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Review on spot Trading Day of SMM Base Metals on July 13th
Jul 13,2020 18:35CST
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Review on spot Trading Day of SMM Base Metals on July 13th
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Copper: today, Apanlon copper opened at 6455 US dollars / ton, showing a strong rise during the day. After the opening of Shanghai copper, bulls quickly pushed up the copper price by about $68 / tonne, and then Lun copper continued to climb to $6620 / tonne. Whenever this high short position increased Lun copper briefly fell to 6565.5 US dollars / ton, but quickly repaired and adjusted around 6605 US dollars / ton shock, during the period to explore the intraday high of 6632 US dollars / ton. The bulls left the market at a profit before the end of the Asian market, and the price of copper fell somewhat. Duan Lun Copper continued to pull back when it entered the European market, giving up some of its intraday gains. Lun Copper closed at US $6534 per tonne, up US $105per tonne, or 1.63 per cent, as of 17PUR 00. Investors are worried about the result of the strike vote in the two mines owned by Anto, coupled with the severe epidemic situation, there are also some worries about whether the negotiations can be held smoothly, and the market's worries about the supply side have further raised to provide strong support for copper prices. At present, Lun Copper has closed, and the moving averages below are arranged in bulls. In the evening, follow the remarks made by the Governor of the Bank of England and the Chairman of the Federal Reserve on Libor to test whether Lun Copper can rise again.

 

Today, the main force of Shanghai copper opened at 52340 yuan / ton in the morning, and after the opening, the copper price was arranged horizontally around 52640 yuan / ton position, and then the bulls continued to increase their positions to pull up the copper price, climbing a daily high of 53510 yuan / ton, and the bulls took profits at this time. The disk briefly slipped to around 52810 yuan / ton, and then rebounded to close at 53240 yuan / ton by noon. Copper prices opened in the afternoon for horizontal finishing, the center of gravity stabilized at 53180 yuan / ton position. Near the close, some bulls fell into the bag, and copper prices fell slightly and finally closed at 52880 yuan / ton, up 2380 yuan, or 4.71%. Today, the main contract of Shanghai Copper reduced its position by 908 to 115000, mainly as short positions were reduced, and the position was about to be completed. Next, focus on the monthly change of the main contract; trading volume increased by 119000 to 272000. Shanghai Copper 07 contract within the day accelerated reduction of 5290 positions to 7985 hands, mainly for short positions. 09 contracts significantly increased positions by 9259 hands to 108000 hands, and daily positions increased by more than 10,000 hands, mainly by bulls. Today, the copper in Shanghai is still strong, mainly due to the positive superimposed fundamentals of sustained macroeconomic easing, the scale of social financing in China in June far exceeded the value and forecast, and remained at a high level as a whole. continued monetary easing provides positive factors for the expected improvement of the capital market. The China Automobile Association released auto production and sales figures for June, up 22.5% and 11.6% from a year earlier, breaking the all-time high of production and sales in June, indicating that terminal manufacturing continues to pick up and macro optimism is good for copper prices. Fundamentals, Chile copper mine news again, Chile Antofagasta Minerals's Zaldivar copper mining union said that the copper mine workers voted to strike after rejecting the wage agreement. As soon as the news came out, the market worried about the supply strain caused by the copper strike in Chile, and the supply side remained tight, supporting the high price of copper. Today, Shanghai copper closed, MACD red column has increased, and the lower high jump is far from the multiple moving averages, volume price increase bullish forces are still gathering, the technical point of view is bullish copper price. 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 30 yuan / ton for the current month's contract, the transaction price of copper is 52700 yuan / ton ~ 53280 yuan / ton, and the transaction price of copper is 52720 yuan / ton ~ 53300 yuan / ton. Driven by the bullish atmosphere, the global market showed a phenomenon of floating red in an all-round way. Lun Copper rose to a high in nearly two years, and the price of copper in Shanghai rose by more than 5%, soaring by more than 2, 000, rising to a high of 53400 yuan / ton, and the holders mainly exchanged cash at a high level. although the quotation in the morning market started around 30 yuan per ton, there was a price reduction tide very quickly, and flat copper was the first to drop to about 10 yuan per tonne. Good copper quoted a rise of 20 to 30 yuan per ton. But the market is still lack of interest, few transactions; At about 10 o'clock, flat copper was generally quoted as flat water, and the price of good copper rose by 10 yuan to 20 yuan per ton, but the actual transaction was at a lower price, especially by the end of the afternoon, it could be heard that part of the flat copper price could be reduced to 10 yuan / ton. Today, the purchase volume downstream is rare, and the wet method is as low as 80 yuan 60 yuan / ton. The commodity market has soared in an all-round way, but the spot market is far less than the strong performance of futures. Holders actively exchange cash at high prices and strive to close a deal. Buyers are afraid of high prices, and there is a lack of buying in the market. However, in the face of the approach of delivery, the price difference between the current month and the next month has changed, and the near-weak and far-strong pattern makes the holders unwilling to trade at a discount. If this pattern is maintained before delivery, the spot quotation will be deadlocked at the current quotation level, which is difficult to lower the price and raise the water. In the afternoon, the copper in Shanghai was arranged in a narrow range around 53200 yuan / ton, and the spot still showed a situation that it was difficult to lower the price and raise the price. The inquiry was light, and the flat copper price could be reduced to a discount of 5 yuan / ton at most, and most of the consignors still offered the same price. The good copper price rose to 1020 yuan / ton, and the transaction price hovered at 53,10053220 yuan / ton, and there was almost no improvement in the transaction.

