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Review on spot Trading Day of SMM basic Metals on July 20th
Jul 20,2020 18:06CST
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Source:SMM
Review on spot Trading Day of SMM basic Metals on July 20th
The content below was translated by Tencent automatically for reference.

Copper: today, Apanlon copper opened at 6446.5 US dollars / ton, fell immediately after the opening of trading, and accelerated to an intraday low of 6387 US dollars / ton after the opening of Shanghai copper, and then rebounded to return to the daily average of the center of gravity of Lun copper back above the daily moving average line, and slightly tidied up around 6420 US dollars / tonne. In the afternoon, bullish copper rose more than 20 US dollars / ton to 6400 US dollars / ton, and then short pressure Lun copper concussion down. Entering the European trading session, Lunchu fell to 6404.5 US dollars / ton due to the influence of international crude oil, but the decline in the dollar index regained its momentum to rebound. As of 1715, Lunchu Copper closed at 6434 US dollars / ton, down 3 US dollars / ton, or 0.05 per cent. The issue of Sino-US relations continues to ferment, global concerns about international trade are rising, the number of superimposed new crown cases is rising, and market risk appetite tends to put pressure on copper prices with caution. At present, Lun copper overcast, the upper pressure 5-day average, KDJ opening down expansion, technical point of view copper price pressure. Today, Lun Copper shows a "W" trend, testing the position of 6440 US dollars / ton many times, paying attention to whether many parties can make efforts again to help Lun Copper continue to rush up.

Today, the main force of copper in Shanghai opened at 51390 yuan / ton in the morning. after the opening, the copper price quickly fell to 51210 yuan / ton, rebounded slightly and fell again, with a daily low of 51120 yuan / ton. After that, with the bulls increasing positions one after another, copper prices fluctuated upward, the center of gravity rose to 51300 yuan / position, and closed at 51310 yuan / ton at noon. In the afternoon, bulls entered the market to drive up copper prices to the highest point of the day, 51450 yuan / ton, but long days continued to promote limited energy, the market declined slowly, near the end of the day, bulls reduced their holdings and left the market. Copper prices finally closed at 51270 yuan / ton, down 120 yuan / ton, down 0.23%. During the day, 09 contracts reduced positions by 294 to 112000, mainly by long positions, while trading volume decreased by 29000 to 87000. 08 the contract day reduced positions by 4203 to 88000, mainly by long positions, while trading volume decreased by 31000 to 109000. The central bank's one-year lending rate announced today remains unchanged at 3.85%, the tone of monetary policy easing remains unchanged, and investors remain cautiously optimistic. However, market worries about the continuing grim state of the new crown epidemic plaguing the economic recovery still exist. At present, the global new crown confirmed cases have broken through the 14 million mark, while the epidemic has not yet ended and tensions between China and the United States continue to ferment. Market expectations for the prospects of economic recovery have been suppressed, putting pressure on copper prices. Today, Shanghai copper negative, KDJ opening continues to expand, the upper pressure 5-day moving average, waiting for the outer disk guidelines at night, test whether the bulls can defend the 10-day moving average.

