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Review on spot Trading Day of SMM Base Metals on July 31st
Jul 31,2020 20:12CST
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Source:SMM
Review on spot Trading Day of SMM Base Metals on July 31st
The content below was translated by Tencent automatically for reference.

Copper: today Apanlon Copper opens at US $6473 / ton. After the opening of Shanghai Copper, Lun Copper concussive upward climb intraday high of 6500 US dollars / ton. The $6500 mark is still being attacked by short sellers, with Lun Copper moving its center of gravity below the daily moving average, and then moving sideways to $6487 / ton. In the afternoon, short positions pushed down the price of copper, Lun copper fell to $6455.5 / ton, while Len copper rose about $30 / ton. After a brief shock around the daily average width, it fell slightly again to the first line of $6466 / ton. Lun Copper closed at US $6466.5 per tonne, up US $11 per tonne, or 0.17 per cent, as of 17PUR 00. China's official manufacturing PMI released during the day was higher than expected in July, indicating that the Chinese economy is recovering well and investors' confidence has been boosted by the positive performance of copper demand. Today, Lunzhong negative, KDJ under the expansion convergence, and below by the 5-day moving average to support the bottom. In the evening, focus on the monthly rate of personal spending in the United States in June to test whether Lun Copper can continue to rise steadily.

Today, the main force of Shanghai copper opened at 51750 yuan / ton in the morning. After the opening, Kongping mostly went up the copper price slightly, exploring the intraday high of 51950 yuan / ton, but the rising momentum was limited, and the disk fell to 51700 yuan / ton, and arranged sideways around this position until the midday close. In afternoon trading, copper prices briefly rose to 51870 yuan / ton and then fell again, crossing the daily moving average line to explore an intraday low of 51620 yuan / ton. The short part left the market at the end of the day, making the disk temporarily out of the low level, and finally closed at 51820 yuan / ton, down 10 yuan / ton, or 0.02%. Today, the main daily position of Shanghai Copper decreased by 3768 to 119000, mainly by short positions, while the trading volume increased by 25000 to 177000. 08 during the contract day, positions were reduced by 6927 to 47000, mainly by short positions, while trading volume decreased by 3000 to 26000. The novel coronavirus epidemic hit the economy much harder than expected, and last night the United States announced that GDP shrank sharply by 32.9% in the second quarter, the biggest drop since the 1940s. Uncertain prospects for economic recovery, coupled with the continued spread of the global epidemic, increased investors' pessimistic expectations, macro sentiment is not as expected to put pressure on copper prices, but China's manufacturing industry has steadily recovered, economic recovery growth has formed a good trend. In the morning, the National Bureau of Statistics announced that China's manufacturing PMI was 51.1% in July, above the 50 rise and fall line for five consecutive months. The manufacturing PMI index continued to recover, indicating a continued recovery in the domestic economy and boosting copper prices. Today, the closing of copper in Shanghai, the opening of KDJ has reined in, waiting for the outer disk guidelines in the evening to test whether the bulls can push again to support copper prices to continue to rise. Today, the spot price of electrolytic copper in Shanghai is quoted at 10-90 yuan per ton for that month's contract, the transaction price of Pingshui copper is 51760 yuan / ton ~ 51920 yuan / ton, and the transaction price of copper is 51820 yuan / ton ~ 51980 yuan / ton. Shanghai copper continued to fluctuate around 51800 yuan / ton first line. Morning market quotation flat water copper in the rising water 20 yuan 30 yuan / ton, good copper price price in the rising water 90 yuan / ton, market transactions more wait-and-see, the end of the month stalemate characteristics are obvious, low activity, demand decline, in the trading price, flat copper trading in the rising water 10 yuan 20 yuan / ton, good copper can be as low as 70 yuan / ton, wet copper down, as low as 80 yuan / ton discount. At the end of the month, enterprises are involved in settlement and invoicing, and there is a lack of buying interest among traders and downstream, and the transaction may improve after the next month. In the afternoon, the market fell, and there were few substantive transactions in the market, but the holders were unwilling to further reduce the price of rising water. Pingshui copper quoted a price of 20-30 yuan per ton, while good copper continued to rise 80-90 yuan per ton, and the transaction price fell to 51620-51740 yuan / ton.

