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Review on spot Trading Day of SMM Base Metals on July 28th
Jul 28,2020 18:55CST
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Source:SMM
Review on spot Trading Day of SMM Base Metals on July 28th
The content below was translated by Tencent automatically for reference.

Copper: Lun Copper opened high at 6466 US dollars / ton today. After the opening of Shanghai Copper, long positions pulled Lun Copper up rapidly, climbing a daily high of 6520.5 US dollars / ton, but the momentum of the rise was limited, and the increase was obvious above 6500 US dollars. Shock finishing around 6485 US dollars / ton. Subsequently, affected by the plummeting prices of gold and silver, Lun Copper fell through the daily moving average and shook down to $6418.5 / ton, giving up all its gains during the day. After finding support at the bottom, copper prices rebounded and the center of gravity stabilized at US $6430 / tonne. By the end of 17, Lun Copper closed at US $6426.5 / tonne, down US $3.50 / tonne, or 0.05 per cent. Today's sharp rise in precious metal prices has led to higher prices of other metals, and copper prices have also been boosted. However, due to market concerns about the soaring number of confirmed cases of novel coronavirus in the United States and the difficulty of mitigating geopolitical risks, the overall market sentiment remains cautious, and silver speculators escape from the market, putting some pressure on the market. Today, Lun copper negative, MACD green column continued to grow, in the short term copper prices upward pressure. In the evening, pay attention to the Conference Board Consumer confidence Index in the United States in July to test whether Lun Copper can rise again.

Today, the main force of copper in Shanghai opened at 51700 yuan / ton in the morning. after the opening, the bulls entered the market to pull up the copper price above the 52000 mark, to the highest point of 52250 yuan / ton in the day, but the market fell rapidly under the short selling pressure, and the center of gravity stabilized at 51900 yuan / ton after falling about 400 yuan / ton. at this time, the copper price fell again, closing at 51640 yuan / ton in midday trading. Copper prices opened in the afternoon to explore the intraday low of 51360 yuan / ton, near the end of the day, the center of gravity of copper in Shanghai slightly rose to 51570 yuan / ton, and finally closed at 51540 yuan / ton, down 150 yuan / ton, down 0.29%. Today, the main daily position of Shanghai Copper increased by 1788 to 115000, mainly for short positions, and trading volume increased by 15000 to 167000. 08 during the contract day, positions were reduced by 3314 to 66000, mainly by long positions, while trading volume decreased by 9000 to 40, 000. Against the backdrop of tense international relations, severe novel coronavirus epidemic and market expectations that the Federal Reserve will remain loose for a long time, the US dollar is under full pressure, with precious metals such as gold and silver soaring to record highs, and copper prices are also boosted, opening high and breaking the 52000 mark in the morning. There was a deep correction in gold and silver during the day, and copper prices fell under pressure. Fundamentally, although the strike at the Centinela copper mine in Antofagasta, Chile has been avoided, the tight supply pattern at the mine side has not changed the market, and copper prices are still supported. Today, Shanghai Copper Yang, KDJ opening convergence, but the top is still under pressure 5-day, 10-day moving average. Wait for the guidance of the outer disk at night to test whether Shanghai Copper can reach the 52000 mark again.

Today, the spot price of electrolytic copper in Shanghai quoted a price of 30 yuan / ton to 100 yuan / ton for that month's contract, 51900 yuan / ton to 52040 yuan / ton for Pingshui copper, and 51950 yuan / ton to 52080 yuan / ton for Shengshui copper. Copper in Shanghai opened high and went low, with 52000 yuan / ton under pressure falling below 51700 yuan / ton. The market stops and wait and see, the holder continues to quote yesterday, and the price trend remains the same. the price of good copper in the morning market is 80 yuan / ton, and the monthly ticket price of flat copper is around 50 yuan / ton. the monthly ticket price of flat copper is 30-40 yuan / ton, and the transaction is still stuck in a stalemate. Traders prefer to raise water by 30 yuan / ton, and the transaction is slightly improved, and the supply of good copper is still tight, maintaining in the range of 80 yuan / ton, the price of rising water is still in the range of 100 yuan / ton, the price of good copper is still tight, and the supply of good copper is still tight, which is maintained in the range of 100 yuan / ton of rising water. Wet copper to maintain yesterday's discount of 60 to 20 yuan / ton, the transaction is general, there are great differences between brands, coupled with bill factors lead to serious differentiation of wet copper price difference. Today's demand for monthly tickets has obviously lost momentum, the market has been mostly quoted for next month's tickets, the market price reduction is limited, traders are cautious in receiving goods, and the transaction shows a stalemate. In the afternoon, the center of gravity dropped sharply to around 51500 yuan / ton, the spot quotation was stable in Pingshui copper rising water 40-50 yuan / ton, good copper rising water 90-100 yuan / ton, the transaction price dropped to 51540-51740 yuan / ton.

