SMM, 21 April:
Overnight, the May contract of US crude oil tumbled more than 300%, closing negative for the first time. Trump said it was a good time to buy crude oil. Canada is negotiating a cut in production with the United States. Russian oil producers have been notified by the Department of Energy to cut production. The collapse in crude oil will trigger pessimism about demand. The two parties in the United States continue to urgently negotiate the temporary aid plan, and the UK and Europe begin the second round of trade negotiations. The scale of Japan's economic stimulus package has been expanded to 117 trillion yen, and the Ministry of Finance plans to issue a further 1 trillion yuan of special local government bonds in advance. If successfully issued, it will boost market confidence in the short term, but in the end, we still need to pay attention to its drive to demand. Overnight, Lun Zinc opened at US $1950.5 / ton, and at the beginning of the day, Lun Zinc showed a strong performance, rising for the second time and touching US $1969.5 / ton. However, near the European trading hour, under the suppression of the upper Brin Road, Lun Zinc gave up the increase, and the center of gravity moved down to US $1950 / ton. In late trading, affected by the collapse in crude oil, Lun Zinc fell US $1940 / ton, closing down US $1945 / ton, down US $6 / ton, or 0.31%. Trading volume decreased to 4351 hands, position increased by 780 hands to 219386 hands. Overnight zinc recorded a long shadow line, the lower 5 / 40 day line to provide support, the upper resistance Brin Road on the track. Overnight lme stocks fell 250 tons to 98050 tons, a drop of 0.25 per cent, and LME inventories remained high; overseas car companies have resumed production, but in the face of the global economic downturn and the collapse of demand, they are expected to start or maintain their position; the space above short-term Lun zinc is expected to be limited, and the price of Lun zinc is expected to run within the US $1910-1960 / ton range. On the domestic side, the government once again releases good information, and plans to issue 1 trillion local government special debts in advance, or boost the market to continue, but still need to pay attention to its substantive drive for terminal infrastructure. It is expected that the Shanghai Zinc 2006 contract price will run within the 15700-16200 yuan / ton range, and the domestic Shuangyan Zinc contract will rise by 100-120 yuan / ton in May.
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