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SMM spot Metal spot Trading Weekly Review (2020.07.13 Mel 2020.07.17)
Jul 17,2020 20:00CST
translation
Source:SMM
SMM spot Metal spot Trading Weekly Review (2020.07.13 Mel 2020.07.17)
The content below was translated by Tencent automatically for reference.

SMM, July 17:

This week, the performance of basic metals rose first and then suppressed. After a big rise at the beginning of the week, it turned to a decline, giving up the rise, mainly due to the increasing tension in international relations between China and the United States, the continuous fermentation of the epidemic hindered the process of economic recovery, crude oil led the decline in the commodity market, and the domestic A-share market was facing a sharp fall after a sharp rise. Base metals gave up their gains one after another. SMMI rose 0.87% in the week, copper still led the rise, and SMMI.Cu rose 2.13% in the week. At one point during the week, copper prices soared by 4.72%. Copper prices hit a two-year high at the beginning of the week. Lun Copper fell nearly US $200 / ton from US $6600 to return to the US $6300 price range. Shanghai copper fell from 53500 yuan to 51000 yuan. Spot rising water gradually rose after delivery, and trading improved after falling. Nickel passively followed the rise, Lunni returned from US $13700 to around US $13300, while Shanghai Nickel fell from 110000 yuan to 106000 yuan / ton. after the decline, the market volume improved slightly, and the spot discount remained stable, with SMMI.Ni rising 1.19% in a week. Zinc rose slightly during the week, but the decline was also limited. Lun zinc shot up $2270 after a strong break of $2200 at the beginning of the week, and then returned to the $2200 mark. Shanghai zinc fell close to 17500 yuan at one point after surging above 10,000, while spot water rose gradually, with SMMI.Zn rising 0.85 per cent a week. Shanghai tin futures once pushed up to 144500 yuan / ton, and then followed other items to give up the increase, the spot is weak, SMMI.Sn rose 0.71% a week. During the week, aluminum experienced a sharp fall after a big rise, with the magnitude of the SMNI.Al earthquake reaching 6.46%. The weekly rate finally turned into a decline, while the weekly SMMI.Al fell 2.24%. The same is true of lead, because the squeeze caused Shanghai lead to rise to more than 15500 yuan / ton at one time, and then plummeted to 14800 yuan after delivery. The magnitude of the SMMI.Pb earthquake reached 3.6% in the week, and it also rose to fall after the week, and SMMI. Pb fell 1.64% in the week. The spot market faces long order delivery next week, and if the confidence of the bulls picks up, it is expected to recover some of this week's decline under the firm leadership of the spot, and complete the high-level correction situation this week.

 

Copper: Lun Copper rushes high and falls this week, mainly due to the continuous fermentation of the new crown epidemic and growing tensions in Sino-US relations continue to haunt the process of economic recovery. The number of new confirmed cases in the world reached a new high in a single day, the jump in the number of confirmed cases in the United States forced many states to slow down or suspend the process of economic opening, and the blockade could come again. The pessimistic comments made by a number of Fed officials about the economy this week added to the market's concern. Large fluctuations in oil prices have also weighed on copper prices. OPEC+ agreed to relax supply restrictions and cut production by 2 million b / d to 7.7 million b / d from August. Oil prices are under pressure from the expected increase in supply against a backdrop of skeptical demand recovery due to epidemic factors. Superimposed tensions between China and the United States have further escalated, the outlook for global economic recovery has added more uncertainty, market risk aversion has rebounded significantly than before, and copper prices have fallen from their highs. Chou Chu Lun copper opened at 6455 US dollars / ton, and copper prices quickly climbed to the week's highest point of 6633 US dollars / ton, refreshing the highest level since the end of June 2018. However, as the sharp fall in oil prices led to a pullback in copper prices, short sellers took advantage of the high position to suppress the Lun copper center of gravity gradually, accelerating the decline after a short stop at 6500 US dollars / ton, breaking the 6400 US dollars / ton mark and reaching as low as 6305.5 US dollars / ton. Copper prices rebounded near the weekend, based on the $6400 mark, which was last reported at around $6415 / tonne as of Friday, with a five-day moving average above the pressure and a 10-day moving average below, down 0.28%. At present, Luntong is closing positive, and the third-line opening of KDJ continues to expand, continuously paying attention to the epidemic prevention and control situation and the risk of international relations, and testing whether Lunchu can stand stable at the US $6400 / ton mark, effectively stop falling and rebound, and return to above the moving average.