 

Aluminum: Lomalco opened at US $1689 / tonne this morning. In Asian session, Locomalco opened low and moved higher and recorded an intraday high of US $1705 / tonne at around 14:15 in the afternoon, and was at US $1700.5 / tonne as of 15: 00 p.m. During the European session, LME inventory report showed that Lun Aluminum inventory increased by 48350 tons, and Lun Aluminum fell, giving up some of the gains in Asia, fluctuating in the range around 1693 US dollars / ton. As of 17: 15 Lun aluminum reported 1692 US dollars / ton, daily K temporarily closed in a small Yang line, the center of gravity is above the 5-day moving average. Although overseas is in the stage of economic restart, affected by the outbreak of the epidemic and other factors, the current international situation is obviously uncertain, the US dollar is under obvious pressure, and is expected to fluctuate upward at night, so it is necessary to continue to pay attention to the changes in the foreign macroeconomic situation.

 

The main 2008 contract of Shanghai Aluminum opened at 14650 yuan / ton in the morning, and many short positions at the beginning of the day were reduced one after another, and aluminum prices fluctuated horizontally in the short term. Around 10:00, bulls entered the market at more than 400 hands to strongly lift aluminum prices, and after short sellers were forced to leave, aluminum prices went up all the way, breaking the pre-noon shock situation, recorded three Lianyang at noon, and aluminum futures reached an intraday high of 14860 yuan / ton. Afternoon long game and lack of confidence, have reduced positions, aluminum prices in the vicinity of 14765 yuan / ton sideways shock, 30 minutes K-line at the end of the record of a cross star. The position in 08 contract day decreased by 15804 hands to 148900 hands, and the Shanghai Aluminum Index position decreased by 5690 hands to 422154 hands. The daily K closed at a long positive line, up 2.47%, recording the biggest increase in three months. It rose 355 yuan / ton in a single day and broke through the 14500 yuan / ton mark. The main purpose of the day is to reduce short positions. Under the premise that inventory warehouse receipts are low, spot supply is tight and aluminum prices are still strongly supported by fundamentals, bears are obviously lack of confidence today, and the upward logic of futures prices driven by spot prices remains unchanged. Continuous attention needs to be paid to the flow of multi-short funds and the impact of weaker fundamentals on the market.

