize, Mengzi and mainstream traded at 16750 Mel 16810 yuan / ton.

The mainstream trading of zinc ingots in Tianjin market was 16900mur16960 yuan / ton, Zijin was traded at 17000mur17030 yuan / ton, Huludao was quoted at 18200 yuan / ton, Zinc was generally quoted around RMB130 / ton to 160yuan / ton for 2007 contract, Zijin was quoted around 230yuan / ton for July contract, and the Tianjin stock market remained at around 60,000,000 yuan / ton compared with Shanghai stock market. Today, the concussion of zinc in Shanghai is weakening, and the spot market maintains a rising discount price, which 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 160 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 230 yuan per ton for the July contract, and Baiyin quoted a rise of 130 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 120 yuan / ton of water for 07 contract, KZ quoted 70 yuan / ton of water for 07 contract, and Harbin Zinc (including depot) quoted 60 million yuan / ton for 07 contract. Today, zinc prices remain volatile, low-cost brand zinc ingots maintain rising water quotation, under poor delivery, some brands downgrade and raise discount, while high-price Zijin brands raise sticker water shipments due to less spot market volume; downstream, still maintain the need for weak procurement, the overall willingness to receive goods is general, mainly to low-cost brands to receive goods. On the whole, today's turnover is slightly weaker than yesterday. Zinc ingots were sold at around 16,800Muth16840 yuan / ton.

Tin: Lunxi electronic disk opened at US $17050 / ton today, but there was little trading after rising to US $17100 / ton in the morning. After falling to $17015 / ton in the afternoon, it rebounded after rising to an intraday high of $17165 / ton, and then peaked back. As of 1615, the latest price of Lunxi is $17040 / ton, showing a cross star, with the physical part above all moving averages. The upper pressure level is expected to be at $17150 / ton, and the lower support level is at the five-day moving average of $16900 / ton.

Shanghai tin opened at 142800 yuan / ton last night, fell slightly after the opening, then rebounded and fluctuated sideways nearby. It opened at 142270 yuan / ton in the morning, and then went down under the influence of bulls leaving, finishing horizontally before noon. The bulls continued to leave the market after the afternoon opening, and the price of tin in Shanghai fell to an intraday low of 140400 yuan / ton. After hitting the bottom, it rebounded to close at 141130 yuan / ton, down 1250 yuan / ton, or 0.88%. The turnover was 29210, the position was 31340, and the number was reduced by 871. the physical part is above all moving averages. The lower support level is expected to be near the 5-day moving average of 140000 yuan / ton.

On the spot market, today's quotation is 1400000 / 142500. The price of goods in today's quotation period has increased compared with that of yesterday morning, and the average net price has risen by 1000 yuan / ton. Shanghai tin spot prices are high, downstream will to receive goods is not strong, just need to purchase, traders maintain a wait-and-see attitude, the overall spot market trading atmosphere is deserted. In terms of liter discount, Yunxi Suite 500 RMB1000 / ton for Shanghai tin 2008 contract, Yunzi level to 500 yuan / ton, and small brand discount of 1000 yuan / ton.

Nickel: the Lunni sub-market opened at US $13400 / ton today and fluctuated in a narrow range after opening, followed by lower Shanghai nickel and higher pressure on the dollar index, the Lunni center of gravity fell back to 13300 US dollars / ton above the shock adjustment. At about 14:00 in the afternoon, Lenny was dragged down again by the selling pressure, falling to 13265 US dollars / tonne. After that, although the center of gravity returned to around 13320 US dollars / ton, after entering the European trading session, the dollar index continued to rise. Lenny fell to 13265 US dollars / ton and then stopped falling. As of 1800, Lenny had temporarily risen to US $13315 / ton, down US $85 / ton, or 0.63%. In recent days, macro sentiment has continued to improve, global stock markets have risen overnight, and base metals have been boosted. Renni fell slightly under high pressure today, and continued to keep an eye on the trend of the US index and US ADP crude oil stocks in the evening to test whether Lenny can recover US $13400 / tonne.

Today, the main 2010 contract of Shanghai Nickel opened at 107650 yuan / ton, and immediately reached 108100 yuan / ton after opening, refreshing a new high after the Spring Festival, but then the bulls stopped their earnings and reduced their positions, and Shanghai Nickel began to fall continuously, falling to 106860 yuan / ton and then stabilizing after falling to 106860 yuan / ton. after rising around 107500 yuan / ton, it adjusted around 107100 yuan / ton. Opening in the afternoon, the bulls slightly increased their positions but failed to break through the daily average pressure of 107300 yuan / ton. After bearing the pressure, they bottomed out to 106670 yuan / ton, the lowest point of the day. However, the bears did not make any further offensive and gradually left the market. After Shanghai Nickel rose again, it finally closed at 107070 yuan / ton, up 1190 yuan / ton, or 1.12%. The trading volume was 652267 lots, and the position increased by 3613 lots to 131401 lots. After breaking upward last Friday, Shanghai Nickel has continuously strengthened to explore new highs. Although the high positions are under some pressure today, the long positions have not reduced much, so Shanghai Nickel continues to fluctuate at high levels. At present, the technical indicators are still more, and it is expected to continue to explore after consolidation. At night, we will continue to pay attention to the pressure of 108000 yuan / ton, and pay attention to the change of positions.

Today, SMM1 Electrolytic Nickel is quoted at 106150ml 107450 yuan / ton. The spot market is still quoting for the Shanghai Nickel 2008 contract, and the early trading price hovers around 106500 Mel 106700 yuan / ton. Downstream user demand is still suppressed, market quotation is more and less, and trading volume is not good. Nickel once fell in the afternoon, but the stimulus to downstream demand is limited, so the transaction has not improved. Most of today's trading volume in the market is only 20 Murray 30 tons, trading is not as good as yesterday. Russo Nickel to Shanghai Nickel 2008 contract quoted 500 to 400 yuan / ton, the same as yesterday, due to the approaching delivery, the market is almost no low-price warehouse receipts, a small amount of spot transaction price in 450 murals 500 yuan / ton. Jinchuan Nickel to Shanghai Nickel 2008 contract reported a rise of 500mur700 yuan / ton, Jinchuan Nickel supply tight situation has been alleviated, overreported in the market in the Shanghai Nickel 2008 contract rose about 600yuan / ton, but the market still has a small number of delivery warehouse of Jinchuan No. 1 nickel, as only can pick up the goods can not be transferred, the quotation rose about 500yuan / ton, traders actively quote today, but the market quotation is more and less. Today, Jinchuan company's ex-factory price in Shanghai is 107000 yuan / ton, and Gansu is 106550 yuan / ton, which is the same as yesterday. It is reported that manufacturers will arrive one after another in the near future. Today, nickel beans quoted 1500 yuan / ton for Shanghai Nickel 2008 contract, a reduction of 100 yuan / ton, the same light trading.

 

 

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