This week, copper in Shanghai also rose higher and fell back, rising sharply and then ushering in a sharp fall. Affected by the ferment of the epidemic and tensions in Sino-US relations, the market risk appetite has cooled. This week, A shares have been adjusted after a continuous rise, and copper prices have been affected to follow the pullback. The quarterly rate of China's GDP in the second quarter announced this week was 3.2%, breaking away from the state of negative growth, indicating that China's economy has effectively recovered in the post-epidemic stage; in addition, the import and export data in June also exceeded expectations, and investors still have confidence that China will lead the global economic recovery. Shanghai copper opened at 50860 yuan / ton at the beginning of the week, and bulls entered the market crazily on Monday. at one time, the volume of the main contract increased by more than 10,000 hands, with the highest increase of 5.2% in a single day, rising 53520 yuan / ton, and closing up 4.9% in a single day, but then suffered a continuous decline in copper prices. At the same time, the A-share slump made the copper price go to the next level, giving up the rise for three consecutive times, falling by more than 4%. On Wednesday, the center of gravity of the plate fell more than 1,000 yuan to 51000 yuan / ton near the gate, with a minimum of 50640 yuan / ton. Near the weekend, copper prices rebounded slightly, closing at 51410 yuan / ton on Friday, a weekly increase of 1.84%. Contract positions in 2009 increased by nearly 20, 000 lots, and trading volume increased by 292000 lots to 667000 lots. 09 contract position has exceeded 08 contract, the main force of Shanghai Copper is about to complete the change of month. At present, the copper in Shanghai is positive, and after recording 3 negative lines in a row during the week, the 5-day average has changed from the support level to the pressure level. Next, we will pay attention to the development of Sino-US relations and fundamental news to test whether Shanghai Copper can end the pullback, effectively maintain the 51000 yuan / ton mark, and regain its upward trend without major changes in fundamentals.

Spot market, the spot market discount shows an overall upward trend this week. At the beginning of the week, due to the sharp rise in copper in Shanghai, the buyer's demand was suppressed, and the price quoted by the holder for high exchange for rising water was kept low at level water to 30 yuan per ton, but the buyer was too afraid of high prices and the transaction was deadlocked. It is also approaching the delivery change month, the drastic changes in the price difference between the two parties make buyers and sellers cautious, low-price supply is more popular, other flat copper and good copper transactions are difficult. With the continuous decline of the market, the buyer's mood of receiving goods improved obviously, the trader led the buying, and there were also replenishment in the downstream, and the price of rising water went up. On Friday, the spot price of electrolytic copper in Shanghai quoted a rise of 50 yuan to 80 yuan per ton for that month's contract.

 

