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Review on spot Trading Day of SMM Base Metals on July 8th
Jul 8,2020 18:29CST
Review on spot Trading Day of SMM Base Metals on July 8th
The content below was translated by Tencent automatically for reference.

Copper: today, Apanlon Copper opened at US $6180 / t, then adjusted around US $6182 / t, but was hit by a short high sniper to explore an intraday low of US $6168 / tonne. Then long positions to enter the market to occupy the advantage, Lun Copper rose about $26 / ton, and then long and short both sides of the game Lun Copper slightly give up the increase. In the afternoon, bulls led Lunchu to climb again to $6209 / tonne, but it plummeted due to lack of momentum. Entering the European trading period, due to the influence of international crude oil, Lun Copper quickly pulled up the intraday high of 6223 US dollars / ton. Lun Copper closed at US $6203.5 per tonne, up US $10.50 per tonne, or 00.17 per cent, as of 17PUR 00. Chilean copper mine rumors of another strike, supply chain concerns intensified again, continue to support the rise in copper prices. In addition, the Federal Reserve will continue to do more to support the economic recovery, and investor confidence has been boosted to push up the copper price. At present, Lunchu has closed, and the KDJ opening has narrowed, but the lower averages are arranged in many ways. In the evening, watch the changes in EIA crude oil inventories in the United States in the week ended July 3 to test whether Lun Copper can rise again.

Today, the main copper in Shanghai opened at 49810 yuan / ton in the morning. after the opening, the copper price briefly rose from 49830 yuan / ton to a low of 49550 yuan / ton. with the bulls increasing their positions one after another, the disk rose slightly and closed at 49770 yuan / ton at noon. At the opening of afternoon trading, Shanghai copper fluctuated in a narrow range around 49770 yuan / ton. At this time, the copper price quickly climbed to the intraday high of 49970 yuan / ton. Near the end of the day, the bulls took profits, and the copper price fell back to 49800 yuan / ton, up 410 yuan / ton, or 0.83%. The intraday 08 contract increased its position by 3714 to 118000, mainly by long positions; trading volume increased by 1000 to 120000; Shanghai Copper 09 increased by 4913 to 92000, mainly by long positions; and Shanghai Copper 07 continued to reduce its positions by 3835 to 25000. At present, the liquidity of economic policy continues to be loose, the Federal Reserve Meester said that it will maintain a loose monetary policy and will do more to support the economic recovery, and the macroeconomic environment continues to improve to boost market risk appetite, which is good for copper prices. Driven by Lun Copper, Shanghai Copper continued to rise today. In terms of fundamentals, the epidemic continues to spread in South America, with a total of more than 300000 confirmed cases in Chile. The Chilean National Copper Mining Workers Association released news that a large number of miners and workers in major copper mining enterprises in Chile have diagnosed new crown pneumonia, with a total of more than 3500 confirmed cases. Worries about tight copper supply in the market have fermented again, supporting copper prices to rise. Shanghai copper has closed for 3 consecutive days, MACD red column has expanded, and below there are 5-day moving average line supporting the bottom, technical point of view Lido copper price. At present, Lun Copper has surged to a high of US $6200 / tonne, and if the strong momentum is maintained, Shanghai Copper opened at the 50000 mark that night, standing on a new platform.

Today, the spot price of electrolytic copper in Shanghai is quoted at 40-60 yuan / ton for that month's contract, the transaction price of Pingshui copper is 49800 yuan / ton ~ 49890 yuan / ton, and the transaction price of copper is 49810 yuan / ton ~ 49900 yuan / ton. The center of gravity of copper in Shanghai was slowly pushed up to 49850 yuan / ton, the spot market holders offered firm, the morning market quoted 50 million 60 yuan / ton, the buyer slightly hesitated to wait and see, transaction stalemate, after 10:00, after a low price, flat copper can be traded at 40 yuan / ton, but the offer is still strong, good copper held steady at 50 yuan 60 yuan / ton, wet copper has few changes, maintain stability at 50 yuan / ton discount. The market continued to push up steadily, the spot market also tried to push up the water at the same time, the holders rarely relaxed and took the initiative to reduce prices, and trade inquiries were active, which were the main contributors to today's transactions. Although the supply and demand sides temporarily pull the saw, the actual transaction is slightly glued, but it is also difficult to change the current trend of rising water stability. In the afternoon, the market price was close to 50,000 yuan, and the market inquiry atmosphere was more cautious than in the morning, but there was no drop in rising water. Copper rising water in Pingshui was 50 yuan / ton, while good copper water was 50 yuan / ton. The spot transaction price was already at 50,000 yuan mark, at 49860 50000 yuan / ton.