 

Aluminum is expected to fall back from its high before noon. In the morning, the spot price in Shanghai is between 15380 and 15410 yuan / ton, and the spot price in Wuxi is between 15390 and 15410 yuan / ton. With the rapid rise in aluminum futures, the spot price rises around 11:00 to around 15410 UV 15430 yuan / ton, and as the aluminum futures fall gradually after 11: 00, the spot price is concentrated again at 15380tel 15400 yuan / ton, and the price in Wuxi is slightly higher than that in Shanghai. A large family did not receive the goods in East China today. In the morning, there are many inquiries in the market, and the holders raise the price, but the actual transaction is not much. The spot transaction heat goes up after 10: 30, but most of the middlemen reverse goods to enhance the market trading activity. Due to the lack of large quantities of transactions, the overall transaction among traders is poor. Downstream consumption is light today, as aluminum prices soared more than 600 yuan / ton compared with yesterday, downstream fear of heights reached a peak, replenishment is very few. The overall transaction in East China is poor today. Aluminum in the afternoon to maintain a range of shocks, the holder quoted at 15300 yuan / ton, the price of 30 yuan / ton, light afternoon trading, traders have wait-and-see, the actual transaction is very few.

 

Lead: within a day, lead is opened at US $1847 / ton. During the Asian session, affected by the fall in the dollar index, Lun lead fluctuated upwards, giving up some of its gains after reaching an intraday high of $1868 / ton, adjusting sideways around $1865 / ton above the daily moving average, while exploring intraday highs again but did not stand firm. Entering the European session, the US dollar index rebounded, Lun lead fell slightly, fluctuating along the daily average, with a pressure of 1868 US dollars / ton above and a support of 1855 US dollars / ton below. As of 1730, it temporarily closed at 1866 US dollars / ton, up 11 US dollars / ton, or 0.59 per cent. Lun lead temporarily recorded 3 Lianyang, the k-line center of gravity further moved upward, KDJ index opening further opened upward, the overall technical side is more, and LME lead inventory fell again, reduced 300 tons to 61375 tons, is expected to boost lead prices further upward at night, Lun lead is expected to continue to maintain a strong state in the short term.

 

During the day, the main 2008 contract of Shanghai lead opened at 15415 yuan / ton. In early trading, Shanghai lead continued its trend last night, shaking sideways near 15450 yuan / ton above the daily average line, and the first line of 15520 yuan / ton was not stable twice. In the afternoon, basic metals rose, and Shanghai lead rose to an intraday high of 15545 yuan / ton. the closing of long positions mainly weakened the high rise of Shanghai lead, which closed at 15460 yuan / ton, up 390 yuan / ton, or 2.59%. The position decreased by 157lots to 25068 lots, and the trading volume increased by 7386 lots to 34480 lots. Shanghai lead recorded barefoot long Yang line, standing on and away from all moving averages, in a strong rising channel. At the same time, there was an obvious increase in positions in the 09 contract today, with a large number of bulls choosing to move their positions, increasing their positions by 140 to 17157 to close at 14365 yuan / ton, up 365 yuan / ton, an increase of 2.43%, and the price difference between the 08 contract and 08 contract was around 100 yuan. Approaching the delivery period of 07 contract, the warehouse receipt inventory of the previous period increased by 5642 to nearly 26000 tons today, and the position in 07 contract decreased by 140. there is still more than 7100 hands left. the price difference between 07 contract and main 08 contract in the morning market once widened to more than 500 yuan / ton. at night, we pay attention to the arrangement of long and short positions in recent months. Shanghai lead is expected to remain strong in the short term, and focus on the popularity of 09 contract bulls.

 

In the Shanghai market, Mulun lead is 15800 yuan / ton, 50 yuan / ton for Shanghai lead 2007 contract, 15800 yuan / ton for copper crown lead in the south of Jiangsu and Zhejiang market, and 50 yuan / ton to flat price for Shanghai lead 2007 contract. Lead futures continued to strengthen, the month's contract reached ten thousand six, the holder raised the price to ship, the price discount has not changed from last week, while the lower reaches of the high-priced goods are cautious to wait and see, the actual transaction is few, the holder sits waiting for delivery.