Aluminum: Lun Aluminum opened at 1690.5 US dollars / ton at the beginning of the week, and Monday Lunlun Aluminum strongly broke through 1700 US dollars / ton, climbing 1705 US dollars / ton, short sellers entered strongly and K recorded a cross star on the day, and then for four consecutive days, Lun aluminum disk surface to long positions left the market to avoid risk, aluminum prices all the way down, recorded four consecutive overcast, detected low around 1650 US dollars, as of 18:00, Lun Aluminum latest 1655 US dollars / ton. Weekly decline of 1.92%, turnover decreased by 13513 to 58627 hands, position decreased by 11488 to 814000 hands, mainly to long positions to avoid risk. The weekly K line temporarily ends with a negative line. Recent tensions between China and the United States continue to ferment, superimposing the uncertain impact of the current epidemic crisis on the market, bulls are confident that Lun Aluminum continues to rise and increasingly underperform, and Lun aluminum prices ushered in a partial correction this week. In view of the fact that factors such as the restart of the western economy can give some support to aluminum prices, the downward space for Lun aluminum prices is limited. Shanghai Aluminum's main 2008 contract opened at 14390 yuan / ton at the beginning of the week, and short positions were reduced by nearly 16000 hands on the first day of the week. Aluminum futures reached a weekly high of 14860 yuan / ton, with an intraday increase of 2.47 percent. Bulls cut positions and left the market in the last three days, and aluminum prices fell all the way, recording three consecutive overcast, and fell to a low of 13960 yuan / ton on Thursday, the biggest one-day decline since April. Some bears left the market at a profit on Friday, and the daily K recorded a small positive line, recovering some of the losses in the previous period. As of Friday afternoon, Shanghai Aluminum closed at 14155 yuan / ton. Weekly positions decreased by 41812 to 123000, while weekly Shanghai Aluminum Index positions decreased by 32144 to 396000. Aluminum prices fell sharply during the week, with the center of gravity falling below the 10-day moving average. From a macro point of view, tensions between China and the United States have escalated in recent days, and caution in the capital markets has dragged down Shanghai aluminum prices. Fundamentals, but warehouse orders at a low level will still give price support, aluminum prices are expected to have limited downward space, the future need to continue to pay attention to changes in the macro market financial forces to guide. This week coincides with the spot delivery day in the middle of the week, the delivery is due at the beginning of the week, and it has improved near the end of the week. The transaction prices in Shanghai and Wuxi are concentrated between 14360mur15430 yuan / ton, the discount is between 10 yuan and 100 yuan / ton before delivery, and between 260 murals 320 yuan / ton after delivery, the price in Wuxi is about 20 yuan / ton higher than that in Shanghai, and the price in Hangzhou is between 14400 and 15420 yuan / ton. At the beginning of the week, the spot price rose more than 600 yuan / ton compared with last week, and the holder was more expensive, but a large family did not announce its purchase plan before delivery. under the background of the sharp rise and fall of aluminum futures, traders were cautious about their own trading, and in the absence of large quantities of buying and selling volume, the actual transaction was average, and aluminum prices continued to fall after delivery. Due to the inflow of delivery volume, the spot looseness of market circulation was better than that of the previous period, and large households resumed the purchase plan. The activity of market transactions is significantly better than at the beginning of the week. However, from the perspective of market feedback, at present, most of the spot brands in circulation are Tianshan, Hope and other common brands, while there are few brands such as Qingtong Gorge, Yulin, Jiarun, Baihe and Gan Aluminum, and the circulation brand is relatively single. In addition, with the widening price gap between Guangdong and Shanghai, there are signs of aluminum ingots inflow in southwest China, such as Dongchen, Boyuan and other brands. The lower reaches are more sensitive to prices. When prices are high at the beginning of the week, they are afraid of high prices and receive few goods. As aluminum prices continue to fall, they drop nearly 100 yuan / ton near the weekend than at the beginning of the week. When downstream manufacturers did not buy much goods a few days ago, the stock volume increased in the later period.

 

Lead: this week Lunchong lead high fell, 5-day moving average turned downward, but the long-term moving average is still in an upward trend. At the beginning of the week, Lun lead accelerated upward, reaching a high of US $1886 / ton, brushing its recent six-month high. In the next few days, with the transformation of the macro environment, part of the profit market left high, Lun lead concussion fell to a low of US $1824 / ton, but support remained near the 10-day moving average. Lun lead is a high correction finishing. As of Friday, Lun lead was reported at 1835 US dollars / ton. At present, China and the United States have once again begun to play the game in many aspects, such as science and technology, trade, and so on, with a slight rise in market risk aversion, coupled with the failure to prevent and control the overseas epidemic, some continents in the United States have postponed the pace of resuming work, in addition, the monetary margins of the Federal Reserve and the central bank have been slightly tightened, several macro factors are showing signs of short-term emptiness, and there may be a high correction in the short term. Fundamentals, Lun lead's overseas inventory is concentrated in 1775 tons this week, indicating that overseas consumption is slow to resume work. In the follow-up, we will continue to pay attention to the operating rate of European and American automobile enterprises after they return to work. Lun lead: 1810 $1875 / ton.

