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Review on spot Trading Day of SMM Base Metals on July 9th
Jul 9,2020 18:29CST
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Source:SMM
Review on spot Trading Day of SMM Base Metals on July 9th
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Copper: Lun Copper opened higher at US $6247 / ton today, maintaining a volatile upward trend during the day. After the opening of Shanghai Copper, bulls entered the market and pulled copper prices up by about $30 / ton, and then Lun Copper broke through $6300 / ton, fluctuating up to $6330 / ton, and long and short hovered in the $6310 range of $6,330. entering the European session, Panculun Copper briefly gave up its gains and pulled back to around $6295 / ton, but the bulls dominated Lun Copper to rise again, climbing a intraday high of $6360 / ton. Lun Copper closed at 6352.5 US dollars per ton, up 116.5 US dollars per ton, or 1.87 per cent, as of 17PUR 00. China's June CPI and PPI data were released today in line with expectations, with domestic market demand continuing to improve, supporting copper prices higher. And Glencore's KCC copper mine in the Lualaba province of Congo saw a new case of crown virus infection, raising investor concerns on the supply side, boosting copper prices. At present, Lunchu is positive, and the opening of KDJ is expanded. In the evening, watch the number of Americans applying for unemployment benefits in the week ending July 4 to test whether Lunbro can continue to rise.

Today, the main force of Shanghai copper opened at 50210 yuan / ton in the morning, and the bulls increased their positions one after another after the opening, and the disk continued to rise to 50760 yuan / ton, then the center of gravity was briefly adjusted around 50790 yuan / ton, until it closed at 50620 yuan / ton at noon. At the beginning of afternoon trading, copper prices continued to rise, fluctuating higher at 50700 yuan / ton, climbing an intraday high of 50800 yuan / ton, taking profits at the end of the day, copper prices fell somewhat, and finally closed at 50690 yuan / ton, up 1040 yuan / ton, or 2.09%. The intraday 08 contract increased positions by 2766 to 120000, mainly by bulls; trading volume increased by 24000 to 144000; and Shanghai Copper 07 accelerated position reduction by 5910 to 19000, mainly by short positions. At present, the disk still maintains the back structure, and the price difference narrowed to around 20 yuan / ton every other month. Shanghai Copper 09, 10 contracts have varying degrees of increased positions. Today, Shanghai copper continued to rise, mainly due to continued macroeconomic optimism. The National Bureau of Statistics announced today that China's CPI rose 2.5% in June from a year earlier, down 0.1% from a month earlier, down 3.0% from a year earlier, and up 0.4% from a month earlier. The decline in PPI narrowed, indicating that domestic and foreign demand continued to pick up, domestic infrastructure and manufacturing demand gradually recovered, and market expectations for copper demand remained optimistic, boosting market confidence and supporting copper prices. Fundamentals, according to SMM research, China's electrolytic copper production fell 1.42% to 759200 tons month-on-month in June, and domestic electrolytic copper production is expected to fall by 2.79% to 738000 tons in July 2020. Supply tensions remain, providing momentum for rising copper prices. Shanghai copper has been positive for 3 consecutive days, MACD red column continues to expand, and the lower high jump is far from the multiple moving averages, from a technical point of view, bullish copper prices. Wait for the outer disk guidelines at night to test whether the bulls can continue to push upward at the 51000 yuan / ton mark.