Aluminum: aluminum opened at US $1633 / ton in the morning, maintaining a strong shock upward trend in the Asian session, with the center of gravity above the 10-day moving average, as of 15: 00 Lunal reported 1641 yuan / ton. During the European session, Roon Aluminum continued its concussive upward trend and was strongly lifted to an intraday high of US $1646.5 / ton at around 15:20, returning to the high level of the operating platform since mid-March. Roon Aluminum's high level was temporarily blocked, but even the take-back part of the increase was limited. As of 1730, Lunal was at US $1645 / ton, up US $10 / ton. The daily K temporarily closed at a small positive line, an increase of US $8 / ton, or 0.49%, compared with the opening of the day. Today, Lun aluminum prices ushered in a big rise, the dollar index for two consecutive days under pressure is difficult to return, basic metals all floating red, Lun aluminum hit a recent high, the short-term target is locked in 1650 US dollars / ton.

The main 2008 contract of Shanghai Aluminum opened at 13995 yuan / ton in the morning, and the short positions increased by more than 60 hands in the first 15 minutes. Aluminum prices gave up yesterday's night's rise, recording an intraday low of 13950 yuan / ton. Subsequently, mainly bulls increased their positions. Aluminum futures reached an intraday high of 14165 yuan / ton at about 11:15 in the afternoon, and short positions entered the high attack at noon. Aluminum prices fluctuated slightly down to 14115 yuan / ton in the afternoon. After 14: 05, bulls mainly entered the market, and the price of aluminum futures rose back to 14150 yuan / ton, closing at 14150 yuan / ton. 08 contract day position increased by 371 to 164340 hands, the Shanghai Aluminum Index position increased by 1370 to 430227 hands, the daily K closed at a positive line, up 0.64%, an increase of 90 yuan / ton, mainly long positions during the day. Today's futures aluminum prices rebounded, almost to make up for yesterday's decline, today's bullish sentiment is strong, aluminum futures shock market continues. Aluminum concussion uplink before noon. In the morning, the spot price in Shanghai is between 14320 and 14350 yuan / ton, and the price in Wuxi is between 14330 and 14350 yuan / ton, which is nearly 100 yuan lower than that of yesterday, and the rising water is concentrated in the price of 30 yuan / ton. In the morning, the market shows that the supply of goods is tight, and there are many shippers, but the shippers are less, and the quotation is strong, because the spot in market circulation is less, and the actual transaction is general. With the sharp rise in aluminum after 10: 30, the price quoted by the holders in the East China market began to be concentrated around 14420 yuan / ton, and the rising water to the plate was concentrated at 20 yuan / ton, but the aluminum futures rose too fast, although the enthusiasm of the middleman for receiving goods did not decrease. However, the holder began to hesitate, the shipment converged, and the transaction in the second stage of the transaction was very few. Today, the downstream mainly receives goods on demand, and the signs of stock preparation are not obvious. East China today, the overall transaction is poor, supply tension is prominent. Aluminum remained high and fluctuating in the afternoon. The price of the holder in Shanghai was around 14410 yuan / ton, the price of water on the disk was about 20 yuan / ton, the price of individual holders in Wuxi was around 14470 yuan / ton, and the price of water on the disk was about 70 yuan / ton. only a small number of transactions between traders, few downstream.

Lead: within a day, lead is opened at US $1815.5 / ton. In the Asian period, trading activity was low, Lun lead fluctuated slightly along the daily moving average with the rise in Shanghai lead prices, and entered the European period. Under the influence of the general rise in domestic metals, Lun lead moved away from the daily moving average line and twice tried to break through the intraday high of $1838.5 / ton. some bulls made a profit and gave up some of the gains. As of 1730, Lun lead temporarily closed at US $1832 / ton, up 21 US dollars / ton, or 1.16%. Lun lead temporarily closed Changyang line, has recorded 4 Lianyang, k-line center of gravity further moved up, KDJ index upward opening increased, driven by the domestic Shanghai Composite Index and metal general rise, Lun lead rose strongly, and LME lead inventory decreased by 100 tons to 61700 tons, the overall market profit, pay attention to the night announcement of the United States to July 3 of the week EIA crude oil inventory changes, is expected to Lun lead in yesterday's high of 1833 U.S. dollars / ton near the high shock.