 

Aluminum: Lun Aluminum opened at US $1724.5 / ton in the morning, running in a narrow range in the Asian session; into the European trading session, Lun Aluminum fluctuated upwards. as of 17:50 domestic time, Lun Aluminum closed at US $1730 / ton, while the K-line temporarily closed at a small positive line, rising US $5.50 / ton, or 0.32%. The trading volume decreased by 7955 to 3572, and the position increased by 741 to 787000, mainly by long positions. The United States index continues to decline to give the outer disk metal support, Lun Aluminum recently mainly with the macro fluctuations, it is expected that the night will still be high shock operation.

Shanghai Aluminum's main company 2009 contract opened at 14700 yuan / ton in the morning, increased more than 2, 000 positions at the beginning of the session, briefly shot up to 14770 yuan / ton, and then long positions left, the price fell back from the high, the hourly line tested the 20-day moving average below the 20-day moving average, and the afternoon market fluctuated narrowly, closing at 14685 yuan / ton, down 35 yuan / ton, or 0.24%. Trading volume decreased by 19617 to 165000, and positions decreased by 4514 to 129000, mainly by long positions. Day K line ends 4 Lianyang, take a long shadow line Xiaoyin line, below is supported by the 5-day moving average. As warehouse receipts have increased by nearly 5,000 tons today, we need to continue to pay attention to the impact of changes in the mood of long bears in the evening on the structure and trend of Shanghai aluminum in recent months.

Aluminum concussion fell before noon. The spot price of aluminum ingots in Shanghai and Wuxi is between 14980 and 15000 yuan / ton, and the absolute price is basically the same as yesterday. The spot rising water was about 50 yuan / ton in the morning, and the later aluminum price fell and the holder's relative standing price. The spot rising water then rose to 60-80 yuan / ton, and the rising water was basically the same as yesterday. The difference between the ticket price of that month and next month is about 10 yuan / ton, and the quoted price of imported aluminum ingots in the market is between 14940 yuan and 14960 yuan / ton. The price in Hangzhou is between 14980 and 15000 yuan / ton. Today's market is relatively dull, in the morning, the consignor expects the rising water to fall in the later period, the shipment is very active, the spot supply in the market is sufficient, the middleman can pick up the goods, mainly to fill the order, and the trading between the buyer and the seller is mediocre. After 11: 00, due to the large decline in aluminum futures, the willingness of the consignor to ship has been restrained, and the market transaction heat is not as hot as in the morning. Downstream still buy goods on demand, but due to the approach of the weekend and the recent trend of aluminum prices did not have a significant correction, today's performance weekend stock signs, procurement is better than yesterday. The overall transaction in East China is mediocre today. Aluminum in the afternoon to maintain a range of shocks, the holder quotes around 14960 yuan / ton, the opposite side of the market rise around 40 yuan / ton, only a small number of transactions between traders, few downstream.

Lead: during the day, Lun lead opened at US $1872 / tonne. During the Asian session, trading was light, basic metals rose generally in the outer disk, and Lun lead was boosted, fluctuating up along the daily moving average, reaching an intraday high of US $1880.5 / tonne. Entering the European session, Shanghai lead fell back to a high and fell all the way below the daily moving average to below the five-day moving average due to the rise of the US dollar index. as of 17 30, Lun lead temporarily reported US $1861.5 per ton, down US $8 per ton, or 0.43 per cent. Lun lead temporarily closed two consecutive negative, k-line entities under the 5-day moving average, KDJ index opening continues to show convergence, heavy pressure above Lun lead, coupled with the macro aspect, today announced that the euro zone in the second quarter GDP fell more than expected, overseas economic recovery is slow, investor sentiment is more worried, alert to Lun lead pressure.

During the day, the 2009 contract for Shanghai lead opened at 15655 yuan / ton. In early trading, bulls reduced their positions, and Shanghai lead was supported near the daily moving average, fluctuating horizontally in the range of 15585-15635 yuan / ton, reaching a low of 15565 yuan / ton during the period. Near the end of the day, boosted by the strong pull of Shanghai zinc, Shanghai lead rose to 15725 yuan / ton. Under pressure, the closing price gave up some of the gains yesterday, closing at 15705 yuan / ton, down 5 yuan / ton, down 0.03%. The position decreased by 828 to 24122, and the trading volume decreased by 7059 to 31255. After Shanghai lead closed at five Lianyang, the bulls made a high profit and reduced their positions, and Shanghai lead showed a trend of horizontal adjustment. However, Shanghai lead is still reported to close the positive line, the center of gravity of the k line has not moved down, the lower 5-day moving average still has a strong support, coupled with the fundamentals of the peak consumption season is approaching, Shanghai lead is expected to maintain a volatile trend in the short term.