Today, the spot price of electrolytic copper in Shanghai quoted a price of 50 to 110 yuan / ton for the current month's contract, 51300 yuan / ton to 51400 yuan / ton for Pingshui copper, and 51350 yuan / ton to 51450 yuan / ton for Shengshui copper. Shanghai copper continues to consolidate in the 5-10 moving average range, mostly in the 51250 / ton range of 51350 yuan / ton. In the morning market, the holder quoted a price stable at 50 RMB60 / ton for copper rising water in Pingshui, while good copper rose as high as 120 yuan / ton for rising water, and the transaction of flat copper remained active. For a short time, some brands, such as Dajiang small board, could lower the price to 40 yuan / ton, while in the second trading session, it was difficult to find flat copper with a rising water of 50 yuan / ton, and some consignors raised the price to 70 yuan / ton, but the transaction was significantly suppressed. The price difference of good copper is unique. Due to well-known reasons, ENM's quotation is almost close to flat copper, the domestic good copper market is hard to find, and the sole deposit-P is as high as 100 RMB110 / ton, which makes traders who receive good copper in a dilemma. The quotation of wet copper followed up at the discount of about 30 yuan / ton. The downstream is just needed, and the transaction continues to improve slightly. This week entered the long single delivery cycle, and the copper is in a correction period, the holder intends to rise the water, rising water is easy to rise but difficult to fall, the market transaction will also be significantly improved. In the afternoon, the disk shot up 51500 yuan and fell back to 51300 yuan / ton, and Pingshui copper held steady at 60 RMB70 / ton, and the good copper performance continued to pull up strongly.-P has been quoted as Shengshui 120m2 130 yuan / ton. Pingshui copper traded at 51420 51500 yuan / ton, and the good copper transaction rose sharply to 5148051560 yuan / ton, which further widened the price difference between Pingshui copper and Pingshui copper, and gradually showed a state of price and no market.

Aluminum: Lun Aluminum opened at US $1665.5 / ton this morning. In Asian session, Shanghai Aluminum fluctuated downward after opening and fell to a low of US $1657 / ton at about 10:45 in the afternoon, followed by a rebound to reach a high of US $1665 / tonne. Unexpectedly, Lun aluminum had limited upside space before noon, and in the afternoon, Lun aluminum once again welcomed a wave of losses, falling to an intraday low of US $1655.5 / ton by about 15:00. In the European session, the dollar index fell all the way, Lun Aluminum ushered in a strong rebound, as of 16: 52 Lun Aluminum tentatively reported 1663.5 US dollars / ton. The long short game of Geneva aluminum market is obvious, the overall price trend is mainly wide volatility, the amplitude is around $10 / ton, the daily K temporarily ends at a small positive line, the center of gravity falls below the 10-day moving average, and the KDJ line opens upward. It is expected that aluminum will continue to maintain a strong volatility trend at night. Continuous attention should be paid to the impact of foreign epidemics and the overall capital flow in the capital market.

The main 08 contract of Shanghai Aluminum opened at 14270 yuan / ton in the morning, the bulls reduced their positions within 10 minutes of the opening to release a downward signal, and then the bears took advantage of the opportunity to increase their positions, and aluminum prices fell to an intraday low of 14185 yuan / ton. After that, some short sellers made profits and left the market, and within half an hour, the price of Shanghai aluminum reached an intraday high of 14335 yuan / ton. Shanghai Aluminum Company immediately began to shock downward after reaching a high level, and reached a low of 14185 yuan / ton again at about 11:25 in the afternoon. Within five minutes in the afternoon, short positions were reduced by about 40 hands. Aluminum prices rebounded and recovered part of the decline. In the later period, aluminum prices fluctuated downwards in a narrow range, and closed at 14230 yuan / ton at the end of the day. 08 contract day position decreased by 2695 to 120197 hands, the Shanghai Aluminum Index position increased by 2722 to 398422 hands, the daily K closed at a positive line, a small increase of 0.64%, the center of gravity is still below the 5-day moving average, mainly short positions during the day. From a fundamental point of view, the current warehouse receipt inventory is low, spot supply is tight and other factors still give some support to aluminum prices, aluminum futures prices recorded two consecutive positive, re-tend to fundamental rationality, it is expected that short-term aluminum prices are still strong shock trend, and spot prices drive futures price logic unchanged. In the future, we need to pay continuous attention to the changes in fundamental demand and the flow of funds in the capital market.