Today, the spot price of electrolytic copper in Shanghai is 40 yuan / ton for the current month's contract, the transaction price of copper in Shanghai is 50440 yuan / ton ~ 50700 yuan / ton, and the transaction price of copper in Shengshui is 50450 yuan / ton ~ 50720 yuan / ton. A-share continued to rise, with frequent news of mine production expansion and shipping delays in South America, and the bullish atmosphere pushed copper prices higher step by step. Copper in Shanghai broke through the 50, 000 mark to 50700 yuan / ton, rising by more than 700 yuan / ton. At one point, the price gap in the morning market narrowed to flat every other month. The holder raised the quotation for good copper and offered 50 yuan per ton for copper, but the market was so afraid of heights that they all stopped to wait and see. The holder showed obvious willingness to cash at a high level. In the case of fruitless trading, good copper took the lead in opening the downward mode, rising water first dropped to about 40 yuan / ton, and leveling copper holders declined all the way in order to close the deal. If it is lowered to 20: 30, there will be a partial deal; Entering the second trading stage, the market can not help but slow down the traders who want to close the transaction quickly, lowering the flat copper adjustment to flat water, the transaction is difficult, and the wet copper is as low as 100 yuan / ton, no one is interested, and most of them have room to lower the price. Copper prices are rising strongly, and the lower reaches remain on the sidelines. Today, the monthly price difference has obviously narrowed, the holders are tangled, and delivery is approaching, and there is a contradiction between cash exchange and the willingness to support rising water, and it is difficult for traders to do anything. There is a lack of support and cooperation in spot transactions under high copper prices. In the afternoon, Shanghai copper continued to slowly push higher, the market remained cautious and wait-and-see situation, the holder after a day of decline, the price has been in the first line of flat water, the holder temporarily refused to discount trading, the price continues to be in Pingshui copper flat water-10 yuan / ton, good copper rose 10 yuan / ton, the transaction price has been raised to 50680qu 50780 yuan.

Aluminum: Lun Aluminum opened at US $1666 per ton in the morning. In Asia, the price of Len Aluminum rose steadily, reaching US $1679.5 per ton as of 15: 00. In European trading, Lun Aluminum continued its upward trend, pulling it to an intraday high of US $1690.5 / tonne as of 16:55. The daily K temporarily closed on the Changyang line, an increase of 29.5 US dollars / ton or 1.77% compared with the opening of the day. The position increased by 6355 hands to 819000 hands, mainly by bulls. Lun aluminum rose strongly today, the bulls strongly entered the market to lift aluminum prices, and Lun aluminum prices reached recent highs. The number of initial jobless claims in the United States as of July 4 is announced tonight, and the market is expected to improve, leading Lunalco to continue its current upward trend in the evening.

The main 2008 contract of Shanghai Aluminum opened at 14165 yuan / ton in the morning, and the short positions were reduced by more than 1800 hands in the first 30 minutes, and aluminum prices began to rise. Then the bulls took advantage of the opportunity to enter the market and continue to lift the rise in aluminum prices. Within half an hour in the afternoon, bulls entered the market to continue to raise aluminum prices, and aluminum futures reached an intra-day high of 14315 yuan / ton. After the long-short game, aluminum futures fluctuated around 14285 yuan / ton in the short term, and the bulls left the market at the end of the session, recording a cross star and closing at 14290 yuan / ton. 08 contract day position decreased by 2118 to 162222 hands, the Shanghai Aluminum Index position decreased by 782 to 429445 hands, the daily K closed at a positive line, up 0.99%, an increase of 140yuan / ton, mainly short positions during the day. The current inventory warehouse receipts are still low, aluminum price fundamentals are still strongly supported, short confidence is obviously insufficient today, aluminum futures prices recorded a big increase. It is expected that there are still strong shocks at night. Aluminum concussion uplink before noon. Before noon, the spot price in Shanghai was between 14520 and 14540 yuan / ton, while the price in Wuxi was between 14530 and 14550 yuan / ton, which was nearly 190 yuan / ton higher than yesterday's price. the price in Hangzhou was between 14520 and 14540 yuan / ton, while the price in Hangzhou was between 14520 and 14540 yuan / ton. In the morning, the supply of goods in the market is extremely tight, the number of consignors overwhelmingly exceeds that of shippers, and the price of the holder is firm and the shipment is smooth, but the market is still unsatisfactory because of the shortage of goods. Although a large family normally announces the purchase plan, but from the price point of view, it is expected that the actual transaction is not much. Today, downstream goods are mainly shipped on demand, and the sharp rise in aluminum prices suppresses its willingness to receive goods. The overall transaction in East China is poor today. In the afternoon, aluminum shock uplink, East China holder quotation span is large, between 14560Mel 14600 yuan / ton, the price of water on the disk is between 60Mel 80 yuan / ton, only a small number of transactions between traders, few downstream.