Aluminum: Lun Aluminum opened at US $1710 / ton this morning. In Asian session, it opened higher, reaching an intraday high of US $1716.5 / ton at around 10:15 before noon, and then shook downwards. It fell to an intraday low of US $1705.5 / ton at around 13:45 and then rebounded to US $1713 / ton as of 15: 00. In the European session, Lun Aluminum continued the upward trend, as of 16: 38 Lun Aluminum tentatively reported 1714 US dollars / ton. Day K temporarily closed in a small positive line, within the day to short positions mainly. At present, with the forced restart of the US economy and the gradual recovery of the economic recovery of the rest of the world, overseas demand for electrolytic aluminum has recovered somewhat. The dollar index continued to fall recently, precious gold metals were strengthened by safe-haven factors, and the overall center of gravity of LME metal prices moved upward. It is expected that the price trend of Lun aluminum at night is still on the strong side.

The main 2009 contract of Shanghai Aluminum opened at 14270 yuan / ton in the morning, and the bulls increased their positions and strongly raised the aluminum price within 30 minutes of trading, reaching an intraday high of 14400 yuan / ton. after that, the game intensified one after another, and aluminum prices maintained a horizontal trend until noon. Afternoon aluminum prices first depressed and then rose, reached an intraday low of 14250 yuan / ton and then rebounded, closing at 14330 yuan / ton at the end of the day. The position in the 09 contract day increased by 8623 to 108345, while the position in the Shanghai Aluminum Index decreased by 3287 to 374158. The daily K closed at a barefoot positive line, with the center of gravity above the 5-day moving average, an increase of 0.77%. Most of the positions were increased by bulls during the day. In the macro aspect, the continuous decline of the US dollar index has led to a general rise in the outer disk metal. Considering the current situation of loose domestic liquidity, the domestic basic metal price has risen more obviously. From a fundamental point of view, the current demand for electrolytic aluminum is OK, inventory remains low, and the fundamentals of electrolytic aluminum remain unchanged. It is expected that the trend of Shanghai aluminum price is still strong in the short term.

Aluminum remained high and fluctuated in a wide range before noon. The spot price of aluminum ingots in Shanghai is between 14650-14670 yuan / ton, the spot price of aluminum ingots in Wuxi is between 14670-14690 yuan / ton, the spot price is about 90 yuan / ton higher than yesterday, and the spot price is between 90-110yuan / ton. the spot price difference between the current and next month is around 10 yuan / ton, part of the imported aluminum ingot price is between 14610-14630 yuan / ton, and the price in Hangzhou is between 14670-14690 yuan / ton. Today, the market holder is still active in shipping, although there is no shortage of spot goods and rich brands, but the holder is relatively high price. judging from the current spot circulation and transaction situation in the market, it is expected that the rising water will continue to fall, and the middleman will be active in reverse shipment. some merchants take into account the invoice factors, today is more active to receive goods, the two sides trading is OK. Although a large company announced its purchase plan today, the quotation does not have an advantage, so it is difficult for the holder to recognize it, and the actual delivery volume is not much. Today, the downstream is dominated by on-demand procurement, and downstream consumption weakens after entering the traditional off-season. The overall transaction in East China is mediocre today. Afternoon aluminum to maintain a range of fluctuations, the holder quotes around 14620 yuan / ton, the price of water on the disk is about 120yuan / ton, only a very small amount of transactions between traders, few downstream.

Lead: during the day, Lun lead opened at US $1860.5 / tonne. During the Asian session, Lun lead was boosted by the general rise of basic metals in the outer disk, reaching an intraday high of 1867 yuan / ton, and then the daily average under pressure fluctuated horizontally. Near noon, the dollar index rose sharply, Lun lead was dragged down, and rose at 1854.5 US dollars / ton. Entering the European session, Lun lead fluctuated sharply around the daily moving average, with a pressure of 1865 US dollars / ton at the top and a low of 1851 US dollars / ton below. As of 1730, it temporarily reported 1851.5 US dollars / ton, down 4 yuan / ton, or 0.22%. Lun lead high temporary short negative line, long and short game is fierce, Lun lead upward pressure, but the KDJ index is still upward exposure, technical indicators have not yet reflected the trend of long short, and today LME lead inventory ended five consecutive increases, reduced 100 tons to 117600 tons, Lun lead may be boosted, night focus on whether the bulls can continue to drive Lun lead upward.

