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Review on spot Trading Day of SMM Base Metals on July 10th
Jul 10,2020 20:52CST
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Source:SMM
Review on spot Trading Day of SMM Base Metals on July 10th
The content below was translated by Tencent automatically for reference.

Copper: today, Apron Copper opened at US $6305 / ton, after the long-short game Lun Copper adjusted around the first line of volatility of US $6294 / ton. In the afternoon, the bulls left the market and went down to explore the intraday low of $6253.5 / ton, but the low was quickly repaired upward. Entering the European trading period, the bulls increased their positions to enter the market, and Lun Copper soared to break through 6300 US dollars / ton again, reaching a intraday high of 6332.5 US dollars / ton. But the high position led the bulls to make a profit out of the market, and Lun Copper gave up its gains slightly. Lun Copper closed at US $6312 per tonne, up US $15 per tonne, or 0.24 per cent, as of 17PUR 00. Last night, the United States announced that the number of initial jobless claims in the week ended July 4 was lower than the previous value, but still at a high of more than 1 million, sparking investor concern and having an impact on copper prices. However, the problem of supply disruptions caused by the new crown virus continues, and LME copper inventories continue to decline, boosting market risk appetite and supporting copper prices. At present, Luntong 5 Lianyang, the daily K center of gravity moves upward, the lower averages are arranged in bulls and the trend is still on the high side. In the evening, pay attention to the annual rate of PPI in the United States in June to test whether Lun Copper can continue to rise to a new high.

Today, the main force of Shanghai copper opened at 50470 yuan / ton in the morning, and the copper price rose rapidly after the opening, but with the decline of many flat into the market, after a short adjustment, the copper price rose from the position of 50420 yuan / ton, rising all the way, climbing a daily high of 50660 yuan / ton, and closed at 50600 yuan / ton in midday trading. Opening in the afternoon, the market fell rapidly, exploring the intraday low of 50290 yuan / ton. at this time, the bears made a profit and the copper price rebounded upwards, and finally closed at 50500 yuan, up 130 yuan / ton, up 0.26%. The intraday 08 contract reduced 5219 positions to 116000 positions, mainly by long positions; trading volume increased by 9000 lots to 153000 lots; and Shanghai Copper 07 contracts reduced positions by 6055 lots to 13000 lots, mainly by long positions. The number of US jobless claims announced last night in the week from July 4 to July 4 fell for the 14th consecutive week, but the number is still more than 1 million, and it has been high for 16 consecutive weeks, unemployment remains high, and investor optimism has cooled somewhat; in addition, tensions between China and the United States have further escalated, global investors are worried that trade relations between the two countries will deteriorate again and damage the economy, and macro sentiment will put pressure on copper prices. Fundamentally, the epidemic in South America has not been effectively alleviated, the copper strike in Chile continues to ferment, workers are voting on whether to accept the final wage agreement or strike, and the market tension on copper supply has not been effectively alleviated, supporting copper prices are still high. Today, Shanghai copper negative, KDJ opening convergence, but the bottom is still far away from multiple moving averages, the technical side of copper prices still have room to rise. Wait for the outer disk guidelines at night to test whether the bulls can continue to make efforts to support copper prices to continue to rise.

Today, the spot price of electrolytic copper in Shanghai is quoted at a discount of 10 yuan / ton to 20 yuan / ton, flat copper price of 50560 yuan / ton to 50650 yuan / ton, and copper price of 50570 yuan / ton to 50660 yuan / ton. Copper futures in Shanghai remained high and fluctuated at 50600 yuan / ton. Approaching the delivery cycle, speculators prefer low-cost sources of goods, the morning market quoted 10 ~ 30 yuan / ton, the market is not attractive. Speculators take advantage of the opportunity to lower the price, and the quotation is reduced to 10 yuan / ton, and there is still room to enlarge the price. Around 10: 00, the flat copper price can be reduced to 10 yuan / ton at a discount, while the price of good copper is limited to 10 yuan / ton to 20 yuan / ton. Downstream bargain buying, wet copper than yesterday slightly narrowed to 80 ~ 60 yuan / ton discount. The market continues to show the characteristics of strong and weak in the period, and the fear of heights continues to ferment, restraining market consumption, but with the approaching delivery period, the base margin continues to narrow, which limits the room for expansion under the discount to a certain extent, but the supply of goods in the market is still loose. It is also difficult to lift the water again. In the afternoon, the basic metals generally showed a pullback, copper futures fell to 50400mur50500 yuan / ton range adjustment, the market willingness to receive goods increased, the purchase inquiry was active, the price of the holder was able to stop falling and stabilized, flat copper rose a small price of 10 murals 20 yuan / ton, good copper rose 20 yuan / ton, and the transaction price was reduced to 50410 murals 50530 yuan / ton.