 

Guangdong market Nanhua lead 15525 yuan / ton, flat water quotation for SMM1# lead average price; Minshan, Henan province, 15525 yuan / ton, flat water quotation for SMM1# lead price; Hunan Shuikoushan 15575 yuan / ton, 50 yuan / ton rising water price for SMM1# lead (trader); Jiang Copper 15525 yuan / ton, flat water quotation for SMM1# lead price. Jinde 15475 yuan / ton, 50 yuan discount to SMM1# lead price. Anhui Bronze Crown 15800 yuan / ton, 2007 contract discount 50 yuan / ton. Yunnan small factory 15125 yuan / ton, the average price of SMM1# lead discount 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 US $2193.5 / tonne, driven by market optimism at the beginning of the session, coupled with a drop in the US dollar index and a general rise in non-ferrous materials, Lun Zinc shock rose above the integer figure of US $2200 / ton to reach US $2232.5 / tonne, and some bulls in the high position made a profit and left the market. Coupled with the short selling pressure, Lun Zinc recorded a V to give up almost all the gains in the day, hit a low of US $2190, touched a low and rebounded, and then returned to the US $2200 first-line concussion arrangement. As of 17PUR 32, Ren Zinc closed up US $2202 per tonne, or US $14 per tonne, or 0.6 per cent. Lun Zinc received a long shadow Xiaoyang line, which has shown 6 Lianyang. At present, it basically has little influence on prices, which is mainly driven by macro optimism. Inflation expectations brought about by loose liquidity have enhanced the financial attributes of commodities. If there is no accident, Lun Zinc may continue to step back at night and try to stabilize the 2200 US dollars / ton integer mark.

 

Within the day, Shanghai Zinc completed the main position change month, the main Shanghai Zinc 2008 contract opened at 17915 yuan / ton, at the beginning of the session at the beginning of the 17940 yuan / ton temporary finishing, driven by short positions in the afternoon, zinc strong breakthrough Wanba pass pressure, touch a high of 18195 yuan / ton, the end of the market to stop earnings, zinc payback part of the increase. The final closing price rose to 18040 yuan / ton, up 430 yuan / ton, or 2.44%. The trading volume increased by 21028 to 255000 lots, while the position decreased by 7425 to 77819 lots.

 

The main 2009 contract of Shanghai Zinc opened at 17865 yuan / ton, and the positions were increased alternately at the beginning of the session. Zinc first suppressed and then rose around 17900 yuan / ton. In the afternoon, bulls gradually poured in with positions. Zinc easily broke the Wanba pass and reached a high of 18135 yuan / ton. Relatively high part of the funds stopped earnings and left the market. The final closing price of zinc was up 17965 yuan / ton, up 425 yuan / ton, or 2.42%. Trading volume increased by 26557 to 128000, and positions increased by 4124 to 80835, with the final closing price rising to 17965 yuan / ton, up 425 yuan / ton, or 2.42%, trading volume increased by 26557 to 128000, and positions increased by 4124 to 80835. Zinc futures successfully fill the gap in the previous period, the operation is extremely strong, stock market commodities are red, driven by risk appetite, zinc is easy to rise and difficult to fall in the expected period.

 

The mainstream transaction of zinc in Shanghai was 17910 Mel 18040 yuan / ton, while Shuangyan and Chihong traded at 17920, 18050 yuan / ton, while Shuangyan and Chihong reported water rising 40 won 50 yuan / ton in August. Shuangyan and Chihong quoted water 50 RMB60 / ton in August, and Shuangyan and Chihong sold 17850 Mel 17980 yuan / ton. Shanghai Zinc 2008 contract intraday high finishing operation, the morning market closed at 17685 yuan / ton. The smelter shipped goods normally, the ordinary domestic circulation on the market was slightly tightened, the demand of traders was supported by long orders, and the quotation was deadlocked at about 40 yuan / ton of water in August, and the acceptance of the consignor was limited; when it was transferred to the second trading period, the market was mainly to receive goods, and the quotation was raised to about 50 yuan / ton, and the overall transaction was mediocre. The market Shuangyan circulation is abundant, the quotation drops to the same price level as the domestic price, the transaction is weak, the absolute price is close to the high of 10000, the downstream inquiry purchase is few, only the purchase is just needed, and the overall transaction within the day is weak.

