Summary of Zinc Morning meeting in SMM on May 6
Spot fundamentals
Shanghai: with the approach of the holiday, the market trading is relatively light, the holders actively shipped in the morning, the spot rising water goes down rapidly, the traders take the initiative to lower the rising water quotation, the market mainstream transaction concentrates on the SMM net average price-15%-20 yuan / ton, the following quotation morning market to the 2005 contract rises 110 yuan / ton, but the transaction is light, after the spot rises the water to the 2005 contract rises 80 yuan / ton; Entering the second period, the holder continued to hold down the price of rising water, and the main report of the holder was 70 yuan / ton to the 2005 contract, but the market for low rising water had a strong willingness to receive goods. Although there are still quotations for imports in the market today, the overall supply volume is not high. With the end of downstream stock, trading turned weak today, and spot rising water fell rapidly.
Ningbo: as the May Day holiday approaches, the holder actively delivers the goods, and the price offered in the morning is lower than that of yesterday. Huize reported that the May contract rose by 150 yuan / ton. Kirin reported that the May contract rose 130 yuan / ton. Tiefeng News rose 120-130 yuan / ton on the May contract. Hualian News raised 120 yuan / ton on the May contract. Today's market transaction situation is slightly better than yesterday. A small number of downstream enterprises have just needed to buy, but the overall willingness of downstream enterprises to stock is still not strong. Overall, transactions today are warmer than yesterday.
Guangdong: the first trading period, the initial part of the traders for the shipment price is lower, after the low price source transaction, the market quotation is relatively stable, but the holder is still active shipment, Kirin, Mengzi, Huize, Tiefeng quotation to Shanghai zinc June contract rose 10-30 yuan / ton. The second trading period, downstream early replenishment, today zinc prices continue to go higher to suppress replenishment demand, the later market circulation supply has declined, a small number of transactions in the market, the overall supply and demand are weak. Kirin, Mengzi, Huize and Tiefeng quoted 20-30 yuan per ton for the June contract.
Tianjin: today the Shanghai zinc high concussion, the spot market downgrade rises the discount quotation, the quotation is more unified, the ordinary brand lark newspaper in the 05 contract quotes the water 210 yuan / ton, the red gold newspaper in the 05 contract quotes the water 260 yuan / ton, Chihong does not have the quotation temporarily today, the import KZ quotes 220 yuan / ton to the 05 contract, the high price brand Zijin quotes the water 330 yuan / ton to the May contract. Today, zinc prices fluctuate, traders cut discount prices, of which Zijin prices are relatively strong, and imported KZ has been basically out, the next May Day period will also have Guangdong zinc ingots to arrive; downstream, this week has been basically completed before the festival stock, today's willingness to receive the goods is poor. On the whole, the transaction today is flat compared with yesterday.
Inventory: as of April 30, the total inventory of zinc ingots in SMM Seven places was 229600 tons, down 19600 tons from April 24 and 10600 tons from April 27. The decline in social inventories in Guangdong and Shanghai was mainly contributed by Guangdong and Shanghai, where a large number of goods were transferred to East and North China last week, some directly to downstream enterprises and some to social warehouses. On the one hand, the downstream enterprises in Shanghai are affected by the high-speed charges, on the other hand, there is the demand for May 1 to replenish the warehouse. Tianjin area arrives more goods, some Shanghai and Guangdong area supply arrives, the outlet maintains the normal, increases and decreases against each other recorded a small decline.
Bonded area inventory: as of April 30, the inventory of zinc ingots in Shanghai bonded area was 71600 tons, down 4500 tons from last week, according to SMM. It is understood that this week, with the continuous repair of import prices, import losses continue to narrow, part of the bonded area zinc ingots into the domestic market led to inventory decline. Inventories in the zinc ingot bonded area fell for two consecutive weeks, down 4800 tons.
Today's prediction of zinc prices: overnight zinc recorded a large positive line, operating between the daily averages, the lower Brin Road middle track to provide strong support. Overnight lme inventories fell 175 tonnes, or 0.17 per cent, to 100675 tonnes, and LME inventories broke through the 100000 mark again. Europe and the United States have gradually returned to work and production, but the epidemic in the United States has not yet entered the inflection point, and short-term overseas demand is limited. On the domestic side, infrastructure construction may continue to drive domestic zinc consumption in May, and it is expected that zinc social inventory will maintain the pace of storage in the short term.
Today is expected: Lun zinc price is expected to operate in the range of US $1900-1950 / ton, Shanghai zinc main force 2006 contract or run in the vicinity of 16000-16500 yuan / ton. Domestic zinc rose by 120 yuan per ton.
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