Aluminum: Lomalco opened at US $1649.5 / tonne this morning. In Asia, it got off to a rocky start, rebounded slightly, and reached an intraday high of US $1665 / tonne at around 11:15 in the afternoon. Lun Aluminum fell in the afternoon and fell back to $1654 / ton in late Asian trading, giving up some of its gains. As of 15: 00, aluminum quoted at 1657 yuan / ton. In European time, Lun Aluminum extended the downward concussion trend for half an hour and ushered in a significant rebound. As of 17: 00, aluminum was at 1670 US dollars per ton, up 22 US dollars per ton, or 1.35 per cent. Day K close, the center of gravity remains high above the 5-day moving average, is expected to be strong shock uplink at night, we need to continue to pay attention to the foreign macroeconomic situation and Lun aluminum registration and cancellation of warehouse receipt changes. The main 2008 contract of Shanghai Aluminum opened at 14240 yuan / ton in the morning, and the bulls entered and strongly raised the aluminum price in the morning, and then recorded an intra-day high of 14465 yuan / ton at noon, and mainly left the market at a profit in the afternoon. Aluminum prices fell slightly and arranged horizontally at a high of about 14405 yuan / ton. A small Yin line was recorded at the end of the session, which closed at 14375 yuan / ton. The position in 08 contract day increased by 2482 to 164704, while the position in Shanghai Aluminum Index decreased by 1601 to 427844. K closed at a long positive line, up 0.59%, or 85 yuan / ton, mainly by bulls. In the 2007 contract day of that month, the short positions of Shanghai Aluminum Corporation continuously reduced more than 4, 000 positions to close at 14815 yuan / ton, up 270 yuan / ton, and the monthly price difference widened to 440 yuan / ton. From a fundamental point of view, electrolytic aluminum continues to go to the warehouse, and the order volume of the last period is also in an absolute position, superimposed on the tight supply of aluminum ingots in the current spot market, high confidence in many parties, and the upward trend of Shanghai aluminum prices in the daytime. Aluminum prices are expected to adjust slightly at night, but the overall situation will remain strong and volatile. Aluminum pulled up before noon. In the morning, the spot price in Shanghai is between 14760 and 14790 yuan / ton, and the price in Wuxi is between 14780 and 14800 yuan / ton. With the rapid rise of aluminum futures, the spot price in Shanghai is concentrated between 14790 and 14810 yuan / ton in the later period, and the price in Wuxi is between 14800 and 14820 yuan / ton. The overall price in East China is nearly 270 yuan / ton higher than yesterday, and the rising water is concentrated in 140,180 yuan / ton. The price in Hangzhou is between 14800 and 14830 yuan per ton. Today, the shortage of goods supply has not been alleviated. There are many people who pick up goods early in the morning, but there are few shippers. With the sharp rise in aluminum prices, the willingness of the holders to ship goods has increased, but the price is still the same. As a whole, middlemen and buyers and sellers are limited by the low supply of goods in circulation. Downstream today, on-demand stock, due to the sharp rise in aluminum prices, although approaching the weekend, but the willingness to buy is not high. The overall transaction in East China is mediocre today. In the afternoon, aluminum continued to rise sharply, with the price quoted by the holder between 14780 and 14910 yuan / ton, while the price rose to 180 yuan per ton. The quotation was chaotic, the wait-and-see mood was strong, and the actual transaction was very few.

Lead: within a day, lead is opened at US $1847 / ton. During the Asian session, trading was light, and Lun lead fluctuated slightly above the daily average line with Shanghai lead as a whole. In the afternoon, domestic basic metals generally fell, Shanghai lead fell, and Lun lead fell below the daily average line and adjusted horizontally around 1830.5 US dollars / ton. entering the European period, the dollar index fell, the outer disk basic metals were generally pulled up, and Lun lead was also pulled back to the intraday high of 1854 US dollars / ton. Later, it was blocked at the first line of 1848 US dollars / ton, giving up some of the gains. As of 1700, it temporarily closed at 1848.5 US dollars / ton, an increase of 18 US dollars / ton, or 0.98 per cent. Lun lead temporarily closed Changyang line, the rise is gratifying, night focus on the monthly rate and annual rate of PPI in the United States in June, it is expected that Lun lead will maintain a high concussion pattern.