The price of southern lead in Shanghai market is 15675 yuan / ton, 50 yuan / ton for Shanghai lead 2008 contract, 15675 yuan / ton for Jiangsu and Zhejiang market, 15675-15700 yuan / ton for southern lead contract, and 50-75 yuan / ton for Shanghai lead 2008 contract. Lead concussion correction, holders accompanied by quotations, but recycled lead to maintain discounted shipments, downstream procurement to choose low according to demand, trading in the market is still not improved.

South China lead 15650 yuan / ton in Guangdong market, 50 yuan / ton in SMM1# lead price; 15700 yuan / ton in Minshan, Henan, 100 yuan / ton in SMM1# lead price; 15650 yuan / ton in Shuikoushan, Hunan, 50 yuan / ton in SMM1# lead price (trader); 15570 yuan / ton in the south of Hechi, Guangxi, 30 yuan / ton discount to flat water; 15350 yuan / ton in Yunnan small factory, 250 yuan discount to SMM1# lead price. The high price of lead falls, the willingness of the smelter to ship is still not high, and the market quotation remains flat to rising water.

Zinc: zinc in Geneva opened at US $2296.5 / tonne, the performance of Zinc in Geneva was mediocre in the Asian market, and it was strongly suppressed at the integer level of US $2300 / tonne. The finishing operation was in the range of US $2290-US $2300 / tonne. As risk appetite heats up in the afternoon, Lunzinc strongly breaks through the integer barrier and pulls up further after a temporary pause around US $2315 / tonne. After reaching a high of US $2234 / tonne, it pulls back slightly. As of 15PUR 33, Lun Zinc closed up US $2323.5 / ton, up US $30.50 / ton, or 1.33%. Lun Zinc center of gravity further upward, the bottom short moving average long arrangement continues, the technical form performance is better, the marginal improvement of fundamental consumption is still expected to support, Lun Zinc is expected to be easy to rise and difficult to fall in the short term.

During the day, the main 2009 contract of Shanghai zinc opened at 18870 yuan / ton, the long-short game in the Asian market showed a slight stalemate, zinc fluctuated in a narrow range along the daily moving average, with a range of about 70 yuan / ton, and risk assets rose rapidly in the afternoon, zinc positions increased upwards. the volume and price rose strongly through the 19000 yuan / ton barrier, closing at 19080 yuan / ton, up 335 yuan / ton, or 1.79%. The trading volume increased to 370443 hands, and the position increased by 9469 to 121000 lots. Zinc received a small positive pillar, the center of gravity further moved upward to tamp the previous increase, social inventory continued to decline, short-term domestic zinc ingot production is still supported by a breakthrough, and the consumption expectation of taking infrastructure as ballast stone is more optimistic. Zinc in the evening or to stabilize the Wanjiu pass as the goal of strong operation.

The mainstream transaction of zinc in Shanghai was 18780,18880 yuan / ton, and that of Shuangyan was 18790,18890 yuan / ton; the price of zinc in Shanghai was 600.70 yuan / ton in August; the price of zinc in Shuangyan was 70,80yuan / ton in August; and that of zinc in Shuangyan was 18710-18810 yuan / ton. Shanghai Zinc 2008 contract fluctuated downward, the first trading session of the morning market closed at 18710 yuan / ton, the market fluctuated downwards, and the market shipping mood was good. Morning market transactions of ordinary zinc brands were concentrated in the vicinity of the average price of the SMM net to a discount of 5 yuan / ton, and the market quotation rose 80 yuan / ton to the 2008 contract in the morning, but the market trading was light and traders lowered the bid price to 70 yuan / ton. Entering the second period of time, the market further lowered the price of rising water, and the ordinary zinc brand of the holder lowered the price to 600.70 yuan / ton; the upward momentum of zinc in the future was insufficient, and the willingness to purchase warmed up after today's lower prices in the lower reaches, but it was more cautious to replenish the stock.

