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Review on spot Trading Day of SMM Base Metals on July 17th
Jul 17,2020 19:29CST
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Source:SMM
Review on spot Trading Day of SMM Base Metals on July 17th
The content below was translated by Tencent automatically for reference.

Copper: today, Apanlon Copper opened at US $6419.5 per tonne, followed by a rise of about US $18 per tonne. After the opening of Shanghai Copper, Lun Copper fell slightly to $6414.5 before shaking up the intraday high of $5450 / ton. After the rapid decline affected by crude oil, the center of gravity moved below the daily moving average and explored an intraday low of $6387.5 / ton, then bottomed out and rebounded upwards. Entering the European trading session, Lun Copper rose about 38 US dollars / ton, but the rising momentum fell to 6406 US dollars / ton again and rebounded slightly. Lun Copper closed at US $6413 per tonne, up US $3 per tonne, or 0.05 per cent, as of 17PUR 00. There has been little decline in initial applications for unemployment benefits in the US in the week ended July 11, and challenges to the apparent economic recovery are still growing, sparking investor concern and having an impact on copper prices. But the European Central Bank said it would keep interest rates and stimulus policies unchanged, and the economy would remain loose, giving some support to copper prices. At present, Lun copper is negative and the KDJ opening is expanding, but it is still supported by the 10-day moving average. At night, we will pay attention to the total annualized number of new housing starts in the United States in June to test whether Lun Copper can rise again.

Today, the main force of Shanghai copper opened at 51470 yuan / ton in the morning. After the opening, more copper prices were pressed. The short-term price of Shanghai copper fell to 51320 yuan / ton, which was supported at the daily moving average. The bulls continued to increase their positions, and copper prices rebounded higher, climbing a daily high of 51730 yuan / ton. Whenever this high position long profit left the market superimposed short positions, the market continued to decline, until the midday close at 51360 yuan / ton. In the afternoon, the copper price fell to the intraday low of 51170 yuan / ton and rebounded at the low level, while the center of gravity rose slightly to 51330 yuan / ton. Near the end of the day, short sellers left the market and finally closed at 51410 yuan / ton, up 170 yuan / ton, or 0.33%. During the day, the number of positions in 09 contracts increased by 3776 to 112000, showing a long increase in positions, while trading volume decreased by 51000 to 116000. 08 contract day reduced positions by 5053 to 92000, showing a reduction in short positions; trading volume decreased by 94000 to 140000. On the macro front, the economy remains loose. The money supply M2 announced by the United States today increased sharply, and economic momentum continued to recover. In addition, the European Central Bank plans to use the full quota of its anti-epidemic emergency bond purchase program to keep interest rates and stimulus measures unchanged on Thursday. Market liquidity continued to be positive, helping to stabilize copper prices. Today, Shanghai Copper Shengyang, trapped in the 5-10 moving average range, pay attention to the leading trend of Night Copper, see whether the bulls can continue to make efforts, maintain the 10-day moving average and recapture the 5-day moving average.

Today, the spot price of electrolytic copper in Shanghai is quoted as 50-80 yuan per ton for that month's contract, 51580 yuan / ton to 51780 yuan / ton for Pingshui copper and 51600 yuan / ton to 51800 yuan / ton for Shengshui copper. Copper in Shanghai stood steady at 51000 yuan / ton, showing that it rose first and then suppressed. In the morning trading session, it came out of an inverted V shape, rising 51750 yuan / ton and then falling back to around 51500 yuan / ton. In the morning market, the holder quoted a price of 60 yuan per ton for levelling copper and 80 yuan per ton for good copper. Traders still prefer levelling copper, asking for more deposits, and levelling copper rises 50 yuan / ton. Individual prices can be reduced to 40 yuan / ton. Good copper has a strong decline due to a small proportion of goods. Wet copper followed up the offer to 5040 yuan / ton, and downstream consumption continued to improve with traders. Shanghai copper rebounded today, the low level of copper in Shanghai is rising today, and the price of copper in Shanghai has rebounded today, due to the low price of copper in Shanghai, the price of copper has risen to 40 yuan / ton, and the price of good copper has been raised to 5040 yuan / ton, and downstream consumption has continued to improve with traders. Market confidence has warmed up, buying corresponding improvement, next week will enter a long single delivery cycle, rising water is easy to rise and difficult to fall, but close to 100 yuan will be suppressed, sawing or will reappear. In the afternoon, the market suppressed first and then rose, and the rising water remained firm. Pingshui copper held steady at 60 yuan / ton, and the good copper showed a particularly high quotation because of the scarcity of a single supply. The rising water was 100 yuan / ton, and the transaction price was reduced to 51380, 51520 yuan / ton.

