Daily Report 041116

PP
Yesterday PP futures fluctuated at low position; opened at 8439 and closed at 8500, and trading volume decreased 239000 lots to 289000 lots. Holding volume decreased 26556 lots to 587000 lots. Intraday main quoted prices for wires of north China, east China and south China markets are RMB 8600-8700/ton, RMB8700-8850/ton and RMB 8950-9250/ton, respectively. As for operation, now average system is for long. MACD red column shortened. Upward motion is not enough. Recent expect continuous fluctuation.
 
Soybean
Domestically, DCE soybean futures species night section rallied. Oil against meal ratio increased recently. Cash side, recent soybean fundamental side is weak. Northeast China soybean terminal market needs are still weak. Recent market price fluctuated at low position without guide. Soybean meal cash price slightly decreased of individual places. Coastal oil plant quotation is RMB 3180-3250/ton. Recent soybean meal inventory is under low position of same historical level. But since November and December onboard soybean quantity is large, oil plant operation ratio will increase, which increased soybean meal supply. As for operation, long for Soybean Futures species, and focus on next week USDA report.
 
Copper
Wednesday copper market weekly line reached fluctuation range stress line within the year. Main reason is weaken US dollar bolster the copper price. LME inventory yesterday decreased 8400 tons to 311000 tons. LME physical discount narrowed $0.75 to discount $13. Supply side, Peru central bank president claimed that 2017 expected copper output is 2.4 million tons, and its 2016 output expectation is 2.1 million tons. Technically, after recent rally, copper price is near fluctuation range resistant line of $4950. We focus on performance near resistant line.
 
Nickel
Thursday nickel market still fluctuated at high position. LME inventory yesterday increased 174 tons to 363000 tons. LME physical discount narrowed $0.5 to discount $40.5. Supply side, Glencore predict this year nickel output maintains 112000 to 120000 tons. Technically, Nickel is still fluctuated at high position. The former two days’ weak uprush showed stress at the top. Observe for trade temporarily, and wait for supply tendency clear.
                                                                                                              
                                                                                                 Dong LV (Investment Certificate NO. TZ008452)