The mainstream transaction of Ningbo Gao is 18810-18980 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brand is about 10 yuan / ton compared with that of Shanghai. The price difference between Ningbo and Shanghai is about 40 yuan / ton. Today's zinc price shock operation, the first trading session, Tiefeng, West Mining News in the August contract rose 90-100 yuan / ton, Kirin, Nanhua reported a rise of 120-130 yuan / ton in August, Huize reported in the August contract rise of 150 yuan / ton, zinc prices high finishing, near the weekend downstream just demand purchase volume increased, the market trading activity increased slightly, the overall intraday turnover improved compared with yesterday.

The mainstream turnover of zinc in Guangdong is 18660-18830 yuan per ton, and the quotation is concentrated on the discount of 40 yuan to 20 yuan per ton for the Shanghai zinc 2009 contract, and the discount of 70 yuan per ton for the Guangdong market compared with the Shanghai market is 40 yuan per ton lower than the previous trading day. In the first trading session, traders received more goods yesterday, and the supply of goods in circulation declined slightly in the early market today, but the price was high and fluctuating, the purchasing demand downstream was limited, and some holders slightly adjusted their quotations, and the prices were loosened. Kirin, Mengzi, Huize, quotation for Shanghai zinc September contract discount 10-30 yuan / ton, Tiefeng, Feilong discount 30-40 yuan / ton, Danxia up 20 yuan / ton. In the second trading session, the monthly spread of futures widened, and some holders tried to push up the price, but the demand for low-price supply was better, and the downstream bargain slightly added weekend usage, and the demand was slightly better than the first trading session. Kirin, Mengzi and Huize quoted a discount of 20-30 yuan per ton for the September contract for Shanghai zinc and 10 yuan per ton for Danxia. Kirin, Mengzi, Huize mainstream transactions at 18660-18830 yuan / ton.

The mainstream trading of zinc ingots in Tianjin market was 18980-19010 yuan / ton, Zijin was traded at 19010-19090 yuan / ton, Huludao was quoted at 20220 yuan / ton, zinc common to 2008 contract was quoted around 180 yuan / ton to 240yuan / ton, Zijin to August contract was quoted around 300,320 yuan / ton, compared with Shanghai market, the price of water rose from 140yuan / ton to 160yuan / ton in Tianjin. Today, the price of zinc in Shanghai has gone up and down, and the spot market has maintained the price of rising water, and the price is relatively uniform. The ordinary brand Bering News has quoted a rise of 200 yuan per ton for the 08 contract, and Hongyi has quoted a rise of 240 yuan per ton for the 08 contract. Chi Hong quoted a rise of 180-200 yuan per ton for the 08 contract, while the high-priced brand Zijin quoted a rise of 300-320 yuan per ton for the August contract, while Baiyin quoted a rise of 160 yuan per ton for the 08 contract. The fourth Ring Road (delivered) quoted a rise of 100 yuan / ton for the 08 contract, Huize reported a rise of 200 yuan / ton for the 08 contract, and ha zinc (including out of the warehouse) quoted a rise of 120 yuan / ton for the 08 contract. The price of zinc has gone up and down today. During the first period of time, traders maintained the quotation of rising water today, in which ordinary brands maintained the quotation of rising water, while the volume of purple gold goods was less, they raised the quotation of rising water again, and Tianjin has received a small amount of water. In the downstream, the absolute price is still high, the superimposed rising discount remains high, and the rigid demand of downstream enterprises is the main procurement. On the whole, the deal was mediocre today. Zinc ingots traded around 18800-18860 yuan / ton.

 

Tin: Lunxi electronic trading barely traded in the morning, jumped at 17950 US dollars / ton in the afternoon, touched 17980 US dollars / ton and then fell back. As of 1600, the latest price of Lunxi is 17920 US dollars / ton, showing a small Yin line. The upper part of the entity is under pressure on the 5-day moving average, and the lower support is expected to be around 17750 US dollars / ton.

