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Review on spot Trading Day of SMM Base Metals on July 21
Jul 21,2020 18:42CST
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Source:SMM
Review on spot Trading Day of SMM Base Metals on July 21
The content below was translated by Tencent automatically for reference.

Copper: today, Apanlon Copper opened at US $6488.5 / tonne. After the opening of Shanghai Copper, Lunchu Copper fluctuated down to US $6475 / tonne, and then rose back to US $6500 / tonne horizontal adjustment. In the afternoon, Lunchu shot up to US $6511 / ton in the short term, but the upward trend was blocked and the center of gravity shifted slightly down. Subsequently, driven by the rise in crude oil prices, Lun Copper hit a daily high of 6516 US dollars / ton. Lun Copper closed at 6507.5 US dollars per ton, up 33 US dollars per ton, or 0.51 per cent, as of 17PUR 00. Once again, good news came out of the new crown vaccine, with EU leaders reaching an agreement on a 750 billion euro plan to recover the EU economy after the epidemic, offsetting investors' concerns about the new crown epidemic and boosting investor confidence. Oil prices were also supported sharply higher, linked to copper prices. At present, Lun copper closed, KDJ opening narrowed, below the 5-day moving average is still far away, the technical side of copper prices still have room to rise. Watch ECB officials speak in the evening to test whether Lunbro can continue to rise.

Today, the main force of copper in Shanghai opened at 51900 yuan / ton in the morning, the copper price fell slightly after the opening, and then arranged horizontally around the position of 51780 yuan / ton. Bulls continue to increase positions led to copper prices rose slightly to 51950 yuan / ton, but the momentum is insufficient, the market has declined, closing at 51810 yuan / ton at noon. In afternoon trading, Kongping mostly brought copper prices up slightly to intraday highs of 52040 yuan / ton. After falling about 200 yuan / ton, it fluctuated narrowly around 51910 yuan / ton. It closed at 51870 yuan / ton at the end of the day, up 500 yuan / ton, or 0.97%. During the day, the number of positions in 09 contracts increased by 1014 to 113000, mainly by bulls, while trading volume increased by 55000 to 142000. 08 the contract day reduced positions by 3293 to 85000, mainly by short positions, while trading volume increased by 22000 to 131000. Under the dangerous situation of the surge in new crown pneumonia cases around the world, the news that new crown vaccine research had made new progress was reported. Last night, Shanghai copper was boosted by the good news, and then the center of gravity fell back to 51850 yuan / ton level. During the day, copper prices fluctuated around this position. During the day, EU leaders reached a consensus on the economic rescue package, which also boosted market sentiment. Today, the closing of copper in Shanghai, KDJ opening has some convergence, below the 5, 10-day moving average adhesion bottom, the technical side of copper prices still have upward momentum. In the evening, wait for the outer disk guidelines to test whether Shanghai Copper can stand at the 52000 yuan / ton mark.

Today, the spot price of electrolytic copper in Shanghai is quoted at RMB130 / ton for the contract of that month, the transaction price of Pingshui copper is 51830 yuan / ton ~ 51990 yuan / ton, and the transaction price of Shengshui copper is 51870 yuan / ton ~ 52050 yuan / ton. The low level of copper in Shanghai rebounded around the daily average, which was blocked at 51950 yuan / tonne, and the morning market holder quoted a high price. Shunyan quoted a price as high as 70 yuan per ton for copper in flat water yesterday, and the price of good copper rose to more than 120 yuan per ton. The quotation of Pingshui copper is stable, but there are few waves in the quotation. The performance of the good copper market is still very different, ENM remains at about 80 yuan / ton, CCC-P maintains the range of 120 yuan / ton, the supply is scarce, Jinchuan board is basically rarely seen due to overhaul, the Guixi market is reported high to around 140 yuan / ton, wet copper follows the market upward quotation and remains stable at 30 yuan / ton. The market maintains a firm quotation, as the difference between the price of good copper and that of Pingshui copper becomes more obvious because of the shortage of good copper. the holder is still very high before delivery, but there will be an impact as the supply of delivery is about to flow out. In the afternoon, the disk tried to flush the 52000 yuan / ton mark again, although the center of gravity was blocked, but the center of gravity moved slightly up, the spot quotation changed little, Pingshui Copper held steady at 60 cents / ton, and the good copper was slightly looser than the morning quotation, but it was still above 100 yuan / ton, with the quoted price rising to 120 yuan / ton, and the transaction price was raised to 519,960 yuan 52100 yuan / ton.