 

Aluminum: Roon Aluminum opened at US $1669 / ton this morning. In Asian session, it opened shakily and fell to a low of US $1656 / ton at around 11:15, then did a brief sideways finishing and began to rebound slightly around 14:15 to reach an intraday high of US $1662.5 / ton. During the European session, Lun Aluminum ushered in a new downward trend, during which it fell to an intraday low of $1653.5 / tonne. It was quoted at US $1654.5 per ton as of 16: 55. The daily K closed at a small overcast line, the center of gravity fell below the 10-day moving average, the opening of the KDJ line opened downward, and it is expected to continue to maintain a downward trend at night. In the future, we need to continue to pay attention to the guidance of market sentiment on the capital side. The Shanghai Aluminum 2008 contract opened at 14145 yuan / ton in the morning, and the bulls opened to reduce their positions and left the market, partly giving up yesterday's night trading gains, closing at an intraday low of 14015 yuan / ton within half an hour of trading. After that, some bears made profits and closed their positions, and aluminum futures rebounded and reached an intraday high of 14165 yuan / ton at about 10:45 in the afternoon. Then many empty have left the market, aluminum futures to maintain the horizontal plate narrow concussion trend, the end of the day recorded Xiaoyang line, closed at 14155 yuan / ton. 08 contract day position decreased by 6471 to 122892 hands, the Shanghai Aluminum Index position decreased by 3862 to 395700 hands, the daily K closed at a barefoot positive line, an increase of 1.29%, the center of gravity is still below the 10-day moving average, mainly short positions during the day. Recent aluminum prices ushered in a larger decline, intra-day aluminum disk to short profits to reduce positions left mainly, aluminum prices have been adjusted back. From a fundamental point of view, the current electrolytic aluminum social inventory is still low, the recent decline in aluminum prices is relatively large, the holder is willing to give some support to aluminum prices, and the downward space for aluminum prices is limited. Aluminum prices are expected to fluctuate sideways in the evening, with uncertainty dependent. Continuous attention needs to be paid to the flow of funds in macro capital markets in the short term, as well as changes in multi-short sentiment. Aluminum will be suppressed and then raised before noon. In the morning, the spot price in Shanghai is between 14360 and 14380 yuan / ton, and the price in Wuxi is slightly higher, between 14370 and 14390 yuan / ton. The price of the two places is about 140 yuan / ton lower than yesterday, and the morning premium is around 280. the rising price is 30 yuan / ton higher than that of yesterday, and the aluminum goes up after 10: 40. Because the spot market is difficult to be called loose, the holder is more stout, and the quotation is raised accordingly. The spot in Shanghai is concentrated around 14400 yuan / ton in the later period. Wuxi area is around 14410 yuan / ton, and Hangzhou area is 14400MUR 14420 yuan / ton. A large family announced in the morning that the procurement plan for East China was more than 10,000 tons, and the trading of traders was OK. In the later period, aluminum prices rose rapidly, and the heat of market transactions declined somewhat. On the whole, the transactions between traders and buyers and sellers were more active. Today, the spot in circulation in the market is mostly Tianshan, Hope and Jiarun brands, while brands such as Qingtong Gorge, Yulin and Hehuang are relatively rare. some traders feedback that due to certain requirements for aluminum ingot brands downstream, due to the scarcity of preferred brands, the enthusiasm for receiving goods has been restrained to a certain extent, but considering that aluminum prices have dropped nearly 1,000 yuan compared to the beginning of the week, superimposed near the weekend there is a demand for stock, the willingness to buy today is obviously better than a few days ago. The overall transaction in East China is OK today. In the afternoon, aluminum mainly fluctuated in the range, with the price quoted by the holder between 14380 and 14420 yuan / ton, while the rising water on the disk was between 260 and 180 yuan / ton, with only a small number of transactions between traders and few downstream.

 

Lead: within a day, lead is opened at US $1839.5 / ton. During the Asian session, trading activity was low. Lun lead, along with Shanghai lead, slightly consolidated below the 10-day moving average, rebounded at the first line of 1831 US dollars / ton, and reached an intraday high of 1841.5 US dollars / ton after entering European time. However, it is difficult to have the persistence of short positions to enter the high position. Lun lead fell to an intraday low of 1827.5 US dollars / ton. Supported by yesterday's low, it tried to reach the daily moving average again. As of 1730, it was temporarily reported at 1833 US dollars / ton. Down US $6.50 / ton, or 0.35%. Lun lead tentatively reported Erlian Yin, the entity wore the 10-day moving average, the k-line center of gravity moved further down, and the technical side was short, but the dollar index showed a downward trend, and Lun lead may be boosted to stand on the 10-day moving average again at night.