The main 2010 contract of Shanghai tin jumped short at 146890 yuan / ton last night, rose slightly after the opening, and reached the highest point of 147210 yuan / ton in the day. Then the bulls left the market, concussed all the way down, and explored the lowest point of 145220 yuan / ton in the day. After hitting the bottom, it rebounded and continued wide concussion. It opened at 145580 yuan / ton in the morning and continued to fluctuate at night after the opening. After the short sellers left the market in the afternoon, the tin price fluctuated up and recovered some of the decline. it closed at 146620 yuan / ton, down 660 yuan / ton, or 0.45%. There were 49625 lots, 25542 positions, a decrease of 902 hands, a cross star, and the physical part was located between the 5-day and 10-day moving average. the upper shadow line is under pressure near the 5-day moving average of 147300 yuan / ton. The upper part of the evening tests whether it can recapture the position of 147300 yuan / ton of the 5-day moving average, and the lower support level is expected to be around 145200 yuan / ton.

On the spot market, it is quoted at 144000-147500 yuan / ton today. Shanghai tin plate than yesterday's center of gravity moved down 2000 yuan / ton, the average net price fell 1250 yuan / ton. The downstream still thinks that the absolute price is too high and the willingness to receive the goods is not high. Futures prices fell, hedges prices compared to manufacturers have an advantage, a small number of shipments. The overall trading atmosphere of the Shanghai tin spot market is general. In terms of rising discount, the set price of Shanghai tin 2010 contract is around 500yuan / ton, Yunzi discount is 500yuan / ton to flat water, and small-brand discount is 2000 yuan / ton.

Nickel: Lunni sub-market opened at 13810 US dollars / ton today, rose slightly after the opening, and then followed the Shanghai nickel rally to 13900 US dollars / ton. Then short-term selling pressure, Lenny fell $13760 / ton in the morning and immediately rose again, recording the trend of the word "V". Renni operated at less than 13870 US dollars / ton at noon and walked out of the "V" trend again in the afternoon. After entering the European trading session, Lennick fell slightly to $13880 / ton, closing at $13830 / ton. It rose by 45 US dollars per ton, or 0.33%. No, no, no. In the evening, focus on the annual rate of the core PCE price index in June and the final value of the University of Michigan Consumer confidence Index in July to test the support strength of Lunni at the five-day moving average of $13800 / ton.

The main contract of Shanghai Nickel 2010 opened at 110540 yuan / ton today, and the nickel market today gradually emerged from the impact of last night's US crude oil diving. Bulls returned to open positions one after another after the opening of the morning market, and Shanghai Nickel rose to 111230 yuan / ton one after another. Then it was suppressed by short sellers and fell back to the whole set above the 110000 mark of the 5-day moving average. In late morning trading, Shanghai nickel rose again after consolidation, and rose to 110960 yuan / ton shortly after opening in the afternoon, but still fell under pressure, and the center of gravity closed at 110440 yuan / ton after a shock around 110350 yuan / ton. A negative cross star was recorded, down 240 yuan / ton, or 0.22%. It is expected that in the near future, Shanghai Nickel will still be based on the 110000 mark and will try to make an effective breakthrough after consolidation with the target of 112250 yuan / ton, the highest point at the beginning of the year. At night, pay attention to the trend of the outer disk and the main position, near the weekend Shanghai Nickel may be vulnerable in the 110000 yuan / ton line.

Today's SMM1 Electrolytic Nickel reported 110400-111300 yuan / ton, nickel futures continue to fluctuate above the 110000 mark, superimposed today is the last day of the month, so downstream procurement intention is weak, traders gradually leave after mutual inquiries, the spot market atmosphere appears to be very light. The price of rising and sticking water has not changed much, and the shipping situation has not improved: the quotation of deliverable Russian nickel is about 300 yuan / ton in the contract for Shanghai nickel 09, and a small amount of non-deliverable Russian nickel to Shanghai nickel 09 contract is 400 yuan / ton. Jinchuan nickel to Shanghai nickel 09 contract is mostly quoted at 300 yuan / ton. The ex-factory price of Jinchuan was quoted at 110300 yuan / ton, which was the same as the ex-factory price in the first three trading days of this week. Today, the factory shipped a small amount of goods in Shanghai, but gradually withdrew sales after the return of Shanghai nickel in late trading. In terms of nickel beans, traders are willing to replenish the stock, but there are few quotations on the floor, and the discount is expected to be about 1000 yuan / ton for 09 contracts.

 

 

 

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