During the day, the 2009 contract for Shanghai lead opened at 15380 yuan / ton. In early trading, the overall pressure on Shanghai lead was 15470 yuan / ton, fluctuating at a high level above the daily moving average. In the afternoon, the bulls entered the market strongly, and the shock amplitude of lead in Shanghai relaxed slightly, reaching a high of 15560 yuan / ton, a low of 15320 yuan / ton, and finally closed at 15435 yuan / ton, up 345 yuan / ton, or 2.29%. The position increased by 169lots to 23021 lots, and the trading volume increased by 14783 to 48414 lots. Shanghai lead jumped high and closed at Sanlianyang, standing above the 5-day moving average. At the same time, the 5-day moving average was above the 10-day moving average, the KDJ index was exposed upward, and the technical index showed a trend of more, but there was still a pressure line of 15540 yuan / ton above. And the fundamental consumption season has not yet arrived, downstream fear of falling carefully, to maintain rigid demand, there is no significant improvement in consumption, Shanghai lead uplink pressure is greater. At night, we should pay attention to whether the bulls can continue to drive Shanghai lead to break through the upper pressure level.

The price of southern lead in Shanghai market is 15510 yuan / ton, 50 yuan / ton for Shanghai lead 2008 contract, 15510 yuan / ton for Jiangsu and Zhejiang market, 15510-15540 yuan / ton for southern lead contract, and 50-80 yuan / ton for Shanghai lead 2008 contract. Lead futures continued to rise, and due to the limited supply of goods in circulation, the holders made more price shipments, the quotation turned to rising water, while the downstream was afraid of high and cautious mining, and the trading activity of the bulk market was weaker than yesterday.

Guangdong market Nanhua lead 15325 yuan / ton, flat water quotation for SMM1# lead price; Minshan, Henan province, 15425 yuan / ton, for SMM1# lead price 100 yuan / ton; Shuikoushan, Hunan, 15375 yuan / ton, 50 yuan / ton for SMM1# lead price (trader); Jiangtong 15325 yuan / ton, flat water price for SMM1# lead. Yunnan small factory 15005 yuan / ton, the average price of SMM1# lead discount 300 yuan / ton. Lead prices continue to rise strongly, the supply of goods in the market is relatively small, downstream today still maintain on-demand procurement, the overall future orders are expected to be revised.

Zinc: zinc in Geneva opened at US $2236.5 / tonne. Zinc in Geneva hit US $2271 / tonne in a straight line, swinging down all its gains after hitting US $2271 / tonne, and finishing at around US $2225 / tonne in the afternoon. With the further deterioration of market sentiment in the afternoon, Lunzinc once again fell to around US $2215 / tonne, and there was still a further downward trend. As of 16chow 27, Lunzn Zinc closed down at US $2236 / t, down US $20 / t, or 0.89%. Lun Zinc received a long shadow negative column, obvious pressure, within the day LME zinc inventory increased by more than 14000 tons to 173000 tons, inventory further manifested, consumption recovery rate is significantly slower than the supply rate, coupled with the macro-optimistic situation and convergence, Lun Zinc is expected to be difficult to move higher in the short term.

During the day, the main 2009 contract of Shanghai zinc opened at 18170 yuan / ton, and at the beginning of the day, the zinc warehouse uplink refreshed the recent high to 18525 yuan / ton, the upper action could not have enough funds to stop the earnings and left the market one after another, and the zinc concussion was expected to give up all the gains in the day. make up for a slight fall in the vicinity of 18080 yuan / ton, and make a small repair arrangement after a low of 17930 yuan / ton. The final close fell 17980 yuan / ton, down 100 yuan / ton, down 0.55%. The trading volume increased by 91194 lots to 288000 lots, and the position increased by 153 lots to 97908 lots. Lun Zinc closed a long positive column, several breaks in succession ended in failure, the expected production growth is more certain, lack of market participation, it is expected that the zinc shock market will continue in the short term.