The interval concussion before noon is mainly in the period of aluminum. In the morning, the spot price of aluminum ingots in Wuxi area is between 14500 won 14510 yuan / ton, the Shanghai area is between 14490 won 14500 yuan / ton, the rising water is around 260 yuan / ton, and there are many inquiries at the beginning of trading in the morning. As the market transaction heat gradually rises, the market price gradually becomes clear, because under the condition of high rising water, the cardholder's shipping enthusiasm increases obviously, the spot in circulation today is obviously looser than last week, and the circulation brands are more abundant than last week. In the later period, the prices of Shanghai and tin began to concentrate between 14470 won 14490 yuan / ton and 14490 won 14510 yuan / ton, while the rising water fell slightly in the later stage, concentrated between 220 muri 260 yuan / tonne. A large company announced a small number of purchase plans today, and the trading between the trader and the buyer is OK. Downstream today is mainly on-demand shopping, because prices are higher than last Friday, in the case of partial hoarding last week, there is no increase in enthusiasm for buying today. The overall transaction in East China is mediocre today. Aluminum maintained a narrow range of fluctuations in the afternoon, with the price quoted by the holder between 14470 won and 14490 yuan / ton, while the rising water on the disk was between 230 won 250 yuan / ton, with only a small number of transactions between trade and few downstream.

Lead: within a day, lead is opened at US $1839.5 / ton. In the Asian session, trading was light, with Lun lead fluctuating downward along the daily moving average, reaching an intraday low of $1804 / ton, followed by a horizontal concussion along the intraday moving average supported by the 20-day moving average. In the afternoon, the fall in the dollar index caused a general rally in LME base metals, and lun lead was also boosted, putting on and swinging upwards away from the daily moving average line, temporarily closing at US $1824.5 / ton, up US $11 / ton, or 0.61%, as of 1715. Lun lead temporarily reported short-term, k-line physical stable station above the 20-day moving average, coupled with today's LME lead inventory reduced by 125t to 62900 tons, Lun lead prices may stop the decline. However, it should be noted that the 5-day moving average has fallen below the 10-day moving average, and the upward pressure on Lun lead is huge. In addition, the euro zone's quarterly adjusted current account announced in the afternoon is 7.95 billion euros, a decrease of 6.05 billion euros compared with the previous period. It can be seen that the impact of overseas epidemic on economic recovery is still not optimistic. Investors' confidence may be affected. At night, focus on the support strength of the 20-day moving average. It is expected that Lun lead will fluctuate above the 20-day moving average.

During the day, the 2009 contract for Shanghai lead opened at 14740 yuan / ton. In early trading, Shanghai lead was entrusted with 14685 yuan / ton, and the daily moving average fluctuated horizontally under pressure. In the afternoon, basic metals rose generally, and Shanghai lead was also boosted. It broke through the intraday moving average on the 20-day moving average, gave up some of the gains after reaching the intraday high of 14835 yuan / ton, fluctuated along the horizontal market of 14785 yuan / ton above the daily moving average, and finally closed at 14775 yuan / ton, down 120 yuan / ton, or 0.81%. The position increased by 1556 to 19085, and the trading volume increased by 5647 to 17093. The main contract changed to 09 contract, the transaction is active, mainly for long positions. Shanghai lead newspaper closed down, supported by the 20-day moving average, but is still trapped in the gap during the Spring Festival this year, the KDJ index is still open downward, the 5-day moving average shows a trend of below the 10-day moving average, and the technical indicators have not yet shown signs of turning more. At the same time, as of last Friday, lead inventories in the previous five places had increased by more than 10,000 tons to more than 40,000 tons compared with the previous period, while the downstream trading was light and the fundamentals were weak, so it was necessary to pay attention to whether the bulls could maintain the 20-day moving average at night. It is expected that in the short term, the lead in Shanghai will still be adjusted at a low level.

Shanghai market Mulun lead 14770 yuan / ton, price 50 yuan / ton for Shanghai lead 2008 contract; Jiangsu and Zhejiang market Muleng, Wanyang, Yuteng lead 14770Mel 14820 yuan / ton, Shanghai lead 2008 contract price 50mur100 / ton; imported KZ lead 14720 yuan / ton, flat water quotation for Shanghai lead 2008 contract. Lead weak shock, coupled with the increase in the supply of goods in circulation, the holder is actively quoted for shipment, the price rise is significantly lower than last week, but downstream only just need to purchase, and more bargaining, the transaction in the bulk market is still more general.

