At the close of early trading, the main domestic futures contracts were up and down. Shanghai tin rose by more than 3%, rape oil and peanuts by more than 2%, NR, palm oil and Shanghai lead by nearly 2%. In terms of decline, coking coal fell by more than 3%, coke, white sugar, transportation index (European line), manganese silicon fell by more than 1%.
The price of Shanghai tin may fluctuate in a high and wide range.
According to the analysis of Everbright Futures, the inventory in Shanghai and tin society in China is still accumulating, the inventory is tired to a very high level, but the storage speed has not eased, and the hidden inventory in the industrial chain is almost obvious. But LME inventory has been in stock for nearly a month, due to Indonesian exports.LpcpokerThe recovery rate has slowed down sharply, although the rise in overseas spot water is still high, but it also shows that overseas consumption is not as good as previously expected. And the output data investigated by the domestic tripartite institutions are approaching the high levels in recent years, so we need to wait for the customs to announce the imported ore volume in April before it can be logically verified. In the short term, there are signs of microcosmic deterioration, Shanghai tin prices may be high and wide volatility.
Demand is good to drive phased cashing, and the market begins to trade demand to peak expectations. In the short term, it is suggested that coking coal should mainly wait and see.
Market concerns about the peak of hot metal output began to appear, the industrial chain positive feedback trading gradually ended, the market long-short game intensified, the main coking coal futures contract ushered in a correction. Spot market, Shahe Yimeng 5 clean coal 1890 yuan / ton, down 25 yuan / ton month-on-month, equivalent to futures warehouse receipt cost of about 1670 yuan / ton, the main contract rose slightly. On the supply and demand side, as of the week ended May 10, the daily output of clean coal from 523 coking mines was 74.Lpcpoker. 90,000 tons, a slight increase of 2000 tons over the previous month; the average daily coke output of the whole sample coking plant was 1.1256 million tons, an increase of 38900 tons compared with the previous week. As the profits of coke enterprises improved, the coking operation rate increased sharply this week, leading to an improvement in coking coal demand. In addition, the current situation of coal mine safety supervision in Shanxi Province is still grim, resulting in a certain suppression of domestic coking coal production. Considering the target of 1.3 billion tons of coal production in Shanxi this year, the follow-up production safety supervision is likely to be relaxed. To sum up, the demand is good to drive phased cash, the market began to trade demand to peak expectations, short-term recommendations to wait and see, or to control the position for interval operation. (Baocheng Futures)