The mainstream turnover of zinc in Shanghai was 18,080,18,440 yuan / ton, Shuangyan was 18,100,18,450 yuan / ton, and imported zinc was 18,010,18,370 yuan / ton. Shuangyan quoted water at 80,085 yuan / ton in August. Shuangyan quoted water at 90,100 yuan / ton in August, imported zinc quoted water at 60,080 yuan / ton in August, and zinc mainstream traded at 18010-18370 yuan / ton. Shanghai Zinc 2008 contract went up and fell back, the first trading session of Shanghai Zinc Market closed at 18195 yuan / ton in the morning, and zinc continued to decline in the later period. The price of ordinary zinc brands in the market was concentrated near the average price of SMM net, and the market quotation was 80 yuan / ton for 2008 contracts in the morning, and then a small number of holders raised the price to 85 yuan / ton. entering the second period of time, the market trading was insipid, and the holder maintained the rising water quotation. The futures market fluctuates greatly, the lower reaches purchase at low prices today, the market trading is better, and the supply of zinc ingots in the market is relatively tight, and the overall rising water remains strong.

The mainstream transaction of Ningbo Bao was 18090-18600 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brand narrowed from 30 yuan / ton to 10 yuan / ton. Today, zinc prices have gone up and down. In the first trading session, Tiefeng and Xi Mining reported that the water rose around 90 yuan / ton for the August contract, about 100 yuan / ton for South China for August, and about 110-120 yuan / ton for Kirin for August. Huize reported that around 150 yuan / ton for the August contract, the high zinc price market was light, and the downstream temporarily waited and saw that the market activity increased slightly with the zinc price falling. Rigid demand procurement contributes to the main market transactions, the overall market transactions are mediocre.

The mainstream turnover of zinc in Guangdong is 17970-18500 yuan / ton, and the quotation is concentrated on the discount of 20 yuan / ton to even water for the 2009 contract of Shanghai zinc, and the discount of 90 yuan / ton in Guangdong market is 10 yuan / ton higher than that of the previous trading day. In the first trading session, futures prices soared, there were few purchases downstream, shipments increased when the shipments were high, and spot prices were under pressure. Kirin, Mengzi, Huize and Tiefeng quoted a discount of 20 yuan / ton to flat for the September contract of Shanghai zinc. In the second trading session, price volatility fell, downstream bargain purchases increased, traders also actively inquired about discounts, and market trading improved compared with the first trading session. Kirin, Mengzi, Huize and Tiefeng offer a discount of 20-10 yuan / ton for the September contract of Shanghai zinc. Kirin, Mengzi, Huize mainstream transactions at 17970-18500 yuan / ton.

The mainstream turnover of zinc in Guangdong is 17970-18500 yuan / ton, and the quotation is concentrated on the discount of 20 yuan / ton to even water for the 2009 contract of Shanghai zinc, and the discount of 90 yuan / ton in Guangdong market is 10 yuan / ton higher than that of the previous trading day. In the first trading session, futures prices soared, there were few purchases downstream, shipments increased when the shipments were high, and spot prices were under pressure. Kirin, Mengzi, Huize and Tiefeng quoted a discount of 20 yuan / ton to flat for the September contract of Shanghai zinc. In the second trading session, price volatility fell, downstream bargain purchases increased, traders also actively inquired about discounts, and market trading improved compared with the first trading session. Kirin, Mengzi, Huize and Tiefeng offer a discount of 20-10 yuan / ton for the September contract of Shanghai zinc. The mainstream transactions of Kirin, Mengzi and Huize were between 17970 and 18500 yuan per ton.

Tin: the Lunxi electronic plate opened at 18030 US dollars / ton this morning. Lunxi followed the Shanghai-tin pull in the morning, touched the intraday high of 18250 US dollars / ton, fell sharply in the afternoon, slightly moved up in the afternoon, fell again, reached the day's lowest point of 17960 US dollars / ton, and rebounded after hitting the bottom. as of 17140, the latest price of Lunxi is 18000 US dollars / ton, down 50 US dollars / ton, showing a cross star. The upper pressure level is expected to be around $18200 / tonne and the lower support level is around $17900 / tonne.