This week Shanghai lead followed Lun lead high decline, as a whole to long Jiancang left the market. At the beginning of the week, Shanghai lead accelerated to 15635 yuan / ton. With the end of delivery, this round of soft-pressing positions temporarily ended, coupled with the weakening macro atmosphere, Shanghai lead bulls accelerated to leave the market. Shanghai lead once fell to 14835 yuan / ton, and then gained support near the 20th moving average. As of Friday, Shanghai lead was reported at 14895 yuan / ton. With the end of this delivery, the domestic social inventory of lead ingots has returned to more than 4W, from the correlation between inventory and prices previously measured by SMM, lead is the relative fundamental pricing variety, we believe that this round of rise depends on the macro environment and financial promotion, follow-up attention to the operation of funds after the selection of futures to receive goods, as well as changes in the overall macro environment, as well as the pace of recovery of domestic battery consumption after the flood season. Lead contract 14800 won 15200 yuan / ton

This week, the mainstream spot operation is 14900 won 15500 yuan / ton. According to SMM, delivery ended this week, the market short delivery position of more than 30,000 tons, soft position market came to an end, the smelter quotation also began to expand the water shipment, as of Friday, the market bulk order (delivery brand) to SMM1# lead average price discount 100 yuan / ton to Pingshui factory, non-delivery discount 200 yuan / ton. In the trade market, due to the large price difference of the 0708 contract, the trader basically reported to Gao Shengshui after moving his position, and the market supply was abundant. As of Friday, the domestic lead common brand lead quoted a price of 100m / ton for the 2008 contract. In the recycled lead market, price shocks have fallen, the prices of waste batteries are firm, and the profits of recycled enterprises have narrowed. As of Friday, the mainstream quotations of recycled refined lead have discounted the average price of SMM1# lead at a discount of RMB 250m / t, while quotations of RMB400m / t in a few areas still exist; on the consumer side, prices are still relatively high, downstream enterprises will not do speculative reserves, and more purchases will be based on just needs.

Next week's spot lead forecast: 14850 won 15400 yuan / ton. According to SMM understanding, the production of primary lead enterprises is still stable, entering next week, focusing on whether the supply of goods after delivery is in circulation in the market. On the other hand, in the trade market, the supply of goods is relatively abundant, and it is expected that the rising parallel imports of consignors will not be sustainable; in terms of recycled lead, the supply of waste batteries is still tight, and the price of waste batteries is relatively strong. If prices continue to fall, the primary price gap for recycling may be further narrowed. On the consumer side, the recovery of domestic automobile consumption, coupled with the coming peak season of traditional consumption in the future, terminal consumption is slightly expected, but it is expected that enterprise procurement is still based on demand. Another recycled refined lead is expected to be 15000 yuan / ton in 14550 Mill.

 

Zinc: this week, Lunzhiqiao fell back, and later turned into a concussive trend. On Monday, zinc continued its rally last week, breaking through 2200 US dollars / ton and continued to pull up strongly, rising as high as 2272 US dollars / ton, the highest price since February this year. However, the global epidemic is still spreading, coupled with the demand for a pullback in high prices, funds began to concentrate and leave the market. Prices fell rapidly on Tuesday. After slightly sorting out the $2200 / ton round mark, the price center of gravity sank again, falling as low as $2170 / tonne. Below the 5-day moving average support strength shows that prices have stopped falling slightly. In the second half of the week, LME zinc ingot inventory will remain de-stocked, and market demand will continue to recover, giving some support to zinc prices, but macro risks remain, friction between China and the United States resumes, and market concerns deteriorate. In the fundamental and macro games, Lun Zinc fluctuations intensified, mainly operating range between 2160 and 2230 US dollars / ton. On Friday, Lun Zinc fluctuated in a narrow range around 2200 US dollars / ton, looking for a further direction.