During the day, the main 2008 contract of Shanghai lead opened at 14750 yuan / ton. In early trading, short positions reduced and long positions increased. Shanghai lead prices were boosted and fluctuated upward along the daily moving average. Near noon, Shanghai lead reached 14830 yuan / ton, approaching the previous high, bulls made a profit and left the market. Shanghai lead pullback fell to near the daily average line. In the afternoon, basic metals rose generally, short sellers were afraid to leave, and lead prices rose again with the metal. At the end of the day, lead prices rose again. It finally closed at the intraday high of 14840 yuan / ton, up 170 yuan / ton, or 1.16%. The position decreased by 93 lots to 25715 lots, and the trading volume increased by 2813 lots to 22995 lots. Shanghai lead recorded bald Changyang, the overall trend is strong, transactions are active, k-line entities re-stand on the 5-day moving average, to explore the previous high, KDJ indicators have been closed, the overall technical side is more, but the rise in Shanghai lead prices is based on short positions as the premise, need to pay attention to whether the night short will enter high, it is expected that Shanghai lead will be supported by the 5-day moving average, bearing a pressure of 14840 yuan / ton first-line concussion. It is worth noting that the main 08 contract position is decreasing, while 09 contract and 10 contract position increased by 340 hands, the total position is about 23000 hands, approaching the main 08 contract position, indicating that the main capital continues to move backward, 08 contract and 09 contract price difference has also shrunk from 85 yuan / ton to 65 yuan / ton. In addition, the position in 07 contracts in that month remained at nearly 8000 hands, while warehouse receipt inventory was almost the same as yesterday, and the growth rate continued to slow.

In the Shanghai market, the price of Mu Lang lead is 14990 won 15000 yuan / ton, and the discount for Shanghai lead 2007 contract is 50mur40 yuan / ton; in the south of Jiangsu and Zhejiang market, the price of copper crown lead is 14990Mel 15010 yuan / ton, and the discount for Shanghai lead 2007 contract is 50mur30 yuan / ton. The trend of lead futures is strong, and the price of the holder is in line with the market, but because of the large difference in the current price, some of the holders have delivered the warehouse one after another, and the price of warehouse receipt goods is relatively strong, but the price advantage of recycled lead is obvious, and most of the downstream buyers prefer the large discount source of recycled lead.

Guangdong market Nanhua lead 14950 yuan / ton, for SMM1# lead average price 25 yuan / ton quotation; Henan Jinli 14875 yuan / ton, to SMM1# lead average price flat water quotation (trader); Henan Minshan 14875 yuan / ton, to SMM1# lead average price flat water quotation; Hunan Shuikoushan 14875 yuan / ton, to SMM1# lead average price flat water quotation (trader); Jiang Copper 14875 yuan / ton, to SMM1# lead average price flat water quotation. Jinde 14825 yuan / ton, 50 yuan discount to SMM1# lead price. Anhui Bronze Crown 14990 yuan / ton, 2007 contract discount 50 yuan / ton. Yunnan small factory 14525 yuan 14575 yuan / ton, the average discount price of SMM1# lead 300 yuan 350 yuan / ton. The main market funds continue to do high prices, market consumption remains light, downstream procurement is completely needed, smelters do not expand and paste water for delivery, and some refineries plan market delivery.

Zinc: zinc in Geneva opened at US $2067 / tonne. The performance of zinc in Geneva was mediocre at the beginning of the session, fluctuating in a narrow range around US $2065 / tonne. Near the close of the Asian market, the US index was lower and boosted. At the same time, market risk appetite rose further. Lun Zinc pulled up in a straight line and refreshed its recent high to US $2107 / t. As part of the funds left the market, Len Zinc fell slightly. As of 16Suzhou 47, Len Zinc closed up at US $2100.5 / t, up US $33 / t. An increase of 1.36%. Lun Zinc break up, increase positions up, the recent Honggou Mine shipments affected to constitute an emotional positive, risk appetite for the period of capital favor, but back to the fundamentals, overseas consumption recovery is slow, mine supply gradually recovered, performance is still weak, pay attention to whether Lun Zinc can stand at the 2100 US dollars / ton mark at night.

During the day, the main 2008 contract of Shanghai zinc opened at 16765 yuan / ton, and some bears entered the market at the beginning of the session, and the pressure-bearing daily average was running at 16740 yuan / ton. with the continuous fermentation of market optimism, bulls gradually brought in positions, and the center of gravity moved up to around 16790 yuan / ton. in the last half of the period, the total number of zinc positions increased by 4722 yuan, zinc accelerated breaking by 17110 yuan / ton, and finally closed at 17090 yuan / ton, up 325 yuan / ton. The trading volume increased by 1.94%, the trading volume increased by 32841 to 92074 lots, and the position increased by 3076 lots to 92074 lots. Zinc in the future recorded a long positive pillar breaking and rising, the fundamentals did not exceed expectations, and the overall performance is still weak, but with the support of high macro risk appetite, zinc is expected to rise easily and difficult to fall, and zinc can successfully stand at the seven levels in the evening.

