Daily Report 200415 2015-04-21
Gold
 
Last Friday during the night session domestic gold contract 1506 continues narrow adjustment, current moving average crosses around RMB 241. In terms of the trend, gold price remains bearish; short-term triangle amass narrowed which is going to select its direction; stable investor should pay attention on if there is an opportunity for further operation when the price broke through RMB 244-239.
 

Silver
 
Last Friday during the night session domestic silver contract 1506 continues adjusting, currently moving average crosses at RMB 3530. Silver trend followed with the gold which may continue to be bearish. Risk-averse investor should pay attention if there is an opportunity for further operation when the price broke through RMB 3630-3470.
 
 
Soybean
 
U.S. soybean continues rally, which is impacted by technical buying and short covering. DCE soybean no.1 contract nearby month has a limited down, due to it is soon going into the delivery month; the cashing out price for both long and short parties is waving dramatically. We believe back months contract 1509 and contract 1601 will have more long positions in the future.
Soybean meal market is more like going to come out of the stable zone, recently from fundamentals it seems stable; since we expect there will be huge amount of soybean meal arrived in April, lately the market may still face the supply pressure. In terms of operation, we suggest hold short positions in the middle term.
 
 
PP
 
At the beginning of last week PP futures price continue shocking, till Thursday and Friday it rally with crude oil price; the price has a dramatic increasing. In upper stream, last week FOB Korean propylene increased $15 to average price $1015.5, up 1.5%. In terms of device, current operating rate is around 77.2% which is lower than previous figure. In terms of spots, last week PP market price slightly dropped, the demand of downstream factories is lacking. Current difficulty of trading and investing is suppressing investor’s confidence; profit taking part continues on sale.
For instance of the wire drawing price, today's mainstream of North China bid in RMB 8800-9000 per ton, East China mainstream quotation in RMB 9000-9300 per ton, South China mainstream quotation in RMB 9100-9300 per ton.
                                                                                     Dong LV (Investment Certificate NO. TZ008452)