Zinc in Shanghai has gone up and down this week. At the beginning of the week, driven by a good market atmosphere and a sharp rise in the stock market, Shanghai zinc was still in the logic of supplementary rise. at the opening of trading on Monday, funds continued to pull up zinc prices, and the panic closing positions of some short funds helped push zinc prices to continue to strengthen. After the main contract successfully broke through the integer barrier of 18000 yuan, it continued to rise to 18195 yuan / ton, the high price part of the funds stopped earnings and left the market, zinc prices fell, and night trading funds continued to pull up zinc prices. At one point, the main contract rose to 18455 yuan / ton, the price hit a new high, and some of the funds left the market and added the hedging market to enter the market at a high level, and the price of zinc fell sharply. Affected by the sharp fall in A shares in the second half of the week, the price accelerated to fall close to 17500 yuan / ton, and the lower part was supported by the 10-day moving average, and the price stopped falling. On Thursday, the main contract hit 18000 yuan / ton again, but there was greater pressure at the top. The opening price continued to fall on Friday, rebounded later, and recovered most of the decline. By the close, the main contract closed at 17875 yuan / ton, up 1.82% from the previous week.

This week, the Shanghai market raised the domestic contract for 08 from 40 yuan / ton to 90mur100 yuan per ton, Shuangyan and Chihong from 40 yuan / ton to 100 yuan / ton, and SMC and AZ from 2030 yuan / ton to 50ly60 yuan / ton. This week, zinc prices rose first and then suppressed, smelter shipments were normal, due to the flood, there were few goods arriving in Shanghai, coupled with the intention of some holders to control the goods, the circulation of domestic ordinary goods was tight, and the demand for long orders among traders was support. the market quotation gradually climbed from about 40 yuan / ton of water to about 100 yuan / ton of water, and the transaction was OK. The high position downstream only made the purchase on demand and bought cautiously. This week, the market transaction was mainly contributed by traders. The overall transaction was roughly the same as last week.

This week, Ningbo Zinc 2008 contract against Shanghai Zinc rose 70 yuan / ton-100 yuan / ton. This week, the price difference between Ningbo and Shanghai changed from 30 yuan / ton last Friday to 10 yuan / ton discount. Ningbo market supply is slightly relaxed this week, the first half of the market has Huize and Kirin circulation, the quotation is relatively limited relative to ordinary mainstream brands, Kirin is almost the same as Tiefeng, mainly because market consumption is relatively weak, the lower reaches are mainly wait-and-see. In the second half of the week, there was a strong willingness to push up the price in Shanghai, and the trading between traders raised the spot price, but it was difficult for the Ningbo market to follow. In the latter half of the week, there were only Kirin, Tiefeng and West Mine circulation in the market, and the price difference between Shanghai and Ningbo gradually shifted from rising water to a discount compared with Shanghai. But downstream enterprises only need to buy on the bargain, and the overall market trading is not active. From this week's point of view, the turnover this week is slightly weaker than that of last week.

The price of zinc in Guangdong market this week is concentrated on the average contract for Zinc 2008 in Shanghai, and the discount on the Guangdong market is 60 yuan higher than that of last week. This week, the arrival volume of the Guangdong market increased significantly, and the pressure on the shippers increased. Although the zinc price rose sharply in the first half of the week, the futures price spread widened at the beginning of the week, close to the spot discount limit on futures delivery, and the holders shipped at a relatively high price. In the face of relatively high prices downstream, some of them just needed to purchase and maintain production. Kirin, Mengzi and Huize quoted prices for the Shanghai zinc contract in August or so. In the second half of the week, the high price of zinc fell, and the holder tried to push forward the price, but the current price was still high, the improvement of the overall purchasing demand downstream was limited, and the traders received the goods at a low price, so it was difficult to get support from the spot. The market quotation is concentrated on the parity or discount of 10 yuan / ton for the August contract of zinc in Shanghai. On the whole, the price rise suppresses the downstream purchasing demand, coupled with the general order, the spot transaction price is relatively weak.