Guangdong Chihong 14970 yuan / ton, to 2008 contract price 250yuan / ton; Guangdong market Nanhua lead 14800 yuan / ton, to SMM1# lead average price rise 50 yuan / ton; Henan Jinli, Wanyang 14650,14700 yuan / ton, 50 yuan / ton to SMM1# lead average price discount (trader); Henan Minshan 14750 yuan / ton, to SMM1# lead average price flat water quotation; Hunan Shuikoushan 14800 yuan / ton, to SMM1# lead average price rise 50 yuan / ton (trader); Jiang Copper 14790 yuan / ton, the average price of SMM1# lead rising water 40 yuan / ton quotation. Yunnan small factory 14450 yuan / ton, the average price of SMM1# lead discount 300 yuan / ton. Lead prices fell high, downstream procurement enthusiasm rebounded, market trading improved.

Zinc: zinc in Geneva opened at US $2187 / tonne, bottomed out and rebounded at the beginning of the session, hitting a low of US $2162 / tonne, followed by a finishing operation at US $2180 / tonne, with an upper and lower space of about US $5 / tonne, entering the European trading session, the dollar index fell, and Lunzinc showed a low recovery and a high momentum. As of 1657, Lun Zinc closed up at US $2183.5 / t, up US $2 / t, or 0.09%. Lun Zinc closed a long shadow Xiaoyin column, LME zinc inventory continued to decline slightly, with the promotion of overseas economic restart process, signs of improvement in some end product exports constitute a boost, focusing on the 10-day moving average support strength at night.

During the day, the main 2009 contract of Shanghai zinc opened at 17570 yuan / ton, and at the beginning of the day, zinc made a little consolidation near the opening price. With the long positions increasing, the center of gravity of zinc moved up to 17660 yuan / ton, and finally closed down 17655 yuan / ton, down 170yuan / ton, or 0.95%. The trading volume decreased by 6922 to 111000, and the position decreased by 3527 to 78537. Zinc received a long shadow Xiaoyin column, two attempts at the bottom of 17500 yuan / ton to find support, day statistics social inventory continued to reduce to provide positive support, zinc or strong operation is expected in the evening.

The mainstream trading of zinc in Shanghai was 17700MUR 17820 yuan / ton, Shuangyan 17710RMB17830 / ton, Shuangyan 100 RMB110 / ton in August, Shuangyan 110RMB / ton in August, and Zinc 17630RMB17750 / ton in August. Shanghai Zinc 2008 contract rose after intraday finishing, closing at 17680 yuan / ton in the morning market. The smelter shipped normally, the domestic circulation in the market is still not high, and the trading is normal. The domestic quotation in the market has further risen from 100yuan / ton to 110yuan / ton, and the transaction feedback is limited. The average price of SMM net and the average price + 5 are more active. Into the second trading session, the market quotation remained stable at about 110 yuan / ton, trading activity among traders decreased, downstream procurement is still no bright spot, the overall market turnover is mediocre.

The mainstream transaction of Ningbo Gao was 17660 Mel 17760 yuan / ton, and the price of the ordinary brand increased by 80 won 130 yuan / ton to 2008, and the price difference between Ningbo and the ordinary brand in Shanghai changed from the flat water last Friday to around 10 yuan / ton of discount. Today's correction in zinc prices has led to the buying mood downstream, and Ningbo market traders are more active in shipments. In the first trading session, Tiefeng reported that the water rose around 100 yuan per ton for the August contract, and the West Mining News raised about 80 yuan per ton for the August contract. Kirin reported around 130 yuan per ton for the August contract, and Huize reported around 200 yuan per ton for the August contract. In addition, some imported zinc, such as Harbin zinc, is quoted around 10 yuan / ton for the August contract, and Myanmar zinc is reported around 50 yuan / ton for the August contract. The market downward adjustment overlay market supply circulation is more abundant, today Ningbo market trading has improved, downstream enterprises purchase willingness to pick up.