Lead: within a day, lead is opened at US $1810 / ton. During the Asian session, trading activity was low, led by a rise in lead in Shanghai, which fluctuated slightly along the daily moving average, reaching an intraday high of $1843 / ton. Entering the European session, Lun lead was blocked from yesterday's high of $1848 / ton, giving up some of its gains and adjusted sideways around $1835 / ton supported by the daily moving average. As of 1715, Lun lead temporarily closed at $1834.5 / ton, up $19 / ton, or 1.05%. Lun lead overall follow the rising trend of Shanghai lead, temporarily recorded barefoot Changyang, but yesterday closed at Cross Star, its high of $1848 / ton may become a new pressure line, and it should be noted that today's LME lead inventory increased by 25 tons to 61725 tons, Lun lead rising power is insufficient, night attention to the United States to July 4 the number of initial jobless claims and May wholesale sales monthly rate, Lun lead is expected to fluctuate sideways between the 5-day moving average and the first line of 1848 US dollars / ton.

During the day, the main 2008 contract of Shanghai lead opened at 14855 yuan / ton. In early trading, non-ferrous metals generally rose. Shanghai lead rose all the way with the metal plate, reaching 15015 yuan / ton near noon. At the Wanwu integer gate, some bulls made profits and gave up some of the gains. It was supported near 14930 yuan / ton and rebounded again. In the afternoon, the Shanghai Composite Index rose sharply, and the Shanghai lead bulls entered the market strongly, followed by the upside, further pulling the Shanghai lead to an intraday high of 14145 yuan / tonne. At the end of the session, some bulls made a profit, closing at 15075 yuan / ton, up 235 yuan / ton, or 1.58%. The position decreased by 40 to 25675, and the trading volume increased by 11015 to 34010. Shanghai lead recorded Erlianyang, thoroughly stood on the 5-day moving average, active trading, KDJ indicators have also been opened upward, the overall technical side is more, but the top of Shanghai lead is under the pressure of 15180 yuan / ton, and the bulls reduce their positions in the high position, it is necessary to pay attention to whether the bulls enter again at night, it is expected that Shanghai lead will be dominated by high shock. It should also be noted that the price difference between 07 contracts and main contracts widened from 270 yuan / ton to 390 yuan / ton, while the warehouse receipt inventory increased by only 101 tons today. The warehouse receipt inventory of less than 20, 000 tons does not match the position of nearly 8000 hands of the 07 contract in that month. It is expected that Shanghai lead will remain strong in the short term.

In the Shanghai market, the price of lead 15275 / ton is 15305 yuan / ton, the discount for Shanghai lead 2007 contract is 30 yuan / ton to level water; in the south of Jiangsu and Zhejiang market, the price of copper crown lead 15275 / ton is 15305 yuan / ton, and the discount to Shanghai lead 2007 contract is 30 yuan / ton to flat water. Lead upstream, and due to the limited warehouse order, the holder price shipment, while the downstream fear of high wait-and-see, part of the need is still partial to recycled lead, the trading market is two light.

Guangdong market South China lead 15075 yuan / ton, the average price of SMM1# lead 50 yuan / ton quotation; Henan Jinli 14925 ~ 14975 yuan / ton, the average price of SMM1# lead discount 50 yuan 100 yuan / ton (trader); Minshan, Henan 15025 yuan / ton, the average price of SMM1# lead price level quotation; Hunan Shuikoushan 15075 yuan / ton, the average price of SMM1# lead water 50 yuan / ton (trader); Jiang Copper 15075 yuan / ton, the average price of SMM1# lead 50 yuan / ton price. Jinde 15025 yuan / ton, 50 yuan discount to SMM1# lead price. Anhui Bronze Crown 15255 yuan / ton, 2007 contract discount 50 yuan / ton. Yunnan small factory 14625 yuan 14675 yuan / ton, the average price discount for SMM1# lead is 350 yuan 400 yuan / ton. The main funds in the market continue to raise prices, there is little consumption in the market today, and traders and smelters are ready to deliver spot positions.