During the day, the main 2008 contract of Shanghai lead opened at 15115 yuan / ton. In early trading, basic metals generally rose, bulls added positions, and Shanghai lead briefly pulled up to the intraday high of 15175 yuan / ton, under pressure of 15180 yuan / ton to recoup the increase, and was also supported by the daily average line. Short sellers left the market with profits, long low positions increased positions, Shanghai lead rose again, and generally fluctuated around 15145 yuan / ton. In the afternoon, short sellers dropped again, and Shanghai lead fell through the daily moving average. A small consolidation near 15075 yuan / ton below closed at 15070 yuan / ton, down 5 yuan / ton, or 0.03%. The position decreased by 6916 to 25225 hands, and the trading volume decreased by 6916 to 27094 hands. Shanghai lead recorded a short negative line, which fluctuated sharply along the intraday moving average today. It should be noted that warehouse receipt inventory increased by 1388 tons to 20314 tons, 07 contract positions decreased by 675 to 7255 tons, and the price difference between 07 contracts and main 08 contracts widened to about 405 yuan / ton. The situation of forcing positions has eased but still exists. It is expected that Shanghai lead will continue to fluctuate at a high level around 15100 yuan / ton at night. Lead prices in Shanghai remain strong in the short term.

In the Shanghai market, Mu Lang lead 15535mur15565 yuan / ton, the Shanghai lead 2007 contract discount 30 yuan / ton to the flat water quotation; Jiangsu and Zhejiang market south, copper crown lead 15515muri 15565 yuan / ton, the Shanghai lead 2007 contract discount 50 yuan / ton to the flat water quotation. Lead futures remain strong, holders actively deliver positions, quotations are few, and downstream is cautious about purchasing high-priced sources of goods, which is still biased towards the recycled lead market, and there are only transactions between some traders in the morning.

Guangdong market Nanhua lead 15225 yuan / ton, flat water quotation for SMM1# lead price; Minshan, Henan province, 15225 yuan / ton, flat water price for SMM1# lead price; Shuikoushan, Hunan, 15275 yuan / ton, 50 yuan / ton for SMM1# lead price (trader); Jiangtong 15275 yuan / ton, 50 yuan / ton for SMM1# lead price. Jinde 15175 yuan / ton, 50 yuan discount to SMM1# lead price. Anhui Bronze Crown 15515 yuan / ton, 2007 contract discount 50 yuan / ton. Yunnan small factory 14825,14875 yuan / ton, the average price of SMM1# lead discount 350 million 400 yuan / ton. The main market funds continue to do high prices, the market has little consumption today, traders and smelters have reduced shipments of bulk orders, and began to register warehouse receipts to deliver positions.

Zinc: zinc in Geneva opened at $2150 / tonne. Zinc in Geneva rose again to around $2165 / tonne. As risk appetite cooled in the afternoon, stock market commodities fell across the board. Renzinc concussion fell and all rose to $2144.5 / tonne on the day. In European trading, the dollar fell back to repair, returning to the daily moving average around $2160 / tonne. As of 16PUR 42, Lun Zinc closed up at US $2164 / ton, up US $15.50 / ton, or 0.72%. The center of gravity of Lun Zinc has moved further upward, the valuation revision driven by Honggou Mine has further fermented, and the possible supply impact of unknown pneumonia infection in Kazakhstan has further heightened the bullish sentiment in the market. at present, the market optimism has not cooled down, and the high operation of Lun Zinc in the evening is expected to continue.

During the day, the main 2008 contract of Shanghai zinc opened at 17540 yuan / ton, and the positions increased sharply at the beginning of the session, and the zinc futures rose in a straight line to a narrow range of fluctuations around 17700 yuan / ton, further breaking the weakness, some funds stopped earnings and left the market, and zinc concussion fell and vomited most of the gains in the day, and finally closed up at 17555 yuan / ton, up 150 yuan / ton, or 0.86%. The trading volume decreased by 28814 to 234000, and the position decreased by 7424 to 85244. Zinc in the period once again refreshes the recent high, with the continuous fermentation of the epidemic, the possible supply-side impact of market trading, with the market sentiment returning to rationality, zinc in the period is insufficient to break kinetic energy after rising continuously, and the momentum may be adjusted slightly at night.