This week, the mainstream ordinary brand of Tianjin Zinc rose 80 yuan to 130 yuan / ton in the contract of Shanghai Zinc 2008, while Zijin quoted 150 yuan / ton to 160 yuan / ton in the 2008 contract. Compared with the Shanghai market, the water in the Tianjin market dropped from 60 yuan / ton to about 20 yuan / ton. At the beginning of this week, zinc prices continued to rise, traders lowered the price of ordinary brands to 80 RMB100 / ton, but due to a large increase in absolute prices, downstream will to receive goods is poor, only a few enterprises just need to purchase, the overall transaction is light; into the middle of the week, zinc prices fell after rising, the spot market slightly raised the water quotation, the overall downstream enterprises just need weak procurement, trading slightly better than at the beginning of the week, but still light; Near the weekend, zinc prices fluctuated, and some traders wanted to push forward the price for shipment, but when the deal was not smooth, they kept the original price of rising water, including 130 yuan per ton for ordinary brands and 150 yuan per ton for Zijin, which was the same as in the middle of the week. Overall, the Tianjin market turnover is poor this week, the market is still mainly wait-and-see, waiting for the price correction, next week is expected to rise the discount will remain stable.

 

Tin: this week, Lunxi electronic trading opened at US $17180 / tonne, first suppressed and then rose at the beginning of the week, reaching a weekly high of US $17475 / tonne. The center of gravity moved down in the middle of the week and shook around 17300 US dollars / ton, running near the 5-day moving average. After a short jump on Thursday morning, it shook down to a weekly low of US $17055 / tonne, then rebounded after hitting the bottom and returned to the price level of Lunxi in the middle of the week. After a slight decline on Friday morning, there was little trading and fell in the afternoon, with Renxi's latest price at $17290 a tonne as of 1630. During the week, it rose 90 US dollars / ton, or 0.52%. The trading volume was 911 lots, and the position was 15837 lots, a decrease of 1678 lots. This week, Lunxi is a Xiaoyang line, the center of gravity has moved up compared with last week, the entity part is above all moving averages, and the lower shadow line is supported by the 5-day moving average. In terms of indicators, the weekly MACD opening continues to keep upward, and the K line moves steadily to the Bollinger belt for two consecutive weeks; the absolute position of the daily K line remains relatively stable during the week, but slightly deviates from the Bollinger belt orbit, and the MACD fast and slow lines are entangled. The overall progress of Lunxi is relatively stable, with the daily K-line running almost along the 5-day moving average and is now above its high in early June. It is expected that it will continue to rise slightly steadily, with the upper pressure level expected to be around 17500 US dollars / tonne.

This week, the Shanghai tin 2009 contract rose sharply under the influence of the stock market at the beginning of the week, following the annual tin price of 144570 yuan / ton last week. Subsequently, Sino-US trade problems had an impact on domestic investment sentiment, coupled with profit-taking in the stock market, the CSI 300 index fell 336.7 points in a row in 3 days, a cumulative decline of 6.9%, and the metal almost turned green. In the general environment, it is difficult to support tin trees in Shanghai, and it has been overcast for three days. However, the disk and fundamentals have a certain support, three days have not yet fallen below the one-day increase at the beginning of the week. Friday night market high jump, and then first rise and then suppress, the center of gravity moved up. The center of gravity of the day was lower than that of the night, but it was still higher than the opening price of the night. It closed at 141200 yuan / ton, up 1280 yuan / ton, or 0.91%. The turnover was 45045 lots, and the position was 28635 lots, a decrease of 1090 lots. This week Lun Xicheng Xiaoyang line, the physical part of the lower part received a 5-day moving average support. Although there is a downward atmosphere in the entire metal market, since July, the imported tin ore volume has decreased again, the refined tin import window has been closed, the tin supply end has decreased again, and the superimposed Yunnan collection and storage policy has landed, which is expected to provide some support to tin prices. The upper pressure level is expected to be around 144500 yuan / ton.