Guangdong zinc mainstream traded at 17560mur17700 yuan / ton, and the quotation focused on the price increase of 2540 yuan / ton for the Shanghai zinc 2009 contract, and the discount of 110yuan / ton for the Guangdong market was the same as that of the previous trading day. In the first trading session, the price was low and fluctuating, and the holder tried to raise the price early, but the weekend market arrival was still high, the holder's willingness to ship goods was strong, and the quotation was slightly loosened in the later period. The net price was floated at 10 yuan, and the trader bought water at a low price, and the market transaction was OK. Kirin, Mengzi and Huize quoted a price of 2540 yuan / ton for the Shanghai zinc contract in September. In the second trading session, traders mainly received goods at depressed prices, but the prices were too low and the holders were not willing to adjust prices, and the market quotations were gradually unified. As prices rose, downstream purchases declined, and market trading weakened. Kirin, Mengzi and Huize quoted a price of 30 yuan / ton for the September contract of zinc in Shanghai. The mainstream transaction of Kirin, Mengzi and Huize was 17560mi 17700 yuan / ton.

The mainstream trading of zinc ingots in Tianjin market was 17800mur17860 yuan / ton, Zijin was traded at 17840mur17890 yuan / ton, Huludao was quoted at 19060 yuan / ton, Zinc was generally quoted around 140yuan / ton to 2008 yuan / ton to 150yuan / ton, Zijin to August contract was quoted around 180yuan / ton, and the Tianjin stock market remained around 2030 yuan / ton compared with Shanghai stock market. Today, the decline of zinc in Shanghai has widened, and the discount price has been raised on the spot market, and the price is relatively uniform. The ordinary brand Bering News has quoted a rise of 140 yuan per ton for the 08 contract, and Hong has quoted a rise of 150 yuan per ton for the 08 contract. Chi Hong quoted a rise of 140 yuan per ton for the 08 contract, while the high-priced brand Zijin quoted 180 yuan per ton for the August contract, while Baiyin quoted 180 yuan per ton for the 08 contract. The fourth Ring Road (delivered) quoted 120 yuan / ton for the 08 contract, and Ha Zinc (including the depot) quoted 70 yuan / ton for the 08 contract. Today, the decline in zinc prices widened, and traders raised their discount quotations, and all reflected that shipments were relatively smooth after today's falling prices, and some of them shipped at high prices; downstream, absolute prices fell sharply today, and downstream enterprises' willingness to buy goods improved, and the terminal project in North China was warmer than in the previous period. On the whole, today's transaction is better than last week. Zinc ingots traded at around 17690 RMB17740 per ton.

Tin: Lunxi opened at $17305 / tonne, traded little in the morning, fell to $17275 / tonne in the afternoon, and fell slightly to $17265 / tonne in the afternoon. During the European session, Lunxi first rose and then suppressed, rising 17300 US dollars / ton and then falling back to 17250 US dollars / tonne. Lunxi was trapped in a narrow range of the 5-10 moving average. As of 1715, the latest price of Lunxi was 17255 US dollars / ton, down 10 US dollars / ton, showing a negative line. Above the 5-day moving average, the distance between the 5-10 moving average is more narrow. Technical indicators show that the KDJ opening has a downward expansion trend. And the MACD green column also has a magnifying trend, the technical side is gradually short, but the dollar index fell sharply in European time, the bottom of Lunxi is still partially supported, pay attention to whether Lunxi can maintain the 10-day moving average at night.