Shanghai Zinc mainstream traded at 17680 RMB17750 per ton, while Shuangyan and Chihong traded at 17710 RMB17780 per tonne; Zinc Shuangyan and Chihong generally reported a rise of 30 RMB40 per ton in August; Shuangyan and Chihong quoted a price of 60rel per tonne in August; and Shuangyan and Chihong traded at 16600Mel 16680 yuan per ton. The Shanghai Zinc 2008 contract closed at 17685 yuan / ton in the morning market after the initial rally. The smelter shipped normally, and the traders mainly shipped. The zinc price further increased, and the market quotation gradually fell back to about 40 yuan / ton of rising water. The receiving of the goods was not good, the market wait-and-see mood was strong, and the acceptance of the high price was still low. Some traders received the goods at a low price in the second trading session. The market transaction was transferred to about 30mura 35 yuan / ton. The lower reaches of the weekend just needed to purchase, and the traders considered dumping the goods at a low cost. Overall turnover remains weak.

The mainstream transaction of Ningbo Gao was 17720mur17820 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands increased from 20 yuan / ton to 30 yuan / ton. The price difference between Ningbo and Shanghai ordinary brands increased from 17720 to 17820 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands increased from 20 yuan / ton to 30 yuan / ton. Zinc prices continue to rise, today's market continues to be in a state of price and no market, the first trading session, traders are not willing to ship, continue yesterday's offer, Tiefeng report in the August contract water rise of 80 yuan / ton, the West Mining News in the August contract water rise of 70 yuan / ton, Kirin market basically no quotation. Zinc futures rose sharply for two days in a row, and the lower reaches were reluctant to enter the market to inquire about prices and buy, while the Ningbo market had less supply, the holders were unwilling to ship goods at low prices, the market was more deadlocked, and the rising water did not change significantly. The trading atmosphere in the market today is basically the same as that of yesterday.

Guangdong Zinc mainstream traded at 17610 Mill 17730 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 50 yuan / ton for the Guangdong market was 10 yuan lower than that of the previous trading day. In the first trading session, futures prices soared, few downstream entered the market to inquire about prices, and some holders held limited goods and quoted prices were relatively strong, but the market transaction was difficult, and the later quotations were loosened. Kirin and Mengzi quoted a discount of 10 yuan / ton to flat water for the August contract for Shanghai zinc, and 15 yuan / ton for Tiefeng. In the second trading session, futures prices are still high and volatile, traders receive goods at depressed prices, individual brands offer lower prices, and the overall market turnover is still poor. Kirin and Mongolia quoted a discount of 10 yuan / ton for the August contract for Shanghai zinc and 20 yuan / ton for Feilong. Kirin, Tiefeng, Mengzi and mainstream traded at 17610 Mel 17730 yuan / ton.

The mainstream turnover of Zinc ingots in Tianjin market was 17730mur17820 yuan / ton, Zijin was traded at 17820MUE 17860 yuan / ton, Huludao was quoted at 19080 yuan / ton, Zinc was generally quoted at 80 yuan / ton to 130 yuan / ton for 2008 contract, Zijin was quoted around 170yuan / ton for August contract, and the Tianjin stock market remained at around 60,000,000 yuan / ton compared with Shanghai stock market. Today, the price of zinc in Shanghai has risen sharply, and the spot market has lowered the discount quotation, and the price is relatively uniform. The ordinary brand Bering News has quoted a rise of 80 yuan per ton for the 08 contract, and Hongyi has quoted a rise of 130 yuan per ton for the 08 contract. Chi Hong quoted a rise of 80 yuan per ton for the 08 contract, while the high-priced brand Zijin quoted a rise of 170 yuan per ton for the August contract, and Baiyin Bao quoted a rise of 120 yuan per ton for the 08 contract. West Mining (delivered) quoted 40 yuan / ton for 08 contract, Sihuan (delivered) quoted 40 yuan / ton for 08 contract, Japan Zinc News quoted 120 yuan / ton for 08 contract, and Harbin Zinc (including depot) quoted 60 yuan / ton for 08 contract. Today, zinc prices rose again, traders are difficult to ship, lower the discount price, but the shipping situation has not improved, and some Zijin delivery today, will depress the market rising water; downstream, today's market rose sharply, only part of the downstream just need to purchase, the willingness to receive goods is not good, mainly wait-and-see. On the whole, the turnover in Tianjin market is still poor today. Zinc ingots traded around 17680 RMB17730 per ton.

Tin: Lunxi electronic disk opened at 17205 US dollars / ton today. Trading was light in the morning. It rose slightly to 17250 U.S. dollars / ton in the afternoon. After falling to 17090 U.S. dollars / ton in the afternoon, the dollar index recovered slightly to 17180 U.S. dollars / ton in the European session. However, it fell again under selling pressure, falling below 17000 U.S. dollars / ton at one point, and stopped falling after exploring 16820 U.S. dollars. As of 1830, The latest price of Lunxi is US $16850 / tonne. It has continuously fallen below several recent moving averages, approaching the 20-day moving average, and is expected to continue to test the support near the US $17000 / tonne barrier at night.