The Shanghai tin 2010 contract opened at 146700 yuan / ton last night. The bulls entered the market after the opening, and the price rose, and then the long-short game, the horizontal market fluctuated to the close of the night market, and the amplitude narrowed from 1000 yuan / ton to 300 yuan / ton gradually. In the morning, tin opened at 148060 yuan / ton in Shanghai. After the opening, the bulls actively entered the market, and the futures price rose sharply, hitting the highest point of the day and the highest point of the year so far 154400 yuan / ton, exceeding last year's peak. After reaching the top, the pressure at the top was too great, the bulls worried about the risk of high positions, made a profit out of the market, and the short sellers took the opportunity to enter slightly, tin prices fell, concussion down, down 146750 yuan / ton in the afternoon, then rebounded to close at 148170 yuan / ton, up 1660 yuan / ton, up 1.13%, 70852 hands traded, 22786 positions, an increase of 4645 hands, showing a positive line, the physical part is located above all moving averages, and the bottom is close to the Bollinger belt on the track. Shanghai Xishang shadow line is long, the upper pressure is greater, we need to guard against high risks, the current short-term target is still pointing above the 150000 yuan / ton mark.

On the spot market, it is quoted at 146000-150000 yuan / ton today. The tin market in Shanghai rose again, and the average net price rose 5000 yuan / ton. The absolute price is too high, the downstream demand is cold; the increase is large, traders worry about market risk, take a wait-and-see attitude, the overall Shanghai tin spot market turnover is cold. Liter discount, the Shanghai tin 2009 contract Yunxi rose 500 yuan / ton, near Yunzi Pingshui, small card sticker 3000 yuan / ton.

Nickel: Lunni opened at US $13800 / ton today, and its center of gravity fluctuated slightly around US $13820 / ton before the opening of the Asian market. After the opening of Shanghai Nickel, Lunni followed Shanghai Nickel to rise sharply, reaching a high of US $13995 / ton, a recent high. Subsequently, the pressurized Boll line was on track and the $14000 / ton mark fell back, and the $13860 / ton short-term consolidation continued to fall, falling below the $13600 / ton position and then being supported and stabilized. The center of gravity fluctuated in a narrow range around that position and entered the European period. Lenny once again opened its downward trend. As of 17: 06, it was at 13535 US dollars / ton, down 2.65 US dollars / ton, or 1.92%, from the settlement price of the previous trading day. Trading volume decreased by 1867 to 4393, while position increased by 323 to 197044. Today, Lunni temporarily closed on the long upper shadow line, the upper orbit position of the Boll line was explored on the shadow line, the K-column went down through the 5-day moving average, the MACD red column became shorter, and no important data and events were announced at night, focusing on Lunni's support of US $13500 / ton.

Shanghai Nickel 2010 main contract today opened at 110100 yuan / ton, after the opening of a large number of positions, helping Shanghai Nickel to explore 112000 yuan / ton mark, a new high after the year. Subsequently, the Shanghai Nickel pressure fluctuated slightly in the short term. At 10:00, the safe-haven funds left the market, gold and silver fell sharply, the US dollar index rebounded, the Shanghai Nickel bulls were affected by profit-taking, giving back the previous gains fell to the first line of 108500 yuan / ton. In the afternoon, the Shanghai Nickel stopped falling and stabilized, and the center of gravity fluctuated in a narrow range around 108700 yuan / ton until the close of trading at 108740 yuan / ton, down 1400 yuan / ton, or 1.27%, compared with the previous trading day. Trading volume decreased by 194000 lots to 851000 lots, and position decreased by 9537 lots to 138200 lots. Shanghai Nickel closed at the long shadow line today. Nickel fundamentals have been mediocre in recent days, and nickel prices have been greatly affected by macro news and funds. recently, Shanghai Nickel has reached the 112000 mark in recent days, and its moving average is still neatly arranged. At night, we should pay attention to whether Shanghai Nickel can gain momentum after falling and stand firm at the 110000 mark.

Today's SMM1 Electrolytic Nickel report 110200-111200 yuan / ton, Shanghai Nickel hit a high this morning and fell back this morning, running below the 110000 gate in the afternoon, downstream users still hold a wait-and-see attitude, spot market demand is still not picking up, the transaction is not good. The discount has not changed much compared with yesterday, Russo Nickel to Shanghai Nickel 2009 contract sticker 400 to 300 yuan / ton, the circulation among traders is not as good as yesterday. Jinchuan Nickel 2009 contract against Shanghai Nickel rose 200 to 300 yuan per ton, with only small orders traded during the day. The ex-factory price of Jinchuan Company was quoted at 110300 yuan / ton, but the trading price fell continuously and the willingness to accept goods in trade was limited. Nickel beans to Shanghai Nickel 2009 contract quoted price of 1100-1000 yuan / ton.

 

 

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