Lead: Empty orders continue to be held.
Yesterday's inner disk
The lead price in Shanghai rose slightly, with 7 10 lots traded throughout the day, and the position decreased by 74 lots to 3 134 lots. The main PB 120 1 contract started at 15295 yuan/ton, quickly fell to 15 170 yuan/ton, then bottomed out and finally closed at 15395 yuan/ton, which was relatively low.
Overnight outer disk
The yield of Spanish government bonds soared to a new high, and investors worried about the spread of the European debt crisis and sold risky assets. As a result, LME base metals plummeted across the board, and lead fluctuated and fell all day for three months, and finally closed at 1.985 USD/ton, down 5 1.5 USD/ton from the previous trading day, or 2.53%, and the trading volume increased by 973 lots to 2,284 lots.
fundamental principle
In terms of spot, the price of lead kept rising around 50 yuan/ton, mainly in Shanghai, and the market turnover did not improve significantly. Shanghai metal mesh lead spot (1# lead ingot) price 15300- 15400 yuan/ton, the average price 15350 yuan/ton, the same as the previous day; Shanghai Nonferrous Net Lead Spot (1# lead ingot) quoted price 15300- 15450 yuan/ton, and the average price 15375 yuan/ton was the same as the previous day. The lead of Chihong Zinc Germanium, Yubei and Nanfang brands is above 15360- 15400 yuan/ton.
In terms of inventory, LME inventory was 375,800 tons, down 4,500 tons from the previous trading day, and 25,850 tons of warehouse receipts were cancelled, accounting for 6.88%; The registered warehouse receipt of Shanghai Futures Exchange is 2 1 130 tons, which is 326 tons less than the previous trading day.
In other respects, the US Department of Labor announced that the number of people applying for unemployment benefits for the first time dropped by 5,000 to 388,000 on June 7 165438+ 10/2, which was better than expected. European Commission President Barroso warned on June 16 that the euro zone is facing a systemic crisis and member States need to make more efforts to overcome it. Hu Deyong, Secretary General of the Lead and Zinc Branch of China Nonferrous Metals Industry Association, gave a report on the lead and zinc industry in China at the 20 1 1 China International Annual Conference on Lead and Zinc. He said that compared with previous years, the prominent characteristics of lead and zinc industry in China in 20 1 1 year were that it was more difficult for enterprises to operate and the production efficiency decreased. It is expected that the losses of lead and zinc smelting enterprises will be further in the fourth quarter. According to the latest monthly report of the International Lead and Zinc Research Group, in the first nine months of this year, the global lead market was oversupplied by 6.5438+0.7 million tons, the global refined lead output was 763 1 10,000 tons, and the global refined lead consumption from June to September was 746 1 10,000 tons, which was higher than the 6.939 million tons in the same period last year. According to the news of World Bureau of Metals Statistics (WBMS) on June 16, there was an oversupply of 47,300 tons in the global lead market in the first nine months of 20 10, and an oversupply of 47,300 tons in the global lead market in the same period of 2010.
Technical analysis
Lead closed below the moving average overnight, falling below the $2,000/ton mark, the trading volume was significantly enlarged, and the weak shock pattern remained unchanged; Shanghai Lead's main rebound is weak, and it is expected to follow the external market downward today, testing the support level of 15000 yuan/ton.
Operational suggestion
It is recommended to continue to hold empty orders and increase positions appropriately on rallies. If the opening price is too low, it is not appropriate to chase short positions excessively.