Zinc: zinc in Geneva opened at US $2131.5 / tonne. In the Asian market, Duan Lun Zinc's performance was flat, slowly rising to around US $2143 / t. In the afternoon, risky assets generally strengthened, and Lunzn Zinc also broke at the same time, refreshing intraday highs to around US $2163 / tonne. Subsequently, under pressure, the US index gave up most of its gains to US $2140 / tonne. As of 1552, Lunzn Zinc closed up at US $2147 / tonne. It rose by 17.5 US dollars per ton, or 0.82 per cent. Lun Zinc strongly broke through the Brin Road track, with the Red Dog Mine shipments affected as the fuse, Lun Zinc undervalued by the pursuit of funds, market risk appetite soared to dilute the negative impact of overseas economic restart, boosted by optimism, Lunzn Zinc is expected to maintain a strong operation at night.

During the day, the main 2008 contract of Shanghai zinc opened at 17360 yuan / ton, and some of the funds stopped earnings at the beginning of the session, and the expected zinc fluctuated in a narrow range around 17400 yuan / tonne. Then, with the re-entry of buying funds, zinc concussion rose again to a high of 17640 yuan / ton, and fell slightly at the end of the session. The final closing price rose to 17540 yuan / ton, up 735 yuan / ton, or 4.37%. The trading volume increased by 97173 lots to 263000 lots, and the position increased by 594 lots and 92668 lots for children. Zinc in the future recorded a large positive pillar to fill the gap in the early stage, and the Shanghai Zinc Index increased its position by another 6726 hands in the day, the performance continued to be strong, the current market optimism continued to ferment, and the expectation of weakening fundamentals in the short and medium term was ignored by the market. Supported by strong buying confidence based on valuation repair, it is expected that zinc in the evening will try to fill the gap completely.

The mainstream transaction of zinc in Shanghai was 17430murm 17510 yuan / ton, Shuangyan 17440, imported zinc 1741017490 / ton, Shuangyan 70 yuan / ton, imported zinc 17440 yuan / ton, Shuangyan 70 yuan / ton, imported zinc 17440 yuan / ton, Shuangyan 70 yuan / ton, imported zinc 17440 yuan / ton, Shuangyan 70 yuan / ton, Shuangyan mainstream zinc 17440 yuan / ton. Shanghai Zinc 2008 contract fluctuated upstream, the first trading session of the morning market closed at 17440 yuan / ton, the spot price accelerated, there was almost no trading in the morning market, the high position of the holder actively quoted, the market transaction of ordinary zinc brand concentrated on the SMM net average price discount of 50.10 yuan / ton, the market quotation for 2008 contract rose 60 yuan / ton in the morning, and then some consignors lowered the bid price to 50 yuan / ton. Entering the second period of time, the market quotation is relatively stable, but due to light trading, there is a low market price of 40 yuan / ton of water, and the holder keeps the price of rising water to 50 yuan / ton for the 2008 contract; the spot price is higher, and there are few transactions at the high price downstream today. the high price of the consignor is dominated by shipments, and the performance of spot rising water is relatively weak.

The mainstream transaction of Ningbo Brand was 17460 Mel 17560 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands was maintained around 20 yuan / ton. The contract for ordinary brands of ordinary brands in Ningbo was around 2008 RMB per ton of rising water, and the price difference between Ningbo and Shanghai ordinary brands was around 70 RMB90 per ton. Zinc prices rose sharply overnight, and today the market basically entered a state of price and no market. during the first trading session, traders lowered their tentative quotations for rising water. Tiefeng reported that the water rose about 80 yuan per ton for the August contract, and the West Mining News raised about 70 yuan per ton for the August contract. Qilin reported that the water rose around 90 yuan per ton for the August contract, but the disk pulled up, and there were almost no inquiries and transactions from downstream enterprises, and only a small number of traders traded. However, on the whole, the market is still in a state of price and no market, the rising water has not changed obviously, and the willingness of the consignor to ship goods is relatively light. Today's market turnover is significantly worse than yesterday.

