Overnight, Yellen said that there will be no economic recession in the United States, and dilute the prospect of reducing or lowering tariffs on China; Wall Street banks lowered their growth forecasts for China, and the previously announced second-quarter growth data was lower than expected; CEOs of US chip companies discussed China policies with senior government officials, Indutsry Associations pressured to stop more restrictions. Overnight, LME zinc opened at US$2,437/ton. After a short period of consolidation at the opening, LME zinc extended the daily moving average price all the way down. During the period, it tried to break through and failed to test the low of US$2,371/ton during European trading hours. Then LME Zinc, which was weaker than the US dollar, gained support and rose back to a low level. After a "V" reversal, the price center of gravity of the night market moved up to US$2,405/ton, and finally closed at US$2,412.5/ton, down US$21.5/ton, a 0.88% price drop. The position increased by 1552 lots to 192,000 lots. LME Zinc recorded a bald and negative column overnight, the price center of gravity of K moved down, and the middle rail of Bollinger Road provided support. Overnight LME inventories decreased by 1,050 tons to 69,725 tons, a 1.48% drop, and LME inventories continued to decrease. Affected by the weakening of the US dollar overnight, LME Zinc hit a low and rebounded, but the overall situation is still weak. Overnight, SHFE Zinc 2309 main contract gapped and opened at 20,015 yuan/ton. At the beginning of the session, SHFE Zinc fell rapidly and touched a low of 19,935 yuan/ton. , The final closing price fell to 20125 yuan / ton, down 60 yuan / ton, a 0.3% drop, the trading volume decreased to 35,825 lots, and the open interest increased by 4,521 lots to 91,673 lots. SHFE Zinc recorded a positive column overnight, but the price center of gravity of K moved down on the day, and the opening of KDJ expanded downward. The increase in processing fees at the mine end indicates that the supply end is slightly loose. At the same time, the SMM social inventory has once again increased by more than 8,000 tons. The situation of oversupply on the fundamentals is difficult to give greater support to zinc prices. Pay attention to the off-season performance of consumption.
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