 

The mainstream transaction of Ningbo Gao was 17920murl 18020 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands narrowed to around 20 yuan / ton from 30 yuan / ton last Friday. The contract for ordinary brands of ordinary brands in Ningbo was around 2008 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands was around 80 yuan / ton. Today, zinc prices are strongly pulled up, and the market buying situation is relatively poor. in the first trading session, traders continued to quote last Friday. Tiefeng reported that the water rose around 70 yuan per ton for the August contract, and the West Mining News rose around 60 yuan per ton for the August contract. Today, a small amount of Kirin and Huize arrived at around 80 yuan / ton for the August contract. Entering the second trading session, the rising water of the market has not changed significantly, mainly because the increase in zinc price suppresses the willingness of downstream enterprises to buy, downstream enterprises are not willing to buy, and the market trading is only contributed by traders. From today's point of view, the market turnover is obviously worse than last Friday.

 

The mainstream transaction of Guangdong Zinc was 17880,8060 yuan / ton, and the quotation concentrated on a discount of 10 yuan / ton to 20 yuan per ton for the Shanghai Zinc 2008 contract. The discount of 20 yuan / ton in the Guangdong market compared with the Shanghai market was 30 yuan lower than that in the previous trading day. In the first trading session, although futures prices were high and volatile, the futures spread widened next month, and the delivery limit price was approaching. The holders shipped at a relatively high price, and a small number of transactions were mainly done among traders. Kirin and Mongolia quoted prices for the August zinc contract in Shanghai, rising 10 Meng yuan / ton to flat water, and a small amount of Feilong discount 10 yuan / ton. In the second trading session, futures prices fluctuated upwards, the price of the holder was loose, but the range of adjustment was limited, and downstream fear of high just needed a small amount of purchase. Kirin and Mongolia quoted a price of 10 yuan / ton for the August contract of zinc in Shanghai, and a discount of 10 yuan / ton for blue zinc to Pingshui. Kirin, Tiefeng, Mengzi and mainstream traded at 17880 Mel 18060 yuan / ton.

 

The mainstream turnover of zinc ingots in Tianjin market was 18020mur18140 yuan / ton, Zijin was traded at 18090Mel 18190 yuan / ton, Huludao was quoted at 19290 yuan / ton, Zine zinc was usually quoted around 80 yuan / ton to 2008 yuan / ton, Zijin to August contract quoted rising water around 150 yuan / ton, the Tianjin market fell from 60 yuan / ton to 40 yuan / ton compared with Shanghai market. Today, Shanghai zinc continues to rise, and the spot market downgrades the discount quotation, which is relatively uniform. The ordinary brand Bering News is offering a rise of 80 yuan per ton for the 08 contract, and Hongyi is quoting a rise of 100 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 150 yuan per ton for the August contract, and Baiyin Bao quoted a rise of 60 yuan per ton for the 08 contract. The fourth Ring Road (delivered) quoted a rise of 70 yuan / ton for the 08 contract, and Ha Zinc (including the depot) quoted a rise of 60 yuan / ton for the 08 contract. Today, zinc prices rise again, superimposed Zijin brand arrival, high-priced brands lower rising water quotation, but shipments are still not smooth; downstream, after the absolute price center continues to move up, the willingness to receive goods is poor, remain weak just need to purchase. On the whole, the turnover in Tianjin market is still poor today. Zinc ingots traded at around 17970 / ton.

 

Tin: Lunxi opens at US $17180 / ton today. Due to the investor optimism caused by the fall of the US dollar index last week and the report of viral treatment, the outer disk metal market showed a rising trend this morning. Lunxi opened low today and rose to 17450 US dollars / ton in early trading. After that, trading was light and trading began to wobble in the afternoon. After the opening of the European market, Lunxi gave up some of its gains. As of 17JZ 30, Lunxi had been blocked by 17400 US dollars per ton, showing a narrow finishing state. The five-day moving average support is received below, and the upper pressure level is expected to be at 17500 US dollars / ton.