The mainstream transaction of zinc in Guangdong Province was 17370 Mill 17450 yuan / ton, and the quotation concentrated on a discount of 20 yuan / ton to level water for the Shanghai Zinc 2008 contract, while the discount of 60 yuan / ton in the Guangdong market was the same as that in the previous trading day. In the first trading session, futures prices opened high and went high, rising sharply compared with yesterday, there were few inquiry purchases downstream, the price of shipments was not smoothly lowered by holders, and traders received goods at discounts, driving market trading. Kirin and Mongolia quoted a discount of 10 yuan / ton to flat price for the August contract of Shanghai zinc, while Tiefeng discount 20 yuan / ton. The second trading session, prices are still strong volatility, downstream demand has not increased, individual holders slightly adjust the price of shipments, the market wait-and-see mood is strong, the overall trading is general. Kirin and Mongolia quoted a discount of 15 yuan / ton to Pingshui for the August contract for Shanghai zinc, and 20 yuan / ton for Tiefeng. Kirin, Tiefeng, Mengzi and mainstream traded at 17370 Mel 17450 yuan / ton.

The mainstream turnover of Zinc ingots in Tianjin market was 17500mur17540 yuan / ton, Zijin was traded at 17600mur17630 yuan / ton, Huludao was quoted at 18830 yuan / ton, Zinc was generally quoted around 100yuan / ton to 110yuan / ton for 2007 contract, Zijin was quoted around 200yuan / ton for July contract, and the Tianjin stock market was kept at around 6070RMB / ton compared with Shanghai stock market. Today, the price of zinc in Shanghai rose sharply, and the spot market lowered the discount quotation, and the price was relatively uniform. The ordinary brand Bering News quoted a rise of 100 yuan per ton for the 07 contract, and Hongyi quoted a rise of 110 yuan per ton for the 07 contract. Chi Hong quoted a rise of 100 yuan per ton for the 07 contract, and the high-priced brand Zijin quoted a rise of 200 yuan per ton for the July contract. Baiyin Bao quoted a rise of 120 yuan per ton for the 07 contract, and Yunxi quoted a rise of 80 yuan per ton for the 07 contract. West Mining (delivered) quoted 60 yuan / ton of water for 07 contract, Sihuan (delivered) quoted 60 yuan / ton of water for 07 contract, Japan Zinc News quoted 100 yuan / ton of water for 07 contract, and Harbin Zinc (including depot) quoted 60 million yuan / ton of water for 07 contract. Today, zinc prices rose sharply, absolute prices rose sharply, traders lowered their discount quotations, but it was difficult to ship, and some traders suspended shipments; downstream, the market rose sharply today, downstream wait-and-see, almost no intention to buy. On the whole, there are few transactions in Tianjin market today. Zinc ingots traded at around 17430 Mill 17470 yuan per ton.

Tin: Lunxi electronic disk opened at 17100 US dollars / ton today, light trading in the morning, down to 17025 U.S. dollars / ton in the afternoon, touching low and then slowly higher. In the afternoon, the market was light, Lunxi fluctuated upwards to US $17130 / tonne in late Asian trading, and continued to climb to US $17190 / tonne after the European session. As of 18VOO, the latest price of Lunxi was US $17190 / tonne, up US $90 / tonne, the physical part was above all moving averages, and the lower shadow line was supported by the 5-day moving average. The upper pressure is expected to be around US $17500 / ton, and the round mark of US $17000 has been supported effectively.

The main tin 2009 contract in Shanghai opened at 141100 yuan / ton last night, showing a trend of rising first and then suppressing it. After the opening, under the influence of bulls entering the market, it fluctuated slightly upward, hitting the intraday high of 141490 yuan / ton, followed by a pullback and horizontal finishing. It closed at 140950 yuan / ton. It opened at 141040 yuan / ton in the morning, and then, mainly under the influence of bulls leaving the market, Lunxi slightly shook down to a daily low of 139700 yuan / ton, rebounded to a low and rose to 141370 yuan / ton, and then pulled back to close at 140880 yuan / ton, down 270yuan / ton, or 0.19%. 33043 hands were traded, 30074 positions were held, and 525 hands were reduced. It is a cross star, the 5-day moving average support is received above the solid part, and the 10-day moving average support is received on the lower shadow line. it is estimated that the upper pressure level is located at 142000 yuan / ton, and the lower support level is located at 139500 yuan / ton 10-day moving average.