Aluminum: Lun Aluminum opened at US $1665 / ton this morning. During the Asian session, Lomalco fluctuated in a narrow range along the daily moving average line at US $1665 per tonne. Entering the European session, Lomalco ushered in a strong rally, rising US $1684 / tonne based on its daily moving average and closing at US $1682 per tonne at 17: 00. Day K temporarily closed in a barefoot positive line, the center of gravity re-broke through the 5-day moving average, intra-day short positions to promote aluminum prices upward. Zhou Nailun aluminum recorded two consecutive yang, partly recovering from last week's decline. Foreign economic recovery situation gives aluminum price support, the recent Lun aluminum horizontal market shock in today's high, night trading need to pay attention to whether Lun aluminum can continue to work hard.

The Shanghai Aluminum 2008 contract opened at 14250 yuan / ton in the morning, and the opening price continued the downward trend of night volatility, recording an intraday low of 14185 yuan / ton at about 10:10 before noon. The low part of the short positions made a profit, and aluminum futures rebounded slightly, but midday aluminum gave up some of its gains, mainly horizontal market shocks. In the afternoon, the bulls increased their positions by more than 165hands, and the futures aluminum price reached an intraday high of 14285 yuan / ton. then some bulls reduced their positions and left the market, and some bears hurriedly reduced their positions and left the market at the end of the day. Aluminum futures closed on a positive line, and the closing price was 14245 yuan / ton. 08 contract day position decreased by 3034 to 117163 hands, the Shanghai Aluminum Index position increased by 586 hands to 399008 hands, the daily K closed at a narrow positive line, up 15 yuan / ton, the center of gravity is almost the same as the 5-day moving average, mainly short positions during the day. On the whole, the short game is more intense in the past two days, and Shanghai aluminum prices maintain a fluctuating trend in the range. From a fundamental point of view, low inventory, tight supply still give electrolytic aluminum prices a certain support, the current aluminum prices will test 14000 yuan / ton near the support level, the downward space is limited. It is expected that aluminum prices in the evening will continue the current trend of horizontal volatility.

The interval concussion before noon is mainly in the period of aluminum. The spot price of aluminum ingots in Wuxi is between 14400 and 14420 yuan / ton, while that in Shanghai is between 14390 and 14410 yuan / ton, which is 90 yuan lower than yesterday's absolute price. The spot water price in the market is around 180mur200 yuan / ton, which is about 60 yuan / ton lower than yesterday, and the price in Hangzhou area is between 14420 and 14440 yuan / ton. Due to the increase in arrival and weaker consumption, the supply of goods in the eastern China market today is obviously more relaxed than yesterday, and the shippers are more active, and the brands reported are more abundant, but under the background that the procurement plan of a large household is less than 10,000 tons, the willingness of the middleman to receive goods is relatively mediocre, and the trading between the two sides is flat, and the heat of transaction obviously drops after 11:00. Downstream today is mainly on-demand delivery, some traders feedback, because today's prices are lower than yesterday, superimposed yesterday's replenishment is not much, today's purchase volume is more than yesterday. East China today's overall transaction is mediocre, there is not much bright spot. Afternoon aluminum maintenance range fluctuations, the holder quoted at 14400 won 14420 yuan / ton, rising water to the disk around 160 won 180 yuan / ton, only a small number of transactions between traders, few downstream.

Lead: within a day, lead is opened at US $1829 / ton. During the Asian session, trading was light, and Lun lead was boosted by Shanghai lead and fluctuated upward along the daily moving average. After entering the European session, it reached an intraday high of 1851.5 US dollars / ton. Later, LME announced that lead stocks increased by 11175 tons to 74075 tons. The rising momentum of Lun lead was instantly blocked and fell below the daily moving average. Supported by the 5-day moving average of 1536.2 US dollars / ton, it rose again and returned to near the daily moving average, recording a deep V situation as of 1730. It temporarily closed at 1842.5 US dollars per ton, up 13.50 US dollars per ton, or 0.74 per cent. Lun lead overall reported two Lianyang, technical k-line entities under pressure 10-day moving average, greater upward pressure, while the macro level of new crown vaccine research has made new progress, the growth rate of new crown cases in the United States has slowed, overseas economic recovery is expected to improve, market investment confidence has increased, or Zhenlun lead can continue to rise, at night it is necessary to pay attention to whether Lunlun lead can break through and stabilize its 10-day moving average.