The price of tin spot goods in Shanghai this week rose sharply following the stock market at the beginning of the week. Subsequently, the market went down, and spot prices also fell. On the whole, the spot price is in a high position, the willingness of manufacturers to sell goods is low, and the willingness of traders to receive goods is not very strong due to their own inventory and downstream demand. However, the sharp rise and fall in futures did provide a profit opportunity for traders, and some traders received a small amount of goods and shipped quickly. Friday trading pullback, there is a cloud word for the delivery of smooth discount quotation, but the duration is not long. As for the discount for Shanghai tin 2009 contract, compared with last weekend, there is no big change in Nei Yun tin premium, it is still around 750yuan / ton, some cloud words have changed from flat to small discount, and the small brand discount has been enlarged. Friday's discount is about 1750 yuan / ton.

 

Nickel: this week Lunni opened at US $13400 / tonne. At the beginning of the week, driven by the strength of Shanghai Nickel, it reached US $13730 / tonne, and then fell to US $13500 / tonne under pressure. Shanghai Nickel plummeted on Thursday, and Lunni also fell to US $13210 / tonne on Thursday. After stopping the decline and rebounding, as of July 17, 1920, Lunni closed temporarily at 13325 US dollars / ton. At present, the 5 / 10 average above Lunni will cross at 13500 US dollars / ton, which may form upward resistance. Next week, we will focus on whether Lunni can consolidate at 13300 US dollars / ton and test whether Lunni bullish kinetic energy still exists.

The trend of Shanghai Nickel showed a trend of rising and falling this week, opening at 106530 yuan / ton at the beginning of the week. after sitting on the 10-day moving average, Shanghai Nickel continued to strengthen and explore under the leadership of bulls. It hit the 110000 mark on Monday night, reaching as high as 110190 US dollars / ton. Subsequently, bulls stopped earnings and reduced their positions, and nickel prices gradually fell to horizontal volatility around 108600 yuan / ton. by Thursday, A shares plummeted 4.5%, dragging down the commodity market, early bulls avoiding risk and leaving, and short sellers suppressed by homeopathy. at one point, Shanghai nickel gave up all its gains in the week and fell to around 105000 yuan / ton on the 20th. On Friday, Shanghai nickel companies rose again after stabilizing, but they were under pressure of 107300 yuan / ton on the 10th average. After the funds left the market, it finally closed at 106360 yuan / ton, a weekly increase of 0.83%. This week, Shanghai nickel rose under the push of funds, and then fell back. As the bad mood gradually digested, next week we will pay attention to whether it can be re-explored after the consolidation of Shanghai nickel's 20-day moving average.

The average price of electrolytic nickel in SMM1 this week is 107300 yuan / ton, the average price of Jinchuan nickel is 107710 yuan / ton, and the average price of Russian nickel is 106930 yuan / ton. the average weekly spot price is all higher than that of about 1000 yuan / ton last week, so the spot trading atmosphere in the week is not as good as that of last week. In this cycle, nickel showed a trend of rising and falling, and the spot trading volume only picked up when the nickel price was low on Thursday, and the daily trading volume in the other four days was relatively limited. The 07 contract is delivered this week, but the merchant in the market is still quoted for the 08 contract, and the hedging plate is expected to change one after another next week. Spot price rises, Russian nickel discounts are basically stable, and prices remain at around 2008 yuan / ton for Shanghai Nickel contracts during the week, while Jinchuan Nickel rising Water is relatively lower than last week, with the lowest falling to 200 yuan / ton for Shanghai Nickel 2008 contracts. Jinchuan rising water fell on the one hand due to light consumption, on the other hand, the smelter is also willing to ship goods. It is reported that hundreds of tons of Jinchuan Nickel will still be sent to Shanghai next week. Therefore, it is expected that Jinchuan nickel rising water will remain at a low level. Nickel beans, this week's offer remains at a discount of about 1500 yuan / ton, after the price fell on Thursday, some stainless steel factories have purchased goods. At present, the domestic pure nickel warehouse bases again, if the nickel price remains high next week, the spot discount may be lowered.

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