[2019.10.24 minutes of Zinc Internal Morning meeting] overseas inventories fell to an all-time low zinc prices took advantage of the trend

SMM Zinc Morning meeting on Oct. 24: overseas inventories fall to an all-time low zinc prices take advantage of the trend

Zinc Morning: macro: Treasury Secretary Noochin said he was very seriously considering the issuance of ultra-long-term Treasuries; the United States has no intention of intervening in the dollar at the moment. The Fed tends to drive economic growth, given low inflation and uncertainty about full employment; it is worrisome to keep a close eye on high levels of corporate debt; and inflation has long been below the Fed's 2 per cent target. Potential Anglo-American trade agreements have met with widespread opposition in Britain. British Prime Minister Johnson said he would suspend parliament until October 14 to formally reopen it.

Fundamentals: yesterday's spot review: disk downward trading in the three places slightly divided

Shanghai: near the tax upgrade invoice deadline, and this month long order final settlement day is approaching, the market quotation moves to next month ticket quotation one after another. In the morning, the market quotes 120-130 yuan / ton for the November monthly ticket, 110-120 yuan for the next monthly ticket, 10-15 yuan / ton for the net price, and about 10 yuan / ton for the bill price. Due to the bill problem, most of the long single transaction this month has been completed, so next month the bill supply selling pressure, into the second trading period, the general November quotation down to 100-110 yuan / ton. Rumor has it that some of Ningbo's imported KZ and AZ goods have arrived, but after the disk price has gone down, the mood of receiving goods downstream is good, and the mood of picking and buying is still good. Overall, today's spot market trading is OK, downstream buying mood is still good.

Guangdong: refinery shipments are normal, the market supply circulation is more abundant. In the morning, the holder quotes, and the monthly ticket is concentrated near the flat water of the 12 contract; Next month ticket concentrated in the 12 contract discount 10-20 yuan / ton near, entered the second trading session, the trader quotation concentrates on the 12 contract discount 20-30 yuan / ton disk to fall, the trader is willing to stand up the price is strong, but failed to insist, the downstream wait-and-see mood is strong, mostly to inquire, the demand for monthly ticket between traders is better, the overall transaction is mainly contributed by traders. The atmosphere of the deal is a little worse than yesterday. No, no, no.

Tianjin: refinery shipments are normal today. In the market, the circulation of goods tends to be loose. The quotation of high-priced brand source is concentrated in the vicinity of 120-150 yuan / ton for 11 contract, and the quotation for ordinary brand source is about 70110 yuan / ton for 11-liter water. The decline of the disk is more obvious than yesterday, and the shippers' willingness to ship is stronger and take the initiative to lower the rising water. However, the downstream of Hebei Province may be more cautious due to environmental restrictions, and the willingness to buy is still on the low side under the double boost of the downgoing of the disk and the decline of rising water. Overall, today's deal continues yesterday's light trend. Zi Zijin, Hongye, Bailing, Chi Hong, Xikuang, etc., were traded in 18840-18940 yuan / ton, and Zi Zijin, Chi Hong and Hongye were traded in 18790-18890 yuan / ton.

Zinc price: overnight zinc turned negative to yang, with shadow line 5 EMA support strength, KDJ index slightly downward, MACD red column slightly shortened, indicating that the action energy on zinc is insufficient, although the LME zinc inventory dropped to a 20-year low, but the market is still looking forward to accumulating, and it is expected that the zinc in the day will be partial to finishing and running. The LME zinc 0-3 liter discount was $31 a tonne yesterday. Last night, Shanghai zinc recorded a small yang line, under pressure under the Brin Road middle track, KDJ index turning down, MACD red column shortened, indicating that Shanghai zinc has a certain downward pressure, the macro environment is warm, Shanghai zinc is expected to be weak finishing operation within the day.

Today is expected: Lun zinc or range is expected to run at 2440-2490 US dollars / ton, Shanghai zinc main force 1911 contract or run at 18600-19100 yuan / ton. Domestic zinc rose 50 yuan per ton.

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