During the day, the 2009 contract for Shanghai lead opened at 14915 yuan / ton. In early trading, affected by the high shock of the Shanghai Composite Index, Shanghai lead was entrusted with the intraday moving average and was under pressure of 14940 yuan / ton horizontal adjustment. In the afternoon, bulls increased their positions, Shanghai lead wore the 5-day moving average and 10-day moving average along the way, and consolidated above the 10-day moving average of 15027 yuan / ton. It reached a daily high of 15075 yuan / ton several times, and finally closed at 15075 yuan / ton, up 300 yuan / ton, or 2.03%. The position increased by 881 to 19966, and the trading volume decreased by 4173 to 12920. Today, the overall trend of Shanghai lead is strong, reporting that the bald Changyang Line has successively crossed the 5-day moving average and 10-day moving average, and re-stood on the platform of 15000 yuan / ton. The KDJ index also shows signs of convergence, but due to the 5-day moving average has been under the 10 moving average, the upward pressure of Shanghai lead is still large. On the other hand, the consumption of lead in the upper and lower reaches of the fundamentals is warmer than before. Due to the limitation of profits, the supply of recycled lead is tight, and most of the consumption flows to electrolytic lead to boost the price of lead. At night, we need to pay attention to whether the bulls hold the Wanwu pass and continue to build up the momentum to push Shanghai lead upward.

Shanghai market Mulun lead 15020 yuan / ton, price 50 yuan / ton for Shanghai lead 2008 contract; Jiangsu and Zhejiang market Muleng, Wanyang, Yuteng lead 15020 Mel 15070 yuan / ton, Shanghai lead 2008 contract 50 RMB100 / ton; imported KZ lead 14970 yuan / ton, flat quotation for Shanghai lead 2008 contract. Lead concussion rebounded in the future, and the price quoted by the holder followed the market, and the rising water price did not change much for the time being. at the same time, the refinery sticker water narrowed, the downstream inquiry increased, and the market trading atmosphere was good.

Guangdong market Nanhua lead 14900 yuan / ton, quoted for SMM1# lead average price level; Henan Jinli and Wanyang 14880 yuan 14900 yuan / ton, for SMM1# lead average discount 20 yuan / ton to Pingshui (trader); Minshan, Henan 14950 yuan / ton, 50 yuan / ton for SMM1# lead price rise; Shuikoushan, Hunan 14950 yuan / ton, 50 yuan / ton for SMM1# lead price rise (trader); Jiangtong 14920 yuan / ton, 20 yuan / ton for SMM1# lead price rise Yunnan small factory 14600 yuan / ton, the average price of SMM1# lead discount 300 yuan / ton. Lead prices stopped falling and stabilized, market trading is still good, downstream on-demand procurement, recent orders have picked up, refinery supply is relatively small, loose orders are basically quoted to net prices.

Zinc: zinc in Geneva opened at US $2203.5 / tonne. In early trading, Len Zinc fell along its daily average, hitting a low of US $2190.5 / tonne. Non-ferrous zinc generally strengthened in the afternoon and recovered to around US $2200 / tonne. Afternoon strong concussion hit a high of US $2214.5 / ton and was blocked. After the European session, it finished in a strong and narrow range above the daily moving average line. As of 1730 Zinc closed up at US $2212 / t, up US $13.50 / t. An increase of 0.64%. Lun Zinc closed, standing above the 5-day moving average, below the 5-and 10-day moving average to form support, fundamental LME zinc inventory fell by another 650t, inflation expectations brought about by macro liquidity easing still exist, Lun Zinc is expected to rise easily but difficult to fall, and the support of US $2200 / ton below is effective.

Intra-day Shanghai zinc main 2009 contract opened at 17850 yuan / ton, mid-day zinc fluctuations in a narrow range to 17820 yuan / ton as the axis 50 yuan / ton range. The final closing price rose to 17840 yuan / ton, up 215 yuan / ton, or 1.22%. The trading volume increased by 11424 lots to 122000 lots, and the position increased by 2445 lots to 80982 lots. A long period of zinc close on the positive pillar, the continuation of the range shock market, in the economic recovery cycle, consumption optimism is expected to occupy a dominant position, mine-end supply is not big at present, zinc is expected to continue to fluctuate in the evening.