The main 2009 contract of Shanghai tin opened at a high of 141700 yuan / ton last night, then fluctuated downward under the influence of bulls leaving the market, fell sharply by 139600 yuan / ton in mid-market, and then bottomed out to close at 140320 yuan / ton. It opened at 140500 yuan / ton in the morning, and then fluctuated all the way down under the alternating influence of bulls leaving and bears entering the market. It closed at 138900 yuan / ton, down 1980 yuan / ton, or 1.41%. The trading volume was 45140 lots, the position was 29567 lots, decreased 507 hands, and the day showed a long overcast line. The physical part is located near the 5-day and 10-day moving average, and the lower support level is expected to be near 137500 yuan / ton in the middle rail of the Bolin belt.

On the spot market, today's quotation is 139000 won 141000 yuan per ton. The tin market in Shanghai was lower than yesterday, and the average net price was reduced by 500 yuan / ton. Manufacturers ship less, the market is not prosperous, downstream just need to purchase, traders receive a small amount of goods, the overall spot market trading atmosphere 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: Renni sub-market opened at US $13230 / tonne. After opening, it made a narrow range of shock arrangement around US $13200 / tonne. At about 11:00, Lenny reached a daily high of US $13275 / tonne, gave up its gains in the afternoon and continued to decline in the afternoon. Lenny once fell below the 10-day moving average of 13050 US dollars / ton before it was temporarily supported. Entering the European trading period, Lunni stabilized and rebounded, but reached 13160 US dollars / ton and fell again under pressure. As of 17PUR 58, Lunni closed temporarily at US $13100 / ton. It fell 110 US dollars / ton, or 0.93%. Lun Nickel continued to strengthen and refresh its high at the beginning of the week, although it closed continuously after the release of callback demand in the past two days. In the evening, pay attention to the monthly rate of PPI in the United States and test whether Lunni can go up again after the consolidation of the US $13000 / ton mark.

The main contract of Shanghai Nickel 2010 opened at 105650 yuan / ton today. After the opening, the short positions were tested out, and the pressure on Shanghai Nickel fell to around 105400 yuan / ton and gradually returned steadily. At about 11:00, the short-term confidence was not enough to reduce the position and leave the market, and Shanghai Nickel gradually strengthened, reaching near the daily average line of 106500 yuan / ton. In the afternoon, the Shanghai Nickel jump opened as low as 105940 yuan / ton, but due to the approaching weekend, the long and empty also had no intention of falling in love with the war, and slowly left the market in a flat position, causing Shanghai Nickel to shake down and finally closed at 105450 yuan / ton, down 1810 yuan / ton, or 1.69%. The trading volume was 912928 lots, and the position decreased by 10750 lots to 134331 lots. After continuous high-level shocks in Shanghai this week, due to the risk aversion and departure of funds near the weekend, Shanghai Nickel vomited a rise in the week, recording a mid-negative column. At present, the main long positions are still present, continue to pay attention to the changes in positions at night, and it is expected that after returning to the market next week, after Shanghai Nickel is consolidated at the first line of 105000 yuan / ton, it will still launch an upward breakthrough with the pressure of 108000 yuan / ton as the target.

Today, SMM1 Electrolytic Nickel is quoted at 104700 RMB105800 per ton. Nickel futures plunged with the US crude oil yesterday and fluctuated around 105000 yuan / ton after stabilizing today. In the spot market, the decline in prices has stimulated the downstream to pick up goods to a certain extent, but the transaction among traders is mixed, and Jinchuan nickel shipments are also slightly better than Russo nickel. In terms of liter discount, the price of Russian nickel is more stable than that of yesterday, and the price for Shanghai Nickel 2008 contract is 450 to 550yuan / ton. only a small amount in the market is lower, about 700yuan / ton. most traders have high holding costs and are difficult to adjust prices. the downstream is less willing to purchase. Jinchuan nickel due to ample supply and approaching the weekend, traders have a strong willingness to ship, the market down to Shanghai nickel 2008 contract up 300 to 500 yuan / ton or so. It is reported that the holders of low-cost goods have full-car shipments in the morning market, and the trading volume is OK. Jinchuan Company's ex-factory price in Shanghai today quoted 106000 yuan / ton, Gansu quoted 105550 yuan / ton, 1000 yuan / ton lower than yesterday. Nickel beans to Shanghai Nickel 2008 contract quoted price of 1500 yuan / ton.

 

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