During the day, the 2008 contract for Shanghai lead opened at 14950 yuan / ton. In early trading, the long and short positions were evenly matched, and the daily average of lead pressure in Shanghai was adjusted horizontally, reaching an intraday low of 14895 yuan / ton near noon. In the afternoon, A-share low rebounded, basic metals generally followed up, Shanghai lead briefly followed up to an intra-day high of 14965 yuan / ton, and then fell down again until 14890 yuan / ton, and then rebounded slightly in late trading, but it was still held back by the daily moving average, closing at 14925 yuan / ton, down 165yuan / ton, or 1.09%. The position decreased by 1118 to 19060, and the trading volume decreased by 19623 to 21472. Shanghai lead reported to close the spindle line, has not yet reached the 20-day moving average, but considering that A shares are still in a state of adjustment, while the increase of social inventory of lead this week is obvious, downstream consumption has not improved, and the fundamentals are weak, it is expected that Shanghai lead will mainly test the support of the 20-day moving average line in the short term. At night, we need to pay attention to whether Shanghai lead can continue to hold the first line of 14800 yuan / ton. In addition, 09 contract position has reached 17529 hands, close to the main 08 contract, the main contract is expected to change next week, need to pay attention to the changes in the price spread in the near and far months.

Shanghai market Mulun lead 15090 yuan / ton, Shanghai lead 2008 contract rising water price 150 yuan / ton; Chihong lead 15290 yuan / ton, Shanghai lead 2008 contract rising water price 350yuan / ton; Jiangsu and Zhejiang market Muleng, Wanyang, Yuteng lead 15040Lue 15090 yuan / ton, Shanghai lead 2008 contract rising water price 100mur200 yuan / ton; import KZ lead 14940 yuan / ton, flat water quotation for Shanghai lead 2008 contract. Lead in the future continues to weaken, while the supply of goods in circulation in the market increases, the price quoted by the consignor rises to maintain stability, and the inquiry in the lower reaches increases, but the actual procurement is still biased towards refinery goods, and the transaction in the trade market has not been greatly improved.

Guangdong market South China lead 14975 yuan / ton, the average price of SMM1# lead quotation; Henan Jinli, Wanyang 14875 Mai 14925 yuan / ton, to SMM1# lead average price discount 50 yuan / ton (trader); Henan Minshan 14925 yuan / ton, to SMM1# lead average price discount 50 yuan / ton; Hunan Shuikoushan 15025 yuan / ton, to SMM1# lead average price 50 yuan / ton quotation (trader); Jiangtong 14975 yuan / ton, to SMM1# lead average price flat quotation. Jinde 14900 yuan / ton, the average price of SMM1# lead discount 75 yuan / ton. Yunnan small factory 14675 yuan / ton, the average price of SMM1# lead discount 300 yuan / ton. Lead prices continue to weaken, some refineries sell at low prices, intend to narrow the price discount, but the downstream need is limited, the overall transaction is general.

 

Zinc: Geneva zinc opened at US $2215.5 / tonne, Sino-US relations are still uncertain, market risk appetite has been suppressed, Lunzin continued the night market trend to further lower to around US $2200 / tonne, slightly revised in the afternoon, but still under pressure, Lun Zinc once again fell to around US $2200 / tonne. As of 1530, Lun Zinc closed down at US $2204.5 / t, down US $9.50 / t, or 0.43%. Lun Zinc received a small negative pillar, the epidemic in South America has not yet been effectively controlled, and the process of marginal recovery of consumption is long, while the intensification of economic and trade frictions between China and the United States has put pressure on risk appetite. Len Zinc may operate around 2200 US dollars / ton at night, paying attention to macro guidance.

During the day, the main 2009 contract of Shanghai zinc opened at 17870 yuan / ton, and the intraday long and short positions alternately reduced and left. The concussion of zinc in the morning market fell to 17705 yuan / ton, and the zinc short left in the afternoon was repaired up, backfilling almost all the decline. it finally closed up at 17860 yuan / ton, up 155yuan / ton, or 0.88%. The trading volume decreased by 29123 to 118000, and the position decreased by 862 to 82064. Zinc in the future received a small positive pillar, and market sentiment warmed up after the release of macro negative sentiment, coupled with the reduction of social inventory this week, zinc suspended the downward trend, and zinc may continue to run around the 5-day moving average in the evening, but the macro uncertainty is still strong. We need to be vigilant.