The mainstream transaction of zinc in Shanghai was 17905 million 17985 yuan / ton, Shuangyan 17990 yuan / ton, and imported zinc 17860 yuan 17940 yuan / ton. zinc was generally quoted at 95,000 yuan / ton in August; Shuangyan quoted water at 100,000yuan / ton in August, imported zinc was quoted at 50,000yuan / ton in August, and Zinc mainstream traded at 1783517915 yuan / ton in August, while Shuangyan quoted water price at 100,000yuan / ton in August, while imported zinc traded at 50,000yuan / ton in August, and imported zinc traded at 1783517915 yuan / ton. Shanghai Zinc 2008 contract shock operation, the first trading session of the morning market closed at 17855 yuan / ton, the late market shock consolidation, early morning high prices active shipments, the market shipping sentiment is high, the market ordinary zinc brand transactions are concentrated on the average price of SMM net, the market quotes for 2008 contracts in the morning, the rising water price is 110yuan / ton, and then some consignors lower the rising water price to 100yuan / ton. Entering the second period of time, trading in the market was light, and the holder lowered the price of rising water to 95 yuan / ton for the 2008 contract; zinc prices in the futures market continued to rise, and downstream today was dominated by wait-and-see, general market trading, and traders actively shipped at high prices.

The mainstream transaction of Ningbo Gao was 17900 Mel 18000 yuan / ton, and the price of ordinary brand to 2008 contract increased by 80 won 130 yuan / ton. the price difference between Ningbo and Shanghai ordinary brand was maintained at a discount of 10 yuan / ton yesterday. The price difference between Ningbo and Shanghai ordinary brands was maintained around 10 yuan / ton yesterday. Zinc prices are rising again today, and traders in Ningbo market are more active in shipments. In the first trading session, Tiefeng Bao is near 100 yuan / ton for August contract, West Mining News is around 80 yuan / ton for August contract, Kirin News is around 130 yuan / ton for August contract, Huize News is slightly lower than yesterday for August contract, but the transaction is still more difficult. The price of zinc is rising again today, and traders in Ningbo market are more active. In the first trading session, Tiefeng Bao is near 100 yuan / ton for August contract, and West Mining News is about 80 yuan / ton for August contract. Today, the supply of imported zinc such as Harbin zinc and Burmese zinc is cleared, and there is almost no circulation in the market. The market rebounded, the willingness to buy in the lower reaches turned worse, the rising water in the market was stronger, and the turnover was weaker than that of yesterday.

The mainstream trading volume of Guangdong Zinc is 17800mur17890 yuan / ton, and the quotation is concentrated in the price increase of 1540 yuan / ton for the Shanghai zinc 2009 contract, and the discount of 110yuan / ton for the Guangdong market is the same as that of the previous trading day. In the first trading session, the price was high and fluctuating, the price center moved upwards than yesterday, and the downstream bought more bargains yesterday, and today it is relatively wait-and-see, but there are rumors in the market that big traders have received the goods, and the market price is strong. Kirin, Mengzi, Huize quoted for the Shanghai zinc contract in September, the water rose 3040 yuan / ton, and Feilong water rose 15 yuan / ton. In the second trading session, after the network price is determined, the market quotation is relatively unified, the holder is not willing to adjust the water, the transaction shows a stalemate, and part of the transaction is dominated. Kirin, Mengzi and Huize quoted a price of 40 yuan / ton for the September contract of Shanghai zinc, 30 yuan / ton for Tiefeng, and 15 yuan / ton for Feilong. The mainstream transaction of Kirin, Mengzi and Huize was 17560mi 17700 yuan / ton.

The mainstream turnover of zinc ingots in Tianjin market was 17960mur18010 yuan / ton, Zijin was traded at 18000mur18030 yuan / ton, Huludao was quoted at 19300 yuan / ton, common zinc against 2008 contract quoted water 140yuan / ton to 160yuan / ton, Zijin contract for August was quoted around 180yuan / ton, compared with Shanghai market, the price of rising water in Tianjin market rose from 2030yuan / ton to 50 yuan / ton. Today, the decline of zinc in Shanghai has widened, and the discount price has been raised on the spot market. The price is relatively uniform. The ordinary brand Bai Ling Bao quoted a rise of 140 won 150 yuan per ton for the 08 contract, and Hongyi quoted a rise of 160 yuan per ton for the 08 contract. Chi Hong quoted a rise of 140 Mel 150 yuan per ton for the 08 contract, while the high-priced brand Zijin quoted a rise of 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 130 yuan / ton of water for the 08 contract and 60 yuan / ton of zinc (including the out of the warehouse) for the 08 contract. Zinc prices have gone up and down today, and traders have maintained their discounted quotations. After today's rebound, shipments are not smooth; downstream, after today's price rebound, the willingness to receive goods in the lower reaches weakens, and the return just needs to be purchased. On the whole, today's transaction is worse than yesterday's. Zinc ingots were sold at around 17850 RMB17880 per ton.

