Summary of Zinc Morning meeting in SMM on April 30
Spot fundamentals
Shanghai: the holiday is approaching, the market shipment is mainly, the domestic report in the morning market is about 120-130 yuan / ton, the Shuangyan newspaper is 150-160 yuan / ton, the willingness to receive the goods is poor, the market transaction activity is not high, the quotation is lowered again, the domestic quotation is lowered to 110 yuan / ton, but the consignee tends to rise 100 yuan / ton to receive the goods, there are some differences, but some traders are willing to let the price to promote the transaction. The actual transaction in the market is concentrated in the rising water of 100-110 yuan / ton, the purchase willingness of the lower reaches is still not high, only do just-in-demand procurement, because the order is not good some enterprises during the May Day holiday, Shanghai stock market pre-holiday goods is not obvious, intra-day transactions are generally flat compared with yesterday.
Ningbo: daily market rose, traders actively shipped, the market supply circulation is more abundant. In the first period of the morning, the offer of the holder was lower than yesterday. Tiefeng reported a rise of about 150 yuan / ton to the May contract. Kirin reported a rise of 170 yuan / ton for the May contract, and will report 180 yuan / ton for the May contract. However, the transaction was very light, and entering the second trading session, some of the holders lowered Kirin's offer to around 150 yuan / ton for the May rise. On the whole, due to the rise of the disk today, the willingness to wait and see downstream is stronger, in addition, due to the poor orders of most alloy enterprises in Ningbo market, May Day holiday production is also suspended, enterprises rarely have a plan to prepare the warehouse. Overall, today's deal is worse than yesterday's.
Guangdong: in the first trading period, futures prices continued to rise, the initial holder water quotation is still high, but the high price is still high, the market quotation has been lowered one after another, but the overall price adjustment range is not large, a small number of transactions between market traders, Kirin, Mengzi, Huize, Tiefeng quoted price for Shanghai zinc June contract rose 4050 yuan / ton. In the second trading period, the downstream fear of high less mining, the transaction boost is limited, the price is basically on the low side, individual brand quotation is lower, market trading is better than the first trading period. Kirin, Mengzi, Huize and Tiefeng quoted 30-40 yuan / ton for June contract and 20 yuan / ton for flying dragon.
Tianjin: today, Shanghai zinc shock, the spot market downgraded discount quotation, the price is more unified, the general brand lark newspaper in the 05 contract rose water 300250 yuan / ton, red newspaper in the 05 contract rose 300 yuan / ton, Chi Hong reported in the 05 contract rose 250 yuan / ton, imported KZ reported in the 05 contract rose 300-200 yuan / ton, the high price brand Zijin reported the May contract rose near 350 yuan / ton. Today, zinc prices fluctuated, the spot market initially maintained the discount quotation, but the transaction was not good and then lowered the discount quotation. The spot circulation in the market today has improved compared with the previous period, among which kz and Guangdong zinc ingots have arrived one after another; downstream, after today's price rise, the downstream willingness to receive goods is relatively poor, and then the discount is down, slightly better. On the whole, transactions today are weaker than yesterday.
Today's prediction of zinc prices: overnight zinc recorded a small positive line, running above each daily moving average, or will challenge Brin Road up to the track. Overnight lme inventories rose 675 tonnes, or 0.70 per cent, to 97525 tonnes, while LME inventories rose slightly to remain high. Us economic indicators for the first quarter showed it had fallen into decline, but now overseas push to restart economic plans and send signals of further easing, superimposed Redsevier has been effective, boosting market sentiment. On the domestic side, the May Day pre-warehouse demand superimposed section after the highway re-charging, stimulate the short-term downstream storage, the domestic will continue to go to the warehouse.
Today is expected: Lun zinc price is expected to operate in the range of US $1920-1970 / ton, Shanghai zinc main force 2006 contract or run in the vicinity of 16000-16500 yuan / ton. Domestic zinc rose 80 yuan per ton.
