SMM, April 27th:
On Friday, Saudi Arabia was reported to have begun to cut oil production, earlier than the May 1 cut agreed by the OPEC+. The number of oil wells in the United States fell to 378 in the week to April 24, and the recent production cuts boosted the bottom of crude oil. Trump formally signed the $484 billion small business bailout bill, and the Fed's bond purchases were further reduced to $10 billion a day. The US Treasury Secretary said that the federal government intends to buy shares in US energy companies. The initial value of US durable goods orders in March fell 14.4% from the previous month. Us data weakened under the influence of the epidemic; the people's Bank of China's open market no reverse repo expires this week, and the stock exchange will resume night trading on the evening of May 6. Last Friday, Lun Zinc opened at 1874 US dollars / ton. Pancu Zinc rose slightly, and the center of gravity moved up to 1883 US dollars / ton. It entered the European trading session. Peru said that the mining ban was extended to May 10, which was a good boost. Lunzinc touched a high of 1895.5 US dollars / ton. Then, the resistance of the upper 20-day line was strong, Lunzn Zinc fell back, fell down 1869 US dollars / ton, and rebounded upwards in late trading to close at 1886 US dollars / ton. It rose 11.50 US dollars per ton, or 0.61%, while trading volume decreased to 6115 lots, and its position decreased by 1253 to 218668 lots. Last Friday, Lun Zinc recorded a small positive line, and the middle track of Brin Road and the 20th line above Brin Road became resistance. Lme inventories fell 0.60 per cent to 99475 tonnes on Friday, down 0.60 per cent and remain high. The comprehensive inflection point of the overseas epidemic has not yet arrived. Due to the extension of the mine production ban in Peru, the reduction of overseas minerals has increased again, boosting the sentiment of the bulls in the market. In the short term, Lun Zinc will tend to fluctuate, with prices operating in the range of US $1870 to US $1920 per ton. On the domestic side, consumption is still improving, the pace of storage is expected to continue, and it is reported that the collection and storage is good over the weekend, which will further boost market confidence. The contract price of Shanghai Zinc 2006 is expected to run in the range of 15700-16200 yuan / ton. It is expected that domestic Shuangyan zinc will increase the water price by 150,170 yuan / ton in May.
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