Tin: Lunxi electronic trading opened at US $17410 / tonne, with little trading in the morning, fell slightly to US $17365 / tonne in the afternoon, began to shock upward in the afternoon, rose sharply after the opening of the European market, hit US $17495 / tonne before the close of the Asian market, and fell back after peaking. As of 1620, the latest price of Lunxi is US $17470 / tonne, showing a positive line. After Lunxi closed above the 5-day moving average yesterday, the solid part of Lunxi today is completely above all moving averages, and it is expected to move steadily above the 5-day moving average in the short term, with the upper pressure level around 17550 US dollars / tonne.

Shanghai tin main 2009 contract opened at 140110 yuan / ton last night, opened slightly higher after shock uplink, after the mid-market began to shake, the center of gravity moved down slightly. Opened at 141930 yuan / ton in the morning, opened slightly higher and then fell back, began to shock uplink in the afternoon, rose more than in the afternoon, touched the highest point of 142500 yuan / ton in the day. After reaching the peak, the pullback and concussion went down, closing at 141460 yuan / ton, up 1180 yuan / ton, or 0.84%, with 38475 hands traded, 27569 positions and an increase of 280 hands, showing a positive line. Today, Shanghai tin has not been effectively broken along with the upper part, but the solid part sits firmly below the 20-day moving average, without the lower shadow line, and the lower 20-day moving average support is more stable. Combined with the trend of Lunxi, it is expected that Shanghai tin will stabilize above the 5-day moving average. The upper pressure level is around 142500 yuan / ton.

On the spot market, today's quotation is 139500 RMB142500 per ton. The tin market in Shanghai is up about 1000 yuan / ton compared with yesterday morning, and the average net price is up 500 yuan / ton. Spot prices are higher than yesterday, and buying downstream is in general. Early afternoon prices rise, rising discount is more appropriate, traders are more willing to receive goods, there are a small number of goods. The overall Shanghai-tin spot trading atmosphere is general. Liter discount, on the Shanghai tin 2009 contract set Yunxi rise 500mur1000 yuan / ton, Yunzi Pingshui near, small brand discount 1500mur2000 yuan / ton.

Nickel: the Lunni sub-market opened at 13200 US dollars / ton today, fluctuated narrowly around the daily average of 13230 U.S. dollars / ton in the morning, and gradually rose to around 13270 U.S. dollars / ton in the afternoon. After the close of trading in Shanghai, due to the continued strength of US crude oil, Lunni showed a step-by-step upward trend in European trading, reaching as high as 13400 US dollars / ton. As of 18Rom 20, Lunni temporarily closed at US $13395 / tonne, watching the trend of US index and crude oil in the evening to test whether Lunni can continue its rebound momentum.

The Shanghai Nickel 2010 main contract opened at 105900 yuan / ton today and fell back near the 20-day moving average of 105500 yuan / ton at the opening. Then the bulls increased their positions upward. After the short selling pressure of Shanghai Nickel below 106000 yuan / ton, Shanghai Nickel continued to explore to 105440 yuan / ton after giving up its gains, which is the lowest point in the day. In the second trading session of the morning market, Shanghai Nickel gradually stabilized to 105800 yuan / ton shock adjustment. In the afternoon, Shanghai Nickel broke through to 106280 yuan / ton after adjustment, and continued the game around 106000 yuan / ton. finally, Shanghai Nickel closed at 105970 yuan / ton, up 340 yuan / ton, or 0.32%. The trading volume was 634502 lots, and the position increased by 1317 lots to 131630 lots. Shanghai Nickel recorded a positive cross today, supported by the 20-day moving average below. Waiting for the guidance of the outer disk in the evening, Shanghai Nickel may continue to test the 5 / 10 moving average pressure upward.

Today, SMM1 Electrolytic Nickel is quoted at 104700 RMB105700 per ton. In the spot market, most traders quoted prices for 08 contracts, while individual traders turned to 09 contracts. After the release of downstream demand yesterday, the willingness to purchase has weakened today, while the circulation atmosphere of inquiry among traders is OK. Russo Nickel to Shanghai Nickel 2008 contract quoted 450 yuan / ton to 350 yuan / ton, Russian nickel discount mainly due to the volume of shipments of traders yesterday, today's inventory reduction after the holder is reluctant to sell. Jinchuan Nickel to Shanghai Nickel 2008 contract rose 400mur500 yuan / ton, the transaction situation is also lower than yesterday. Jinchuan Company quoted the ex-factory price in Shanghai at 106000 yuan / ton, which is 500 RMB600 / ton higher than the market price, so the willingness of traders to accept the goods is restrained. The price of nickel beans today ranges from 1300 to 1200 yuan / ton, which is the same as that of yesterday. There are certain enquiries during the day, but it is reported that the transaction has not been reached.

 

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