SMM October 9 Zinc Morning meeting:
Zinc Morning: macro: federal Reserve Chairman Colin Powell says the Fed will resume balance sheet expansion, but this should not be seen as quantitative easing. The Fed will buy Treasury bills and remain open to interest rate policy. this is partly a response to the turmoil in the overnight lending market in September, and the Fed will consider controlling the yield curve as a new tool to stimulate the sluggish economy. Negative interest rates are not the primary tool or something that may be used; In September, the core producer price index (PPI) posted its biggest monthly decline in more than four years-0.3%, with expectations and previous values of 0.1%, further suggesting that inflationary pressures are moderate and may provide more room for Fed policymakers to cut interest rates. A spokesman for China's Ministry of Commerce said it would "take all necessary measures" in response to the US blacklisting of 28 entities. China's foreign ministry said it would keep an eye on China's counter-measures against the list of US entities; tomorrow the Federal Reserve will release minutes of its September meeting and a new round of high-level Sino-US economic and trade consultations.
Fundamentals: yesterday's spot Review: the three places are in a good mood on the first trading day after the festival
Shanghai: today, the first trading day, the market transaction gradually climbed, the morning market part of the domestic ordinary to 1910 liters of water 110 yuan / ton, the market quotation range gradually to the rising water 120 yuan / ton, part of the net price posted 5 yuan / ton, the overall spot discount water quotation to 1910 liters of water 110-120 yuan / more. The first batch of long single delivery date is only a few working days, traders replenishment demand is OK, on the other hand, due to the disk price is still relatively low in the early stage, the market downstream buying mood is still good. Overall, the first post-holiday trading day, the market trading mood is good, trading gradually climbed.
Guangdong: on the first trading day after the festival, the morning quotation of the holder is concentrated in the average price of-10 yuan / ton, and part of the contract quotation holder reports about 40 yuan / ton to the 11 contract, and the market transaction atmosphere is more enthusiastic. Most of them focus on the average price of-10 yuan / ton; Entering the second trading session, the holder was slightly interested in raising the price, raising the discount to around 30 yuan / ton for the 11 contract, but the consignee was willing to receive the 11 contract at a discount of 40 yuan / ton, and the overall transaction was slightly lightened. Overall, the demand for long orders between traders today is better, concentrated in the first trading session, downstream also has a strong willingness to pick up goods, the overall transaction situation is better than the last trading day before the festival.
Tianjin: refinery shipments are normal today. In the market, the supply of ordinary brands has increased slightly, and the supply of high-priced brands has shown a trend of tightening due to the slight sale of refineries. In the morning, the quotation for the supply of high-priced brands is concentrated in the vicinity of 250-300 yuan / ton for 10 contracts, and for ordinary brands, the quotation for ordinary brands is relatively scattered, about 150-250 yuan / ton for 10 contracts. Disk downward, rising water also slightly decreased, the first trading day after the festival, traders to inquiry wait-and-see, downstream only to maintain rigid demand to buy, today buy more generally. On the whole, today's transaction was basically flat compared with the last trading day before the festival.
Zinc price: overnight zinc turned negative to yang, attached to the long shadow line on the thorn multi-channel moving average adhesion suppression, LME zinc inventory continuously recorded a decline or give Lun zinc certain support, but in the market worry about the economic slowdown in the macro context, Lun zinc overall is still under pressure. Overnight, Shanghai zinc received two Lianyang, attached to the long shadow line on the 10th, 40 days moving average adhesion suppression, the first trading day after the National Day, the cumulative increase in social inventory in the three places is not as expected, or part of the boost to zinc prices, and the upcoming Sino-US trade negotiations make the market wait-and-see sentiment, the follow-up need to pay close attention to the progress of the consultations. Expected within the day Shanghai zinc partial shock consolidation.
Today is expected: Lun zinc or range is expected to run at 2260-2310 US dollars / ton, Shanghai zinc main force 1911 contract or run at 18500-19000 yuan / ton. Domestic zinc rose 40 yuan per ton.
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