Global market panic sentiment began to emerge in non-ferrous metal collapse

Copper outer disk: Overnight copper opened sharply at US stocks after 22:00, and fell by 260 points within one hour. It eventually closed down 3.82% to 8766. The current copper price fell below the average and was mostly suppressed by investors’ panic. Before the good news comes out, panic will continue to permeate the entire market.

Messages: 1. Following on Friday, Standard & Poor's downgraded the US AAA-grade long-term sovereign debt rating to AA+, and the outlook for the rating outlook was “negative.” Standard & Poor's once again lowered the ratings of Fannie Mae and Fang Mumei, and copper fell under pressure.

In terms of spot, the spot price on the 8th was higher than the futures on the 8th, and the premium increased slightly. In terms of spot transactions, copper is now in full swing, but commodities are still in panic selling, hindering the market's bargain-hunting, and the rise in premiums has caused the buying interest of middlemen to be inhibited. Market value-fixing sellers actively Goods, short atmosphere looms over the market.

Inventories: On the 8th, London copper stocks increased slightly by 175 tons to 465,300 tons. At present, the ratio of inventory cancellation to warehouse receipts is 2.45%, which continues to decrease slightly compared with yesterday. The data shows that the possibility of reducing copper stocks in the future has decreased.

Summary of Views: Copper continued to fall for the sixth consecutive day, with a 3.82% drop yesterday. As the S&P was announced early last Saturday, US stocks have not yet responded to this. At 22:00 yesterday, after the US stocks opened, they gapped lower and ended lower, and finally recorded a decline of 5.55%. Affected by this, base metals Both fell sharply. At present, investors’ panic rose and there was no sign of a turnaround. Today's copper material in Shanghai opened to around 65,000. Currently, it is in a clear downtrend. It is recommended to hold a short position, but at the same time, it should also be noted that in this rapid decline, the decline in the inner disk is expected to be smaller than the outer disk, showing a defensive characteristic. However, it is difficult to reverse the entire decline.

Aluminum external disk: overnight aluminum closed seventh consecutive decline, down 1.49% to 2239.75 US dollars / ton. After Aluminium fell sharply, positions have correspondingly lighten up, long active stop loss, and empty side are not willing to increase, but because the decline has inertia, sometimes does not need to increase the amount of cooperation, aluminum is currently in obvious In the downtrend.

Messages: 1. Following on Friday, Standard & Poor's downgraded the US AAA-grade long-term sovereign debt rating to AA+, and the outlook for the rating outlook was “negative.” Standard & Poor's once again lowered the ratings of Fannie Mae and Fang Lumimei, and aluminum suffered heavy losses.

In terms of spot, the spot price on the 8th was higher than that of the futures on the 8th. According to news from the spot market, aluminum prices in southern China fell by 310 yuan/ton under the lukewarm consumption, and the mainstream transaction range was 17850-17880 yuan/ton. The premium for water in the Shanghai area has narrowed rapidly. The market is cautious and wait-and-see mood is relatively strong, and the overall turnover is low.

Stocks: On the 8th, aluminum stocks fell by 6,400 tons to 4,440,775 tons compared with yesterday, a 6.52% drop from the historic high of 4711875 on May 18. At present, the ratio of inventory cancellation to warehouse receipt is 7.50%, which is slightly smaller than yesterday.

Summary of Views: Aluminum overnight fell for the seventh consecutive day, a total decline of 9.58%. Last Friday, rating agency S&P cut US sovereign credit rating, deepened investors’ concerns about the second bottom of the global economy, and caused panic sentiment to rise. This panic sent a panic selling and US stocks retreated yesterday. This drove the base metals to fall sharply. Although Lon Aluminum itself has weaker metal properties, it is also difficult to escape the downside risks in the context of a sharp drop in peripheral commodities. Suggested operations continue to maintain short-term thinking before the market sentiment has improved significantly. Shanghai Aluminum lowered its support below 16900.

Zinc outside the disk trend: London Zinc to 2200.3 US dollars after the opening bell, finished lower; in European trading hours, due to the decline in the United States credit rating triggered panic, Lun zinc fell sharply, and finally closed at 2089.5 US dollars, down 135.5 US dollars or 6.09%.

Spot market: Shanghai zinc main gap once again opened lower, and set a new low during the year, bottoming out gradually after the rebound, the morning market is more than the daily average above the shock, 0, the current price of zinc in the vicinity of 16,650 yuan / ton, the main discount on the 200-230 yuan / ton range, close to midday, zinc fell slightly below the daily average, the spot fell to 16450-16500 yuan / ton range, discounted water remained unchanged, 1 zinc turnover at 16400-16450 yuan / ton In the interval, the downstream goods were received more actively and the overall transaction was active.

Stock statistics: On August 8th, the inventory of Lun Zinc decreased by 2,475 tons to 885,000 tons, 111,050 tons of warehouse receipts were canceled, and the write-off accounted for 12.55%.

Message: 1. July economic data is released this year, CPI may reach the turning point. 2. Obama made a speech, the Dow Jones Industrial Average plunged 5.55%. 3. The total purchase of European Central Bank bonds may reach 1.2 trillion US dollars.

Summary of views: Lun zinc fell sharply late Monday and fell below its May low. The downgrade of the US sovereign credit rating is triggering a panic of the market and a series of chain reactions. Asia-Pacific stocks fell sharply during the day on Monday. In the evening, European and American stocks fell sharply, and among panic-stricken moods, zinc prices suffered the most pressure. The data on China’s CPI, etc., was released on Tuesday and needs attention. It is recommended that the Shanghai Zinc 1110 empty order continue to hold.