Shanghai tin 2009 contract opened last Friday night at 141200 yuan / ton, after the opening shock down to 140110 yuan / ton, followed by horizontal concussion, after a slight reduction in late trading to give up the decline. It opened at 140890 yuan / ton in the morning, and the bears left after the opening. The tin concussion of Shanghai period rose to the intraday high of 141360 yuan / ton. After peaking, the bulls left the market, and the tin of Shanghai period fluctuated all the way down until the lowest point of 139690 yuan / ton in the afternoon. After hitting the 20-day moving average, the shorts left the market. In late trading, it rebounded slightly to close at 140280 yuan / ton, down 1110 yuan / ton, or 0.79%. Trading 38919 hands reduced 6126 hands, positions decreased 27289 hands, reduced 1346 hands, showing a negative line. The upper 5-day and 10-day moving averages gradually close together to show greater pressure, and it is expected that the short-term will continue to test the support of the 20-day moving average below. On the spot market, today's quotation is 139000 won 142000 yuan / ton. Shanghai tin noodles fell somewhat this morning compared with Friday morning, with the average online price down 500 yuan / ton. Although spot prices have fallen, they are still high, manufacturers ship goods generally, downstream just need to purchase; the discount is more appropriate, traders receive a small amount of goods, and the overall trading atmosphere in the Shanghai-tin spot market is general. Liter discount, the Shanghai tin 2009 contract set Yunxi 500 million / ton, Yunzi flat water to 500 yuan / ton, small brand discount about 1500 yuan / ton.

Nickel: Lenny opened at US $13150 / ton today and gradually stabilized to US $13215 / ton after opening. At about 9:30, dragged down by Shanghai nickel selling pressure, Lenny quickly gave up its gains and fell back to 13070 US dollars / ton, but soon turned red again and shook at 13180 US dollars / ton. In the afternoon, Lunni began to fluctuate in a narrow range on the center of gravity station at US $13200 / tonne. By the end of 1715, Lunni had fallen back to near the daily moving average line, temporarily closing at US $13190 / tonne, up US $75 / tonne, or 0.57%. Although Shanghai Nickel continues to weaken, Lunni is currently in a stable state due to the decline in the dollar index, and is concerned about whether it can rebound after further consolidation in the evening.

The main contract of Shanghai Nickel 2010 opened at 105370 yuan / ton today, and after the opening, the shock was adjusted near the 20-day moving average of 105500 yuan / ton. with more leveling in, Shanghai Nickel gradually fell to the first line of 105000 yuan / ton, while the short selling pressure did not decrease. Shanghai Nickel went down directly to 104340 yuan / ton. At the beginning of the second trading session of the morning market, bears began to stop earnings and reduce their positions, and Shanghai Nickel gradually recovered its decline and stabilized again to 105500 yuan / ton, recording a "V" trend in the morning. In the afternoon, the bulls reduced their positions one after another around the 20 moving average. Shanghai Nickel almost traded sideways at 105500 yuan / ton, and finally closed at 105610 yuan / ton, down 1210 yuan / ton, or 1.13%. The trading volume was 756025 lots, and the position decreased by 3174 lots to 130313 lots. Shanghai Nickel closed negative for the fourth trading day in a row, and MACD turned from red to green, but after bears fell below the 20-day moving average, they also chose to close their positions, indicating that there is a strong support in this position. Waiting for the guidance of the outer disk at night, pay attention to whether the bulls of Shanghai Nickel can turn around after consolidation.

Today, SMM1 Electrolytic Nickel is quoted at 103400 RMB104600 per ton. The spot market is still quoted for 08 contracts, as nickel futures fell back to the low shock, stimulating the downstream to enter the active inquiry, today's morning trading situation is OK, weakening in the afternoon. Russo Nickel to Shanghai Nickel 2008 contract is quoted at 500 to 400 yuan / ton, the supply of low-priced goods is less, and the trading volume is less than Jinchuan Nickel. Jinchuan Nickel to Shanghai Nickel 2008 contract rose 400 won 500 yuan / ton in the morning market. It is reported that the price of 500 yuan / ton in the morning market is more difficult to ship, as Jinchuan company quoted an ex-factory price of 105000 yuan / ton and shipped in Shanghai, the merchants in the market actively adjusted the price and recorded a certain deal. The price of nickel beans is 1300ml 1200 yuan / ton, and the discount range has narrowed due to the reduction of nickel bean inventory.

 

 

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