The mainstream transaction of zinc in Shanghai was 17850 Mel 17940 yuan / ton, Shuangyan 17860 RMB17950 / ton, Shuangyan 100 yuan / ton, Shuangyan mainstream zinc 17870 yuan / ton, Shuangyan 100 yuan / ton, Shuangyan 17870 yuan / ton. Shanghai Zinc 2008 contract intraday shock lower after finishing, the morning market closed at 17785 yuan / ton. Smelter normal shipments, domestic goods in circulation in the market is relatively tight, trading contributions between traders are mainly closed, the market is more willing to make domestic transactions, and the market quotation in the morning market is higher than yesterday to hold steady to 100 yuan / ton of rising water, and the transaction performance is OK. Some intend to further raise to about 105 yuan / ton of rising water, but the market acceptance is not high, near the weekend downstream every fall on-demand procurement, the overall transaction is slightly better than yesterday.

The mainstream transaction of Ningbo Gao was 17830 Mel 17930 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands remained near Pingshui since yesterday. The price of ordinary brands in Ningbo was sold at around 17830 RMB17930 / ton. Today, the Shanghai area has a strong willingness to raise prices, and the spot water rose higher in the morning. Ningbo market tried to follow, but it was difficult to maintain a higher rising water. In the first trading session, Tiefeng reported around 100 yuan / ton for the August contract, West Mining reported around 70 yuan / ton for the August contract, and Kirin reported around 100 yuan / ton for the August contract. Huize has not yet arrived. Entering the second period of time, there is still no obvious pick-up in downstream purchases, traders are unwilling to ship goods at low prices, and the rising water in the market has not changed obviously. from today's point of view, the actual transaction in the lower reaches is relatively light.

The mainstream transaction of zinc in Guangdong Province was 17,740 won, 17,850 yuan per ton, and the quotation concentrated on the price increase of 20 yuan per ton in the 2009 contract for Shanghai zinc. The discount on the Guangdong market was 110 yuan per ton higher than that of the Shanghai stock market, which was 20 yuan higher than that of the previous trading day. In the first trading session, the arrival of goods in the Guangdong market increased this week, and the market shipping pressure was relatively great. The holder initially tried to raise the price, but after the individual holder took the lead in adjusting the price, the market price was under pressure, and the downstream entered the market to replenish the goods on Friday, but the total amount was limited. Kirin, Mengzi and Huize quoted a price of 20 RMB40 / ton for the Shanghai zinc contract in September. The second trading session, prices are weak, there are still some purchases downstream, traders mainly lower prices to receive goods, market quotations do not change much, on the whole, today's market trading is better than yesterday. Kirin, Mengzi and Huize quoted a price of 20,30 yuan / ton for the September contract of zinc in Shanghai. Kirin, Mengzi and Huize mainstream traded at 17740 MUE 17850 yuan / ton.

The mainstream turnover of zinc ingots in Tianjin market was 17850mur17930 yuan / ton, Zijin was traded at 17900copyright 17950 yuan / ton, Huludao was quoted at 19230 yuan / ton, Zinc was generally quoted around 100yuan / ton to 130yuan / ton for 2008 contract, Zijin was quoted around 150yuan / ton for August contract, and the Tianjin stock market remained around 20 yuan / ton higher than Shanghai stock market. Today, the weak consolidation of zinc in Shanghai, the spot market to maintain a rising discount price, the price is relatively uniform, the ordinary brand Bering News quoted a rise of 110 yuan per ton for the 08 contract, Hongyi quoted a rise of 130 yuan per ton for the 08 contract, Chi Hong quoted a rise of 100 yuan per ton for the 08 contract, and the high-priced brand Zijin quoted a rise of 150 yuan per ton for the August contract, while Baiyin quoted a rise of 180 yuan per ton for the 08 contract. The fourth Ring Road (delivered) quoted 100 yuan / ton of water for the 08 contract, and Ha Zn (including the depot) quoted 60 yuan / ton for the 08 contract. Zinc prices shot up and fell back today, traders maintained prices for rising and sticking water, and some traders raised prices for shipments in the morning, but shipments were not smooth, so discounted shipments were downgraded. Downstream, absolute prices fell slightly today, and downstream enterprises' willingness to receive goods did not improve significantly, maintaining the need for weak procurement. On the whole, today's transaction was slightly better than that of yesterday, with zinc ingots traded around 17780mi 17830 yuan / ton.

 

Tin: Lunxi opened at US $17350 / tonne today and fell to US $17325 / tonne in the morning. There has been little trading since then. In the afternoon, before and after the opening of the European market, it rose twice to US $17350 / ton and then fell back, and then fluctuated downwards. As of 1630, the latest price of Lunxi is US $17290 / ton, showing a negative line. The physical part is located near the 5-day moving average. You need to keep an eye on the foreign epidemic situation and macro sentiment. The lower support level is expected to be around the 10-day moving average of US $17220 / ton.

