Daily Report 061216
Domestically, DCE soybean No.1 contract increasing tendency slowed. Soybean meal followed overseas section. Northeast district soybean actuals price continued increase. East Heilongjiang partial place price increased RMB 40/ton. West Heilongjiang filtered grain price normally increased RMB 3700/ton. Soybean meal actuals quotation is mainly stable. Partial districts oil plant quotation expectation is dropped with RMB 10-20/ton. As for operation, soybean No.1 contract price is more than warehouse cost, and upward space is not much. Soybean meal maintain long at roll back opportunity.
Monday copper market trading was weak, and copper price broke 5-days average and largely rallied. LME inventory yesterday decreased 1000 tons to 233000 tons. LME actuals discount yesterday enlarged $3 to discount 5. Overall, copper prices are expected to be short-term difficult to fulfill due to the expected rebound in demand, the copper market fundamentals do not support copper prices out of the bull market, so although the dollar index close to bullish and expected weak, But the copper price is likely to go out with the dollar with the market. Galaxy Futures insists that the rebound in copper prices lacks fundamentals and is skeptical about the resilience of copper prices.
Monday Nickel continued rally. Nickel price meets bolster at 10-days average, close rise 1.26%. LME inventory yesterday increased 1896 tons to 369000 tons. LME actuals yesterday discount enlarged $0.25 to discount $50.5. Overall, nickel prices are still fundamentally dominated, because the upstream supply problem is still not resolved, nickel prices will continue to be supported below.          
                                                                          Dong LV (Investment Certificate NO. TZ008452)