On the spot market, today's quotation is 139500 won 141500 yuan / ton. The center of gravity of tin noodles in Shanghai today has moved down compared with yesterday morning, and the average net price has been reduced by 250 yuan / ton. Although the spot price of tin in Shanghai has declined, it is still at a high level, and the downstream willingness to receive goods remains at a general level and just needs to be purchased. Traders have a strong willingness to ship goods and low willingness to receive goods. The overall trading atmosphere in the spot market is generally weak. In terms of the liter discount, the Shanghai tin 2008 contract suites Yunxi 500 won 1000 yuan / ton, Yunzi level up to 500 yuan / ton, and small brand discount 1000 yuan / ton.

Nickel: the Lunni Asian market opened at US $13475 / ton today. After opening, it continued to fluctuate in a narrow range around US $13480 / tonne. The Lunni pressure gradually dropped around 10:30, and immediately rebounded by the five-day moving average after falling to US $13355 / tonne. In the afternoon, the Lunni center of gravity continued to fluctuate at the US $13500 / ton line. After the close of trading in Shanghai Nickel, US crude oil first suppressed and then rose in European trading, and Lunni was also affected by it to walk out of the "V" trend again, falling 13440 US dollars / ton and then rebounding back to 13500 US dollars / ton. As of 17PUR 25, Renni temporarily closed at US $13500 per ton, up US $20 per tonne, or 0.15 per cent. In the evening, we will follow the announcement of the number of jobless claims and EIA natural gas inventory in the United States this week to test whether Lenny can stand firm at the level of 13500 US dollars / ton.

Shanghai Nickel 2010 main contract opened at 107300 yuan / ton today, turned red slightly to 107400 US dollars / ton after opening, and then the center of gravity fell to the 5-day moving average of 107100 yuan / ton has been a narrow shock. In the second trading session of the morning market, bears gradually increased their positions and tested the pressure, so that Shanghai nickel fell sharply to 106040 yuan / ton, the lowest point of the day. As short sellers stopped their earnings and reduced their positions, Shanghai Nickel rose back to around 107300 yuan / ton before the close of the morning market. In the afternoon, the bulls entered the market and pulled up Shanghai Nickel to turn red again, reaching as high as 107810 yuan / ton during the period. Subsequently, Shanghai Nickel gave up some of its gains and finally closed at 107630 yuan / ton, an increase of 230yuan / ton, or 0.21%. The trading volume was 720179 lots, and the position increased by 7464 lots to 145081 lots. Although Shanghai Nickel first suppressed and then rose today, the main position continues to increase, the MACD red column continues to enlarge, the technical index is still strong, and it will still aim to effectively break through 108000 yuan / ton in the evening. Pay attention to the direction of the outer disk at night to test whether the bulls can continue to release energy.

Today, SMM1# Electrolytic Nickel quotation is 106100Muth107100 yuan / ton. The futures nickel 08 contract recorded a deep V trend in the morning market, with only a small number of spot transactions at the low level, and then nickel prices rose back so that some of them were single slippery. The afternoon high volatility of nickel prices inhibited spot trading, and most traders reflected that the trading situation was not good today. In terms of discount, Russo Nickel to Shanghai Nickel 2008 contract offer 550-stick 450 yuan / ton, daily trading volume is limited. Jinchuan Nickel 2008 contract against Shanghai Nickel rose about 400 won 600 yuan / ton. After the rising water fell, it also failed to attract terminals to pick up the goods, and there was a small amount of circulation among traders. The ex-factory price of Jinchuan was quoted at 107000 yuan / ton, unchanged for the fourth trading day in a row this week. The price of nickel beans has not been further lowered, and the discount is still about 1500 yuan / ton.

 

 

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