The Shanghai tin high jump opened at 140620 yuan / ton yesterday. After the opening, under the influence of bulls entering the market, it shook all the way up, hitting the intraday high of 141980 yuan / ton. Then the bulls made a profit to leave the market, a small pullback, and horizontal concussion. It opened at 141530 yuan / ton in the morning, fell slightly after opening and then fluctuated upwards. after hitting a high of 141960 yuan / ton, it shook sideways around 141000 yuan / ton after pullback, closing at 141200 yuan / ton, up 1280 yuan / ton, or 0.91%. 45045 hands were traded, 28635 positions were held, and 1090 hands were reduced. The physical part is located between the 10-day and 20-day moving average, and the upper pressure level is expected to be around 142500 yuan / ton.

On the spot market, today's quotation is 139500 RMB142500 per ton. Shanghai tin noodles rose this morning compared with yesterday morning, and the average online price rose 250 yuan / ton. Spot prices have not changed much, while the futures market has risen, traders' willingness to receive goods has increased compared with yesterday, manufacturers' shipments are still general, and the overall trading atmosphere in the Shanghai-tin spot market is generally weak. In terms of liter discount, for Shanghai tin 2009 contract suite, Yunxi price is 500mur1000 yuan / ton, Yunzi sticker is 500 yuan / ton to level water, and small brand discount is 1500mur2000 yuan / ton.

 

Nickel: the Lunni Asian market opened at US $13400 / ton today. After the opening, the center of gravity rose to the US $13420 / ton position. Lunni consolidated slightly around the center of gravity. At 10:30, Lunni fluctuated sharply downward following the trend of Shanghai Nickel, probing 13300 US dollars / ton all the way. In the afternoon, Renni rebounded, breaking the daily average to the opening price of $13400 / ton, and the center of gravity of the pressurized Lenny fell back to $13315 / ton, fluctuating narrowly until 18: 16 at $13320 / tonne, down $80 / ton, or 0.6%, from the previous day's settlement price, with a turnover of 1539 lots and a position of 196033 lots. Lunni temporarily closed at the Xiaoyin column today, facing the position of US $13000 / ton below, and watch the support of this position at night.

Shanghai Nickel 2010 contract opened at 106860 yuan / ton today, showing an overall downward trend during the day. Immediately after the opening of trading, Shanghai Nickel fell to 106600 yuan / ton, then short positions were reduced, and Shanghai Nickel rebounded to 107350 yuan / ton. The position is under pressure 5-day moving average, Shanghai nickel upward power is insufficient, bulls reduce positions short to follow, Shanghai nickel all the way down to the daytime low of 106130 yuan / ton. In the afternoon, Shanghai Nickel rose first and then fell, showing an inverted V-shaped trend. the high point tested the daily average pressure of 106900 yuan / ton, and finally quoted at 106320 yuan / ton, up 150 yuan / ton, or 0.14%, compared with the settlement price of the previous trading day. The turnover was 682000 lots, and the position decreased by 8937 lots to 133000 lots. Today, the bearish sentiment in the market gradually digested, and the downward trend of nickel futures slowed down. Although it closed negative, the decline was small. Shanghai Nickel closed today at the long upper shadow line, the five-day moving average above the shadow line, and the 106000 yuan / ton pass below. Pay attention to the support situation of the pass at night.

Today's SMM1 Electrolytic Nickel quotation 106000mur107,000 yuan / ton, the average price is 50 yuan / ton lower than yesterday. After yesterday's nickel price fell, today's futures continued to fluctuate in a narrow range near yesterday's position, and the price in the mainstream trading session changed little compared with the same period yesterday. The recent nickel market is strong, and yesterday there was a certain replenishment demand for nickel prices, which consumed part of the supply of low-priced goods on the floor, so today's spot discount has been slightly revised upwards in Jinchuan and Russo nickel. Russo Nickel 2008 contract with Shanghai Nickel rose from 550yuan to 450yuan / ton to 400yuan / ton, while Jinchuan Nickel 2008 contract to Shanghai Nickel 2008 contract rose 300yuan / ton to 400yuan / ton, but after a certain release of demand yesterday, the purchasing atmosphere in the market has weakened today and trading volume is limited. The ex-factory price of Jinchuan Company in Shanghai is 106700 yuan / ton, which is the same as that of yesterday. The contract of Nickel Bean to Shanghai Nickel 2008 is still quoted at 1500 yuan / ton.

 

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