 

The main 2009 contract of Shanghai tin opened at 138900 yuan / ton last Friday night, the short sellers took profits and left the market, and Shanghai tin fluctuated all the way up. It opened at 141700 yuan / ton in the morning, and then continued the rally in the night trading last Friday, and the bulls actively entered the market. After the opening, it rose sharply to the day's highest point of 144570 yuan / ton, and then swung with the nearby horizontal market, closing at 143900 yuan / ton, up 5000 yuan / ton, or 3.60%. The trading volume was 55839 hands, 30470 positions, an increase of 903 hands, showing a long positive line. If it can effectively break 145000 yuan / ton and stabilize, the next pressure level is expected to be around 146500 yuan / ton.

 

On the spot market, today's quotation is 141000muri 143500 yuan / ton. The tin market in Shanghai rose sharply this morning, with the average online price rising by 2250 yuan / ton. The price is high and the downstream of the market just needs to purchase. The spot rising water narrows the discount enlarges, the trader accepts goods is higher, the overall spot market transaction atmosphere is general. Liter discount, to Shanghai tin 2008 contract set Yunxi flat water to rise 500 yuan / ton, cloud word flat water near, small brand discount 2500 yuan / ton nearby.

 

Nickel: Renni Asian trading opened at US $13555 / tonne today. After opening, the center of gravity fell back to around US $13530 / tonne, briefly falling to US $13480 / tonne, the lowest point of the day. Lenny rose to $13590 / ton at noon, stood on the $13600 / ton line in the afternoon, and reached as high as $13650 / ton. After the close of trading in Shanghai, Lunni quickly gave up its gains and fell back to around $13570 / tonne, and then rebounded after falling as low as $13550 / tonne in European trading. Lunni closed at 13595 US dollars / ton, up 40 US dollars / ton, or 0.29%, as of 17PUR 30. With the recent monetary easing and increased risk appetite in the market, the basic metals have turned red in an all-round way today. In the evening, we will be concerned about whether Lunni can effectively stand above 13600 US dollars / ton with the help of market sentiment.

 

The Shanghai Nickel 2010 contract opened at 108420 yuan / ton today, and the bulls actively entered the market at the beginning. Shanghai Nickel quickly rose to around 108700 yuan / ton and then fell back. After that, Shanghai Nickel stood at 108000 yuan / ton and adjusted in a narrow range until the end of the morning market. When trading opened in the afternoon, bulls increased their positions again and put pressure on Shanghai Nickel. Shanghai Nickel gradually reached US $109240 / ton, the highest point of the day, and then the bulls stopped their earnings and reduced their positions. After Shanghai Nickel fell back, the center of gravity revolved around 108500 yuan / ton until the close, and finally closed at 108510 yuan / tonne, up 2190 yuan / ton, or 2.06%. The turnover was 945364 lots, and the position increased by 11807 lots to 146138 lots. Shanghai Nickel recorded Dayangzhu today, the entity reached the platform position of shock at the beginning of the year, the bottom is supported by the 10-day moving average, and the technical indicators continue to be more. At night, pay attention to the outer disk trend guidelines, test whether the Shanghai nickel bulls energy can continue to release, with 110000 integer mark as the target to continue to rise.

 

Today, SMM1 Electrolytic Nickel is quoted at 107100muri 108200 yuan / ton. Nickel futures fluctuated at a high level today, with the 08 contract standing above 108000 yuan / ton in the afternoon, and nickel prices continued to restrain spot trading. In terms of discount, Russo Nickel to Shanghai Nickel was overquoted at about 500 yuan / ton, while individual consignors were less willing to ship goods, with a sticker of 400 yuan / ton, waiting for a month after the delivery date. Today, the overall turnover of Russo Nickel is weak. The 2008 contract of Jinchuan Nickel to Shanghai Nickel rose 300 won 400 yuan / ton. Due to the low level of Shengshui, the market turnover is better than Russo Nickel. Jinchuan Company's ex-factory price in Shanghai is 108000 yuan / ton, and the Gansu area is 107550 yuan / ton. Manufacturers continue to actively ship goods, and traders have picked up the goods in Shanghai and Gansu. Nickel beans to Shanghai Nickel 2008 contract quoted price of 1500 yuan / ton.

 

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