The mainstream transaction of zinc in Shanghai was 16820 Mel 16880 yuan / ton, Shuangyan and Chihong 16870 yuan / ton, Shuangyan and Chihong reported water 75 RMB80 / ton in August, Shuangyan and Chihong reported water 8590 yuan / ton in August, and Shuangyan and Chihong traded 16750Mel 16810 yuan / ton. Shanghai Zinc 2008 contract intraday volatility higher, the morning market closed at 16800 yuan / ton. The smelter shipped normally, and the trader mainly shipped the goods. With the 07 mur08 contract price difference narrowed to about 10 yuan / ton, the trader quotation basically changed to 08 contract, and the morning market quotation remained stable at about 80 yuan / ton, and the initial transaction was slightly weak. Part of the quotation was lowered to about 75 yuan / ton, or the average price-5 was OK, but the transaction was warmed up in the later period, and the average price of flat water also contributed to the transaction. In the second trading session, the quotation rebounded to about 80 yuan / ton, while the downstream maintained on-demand procurement, and the overall transaction was flat.

The price difference between Ningbo and Shanghai ordinary brands has widened from around 10 yuan per ton to 20 yuan per ton compared with that of ordinary brands in Shanghai, while the mainstream transaction of Ningbo has been traded at 16800 won per ton, while the average brand price for ordinary brands in Ningbo has increased from around 2008 yuan per ton to around 90 million yuan per ton for ordinary brands in Shanghai. Today, the Ningbo market turned to quote for the August contract, and the morning monthly difference was maintained around 20 yuan / ton. in the first trading session, Tiefeng reported that the water rose around 100 yuan / ton for the August contract, and around 90 yuan / ton for the August contract. Kirin reported that the water rose around 100 yuan / ton for the August contract, and then the monthly difference gradually narrowed, and some consignors lowered the water price to around 90 yuan / ton for the August contract. But the transaction still did not receive a boost, on the whole, today's downstream enterprises enter the market to inquire more, but the willingness to buy is not strong, only just need, the overall transaction situation wants to be basically the same as yesterday.

The mainstream transaction of zinc in Guangdong Province was 16,740 won, 16820 yuan per ton, and the quotation was concentrated on a premium of 25 yuan per ton for the 2008 contract for Shanghai zinc. The discount on the Guangdong market was 60 yuan per ton lower than that of the previous trading day, which was 10 yuan lower than that of the previous trading day. In the first trading session, inventories declined slightly, coupled with the drop in futures prices, and the holders shipped at a relatively uniform price, but the overall transaction was limited. Kirin, Mengzi and Huize quoted water for the Shanghai zinc contract in August at 15,00025 yuan / ton, while Feilong and Tiefeng rose 10 yuan / ton. In the second trading session, with the rebound of prices, the downstream purchasing demand is small, the market transaction is relatively difficult, some shippers are not smooth and begin to adjust the price, but the overall price boost is limited. Kirin, Mengzi, Huize quoted for the Shanghai zinc contract in August rose 10 murals 20 yuan / ton. Kirin, Huize, Mengzi and mainstream traded at 16740 Mel 16820 yuan / ton.

The mainstream trading of zinc ingots in Tianjin market was 16900mur16970 yuan / ton, Zijin was traded at 17000mur17040 yuan / ton, Huludao was quoted at 18170 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, 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 150 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 80 yuan / ton of water for 07 contract, and Harbin Zinc (including depot) quoted 60PRI 70 yuan / ton for 07 contract. The price of Yun Tin News is 100 yuan / ton for 07 contract, 120 yuan / ton for 07 contract, 80 yuan / ton for 07 contract, 6070 yuan / ton for Harbin zinc (including out of storage). Today, zinc prices remain volatile, the rising discount has not changed, the recent transactions are poor, traders are weak, the brands only low price Chihong transaction is relatively good; downstream, today's market rose slightly, the absolute price has not changed, the downstream willingness to receive goods is weaker. On the whole, today's turnover is weaker than that of yesterday. Zinc ingots were sold at around 16,800Muth16850 yuan / ton.

Tin: Lunxi electronic disk opened at US $16920 / ton today, but there was little trading after rising to US $16950 / ton in the morning. Maintain the upward trend in the afternoon, as of 1615, the latest price of Lunxi is 17030 US dollars / ton, which is positive, the physical part is located near the 5-day moving average, and the upper pressure level is expected to be around 17150 US dollars / ton.

The main 2009 contract of tin in Shanghai opened at 140420 yuan / ton last night, and the overall night trading showed a trend of rising first and then suppressing it. After opening, it mainly fluctuated upward under the influence of bulls, reaching the intraday high of 141680 yuan / ton, rebounding somewhat after reaching the peak, and rebounding in late trading. Opened at 141240 yuan / ton in the morning, the bulls left slightly after the opening, and the Shanghai tin concussion rebounded after falling to 140520 yuan / ton. The bulls left slightly again in the afternoon, tin fluctuated downwards in Shanghai, and the price of short positions rebounded in late trading, closing at 141150 yuan / ton, up 20 yuan / ton, or .001%. 27777 lots, 30599 positions, a decrease of 741 hands, the physical part is located near the five-day moving average, and the upper pressure is expected to be around 142500 yuan / ton.

On the spot market, today's quotation is 1400000 / 141500. The price of goods in today's quotation period has declined compared with that of yesterday morning, and the average net price has been reduced by 500 yuan / ton. Shanghai tin spot fell, the downstream willingness to pick up slightly, just need to purchase, some traders have the willingness to receive goods, the overall spot market trading atmosphere is generally weak. Liter discount, on the Shanghai tin 2008 contract set Yunxi 500 murals 1000 yuan / ton, near Yun Zi Pingshui, small brand discounts 500 murals 1000 yuan / ton.

Nickel: the Lunni sub-plate opened at 13425 US dollars / ton today. Before noon, the center of gravity of Lunni fluctuated in a narrow range around 13400 US dollars / ton, and at noon, the center of gravity went down to 13390 US dollars / ton. In the afternoon, Lenny swung upward again, 13460 US dollars / ton under pressure fell, 13400 US dollars / ton barrier position failed to fluctuate upward again, reached a daytime high of 13485 US dollars / ton, entered European time, and the trend before Lunni re-engraving. As of 17: 22, it was quoted at US $13435 / ton, an increase of US $30 / ton, or 0.22%, over the settlement price of the previous day. The trading volume was 1956 lots and the position was 203132 lots. Lunni closed at Yang Cross today, with support at the $13400 / ton barrier and pressure at the top of $13500 / tonne, focusing on Lunni's $13500 breakthrough at night. In addition, we should pay attention to the macro mood fluctuations brought about by the release of EIA crude oil inventory (10,000 barrels) data in the week ending July 3 in the United States.

The Shanghai Nickel 2010 contract opened at 107390 yuan / ton today, and the initial shock hit 106800 yuan / ton first line. This position was supported and Shanghai nickel turned upward. After the daily average of 107400 yuan / ton fell slightly under pressure, Shanghai nickel continued to strengthen, exploring a daytime high of 107670 yuan / ton. It finally closed at 107530 yuan / ton, up 0.22% from the settlement price of the previous day. The trading volume was 670778 lots, an increase of 18511 lots, and the position was 137617 lots, an increase of 6216 lots. Shanghai Nickel closed at Xiaoyangzhu today, and its daytime amplitude was smaller than that of previous days, and the trend was relatively flat. At night, attention was paid to the lead of Lunni and the pressure of 108000 yuan / ton of Shanghai Nickel.

Today, SMM1 Electrolytic Nickel is quoted at 105900 RMB107100 per ton. Nickel morning market around 106700 yuan / ton first-line shock, the morning market returned to yesterday's operating range, more and more higher in the afternoon, so the lower reaches continue to be afraid of high wait-and-see, most traders respond that the transaction is not as good as yesterday. The price of rising water is also stable than yesterday, Russo Nickel to Shanghai Nickel 2008 contract sticker 500,450 yuan / ton, the trading volume is similar to yesterday's morning market, only sporadic small orders reached a deal. Jinchuan Nickel to Shanghai Nickel 2008 contract reported a rise of about 600 yuan / ton, the price of the holder is more consistent, there is almost no quotation of low-priced goods in the market, the transaction is limited to the transfer between traders, activity deviation. The ex-factory price of Jinchuan was 107000 yuan / ton, unchanged for three consecutive trading days. The price of nickel beans has not been further lowered, and the discount is still about 1500 yuan / ton.



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