SMM, July 17:
Overnight, Saudi Arabia hinted that it regretted the oil "price war". The number of initial jobless claims in the US last week was 1.3 million; the monthly rate of US retail sales in June was 7.5 per cent; Mr Trump may cut payroll taxes in the new stimulus bill; the size of the Fed's balance sheet rose again to $7000bn; and the European Central Bank left the three key interest rates unchanged. U. S. unemployment claims data show a slow job recovery. The United States put further pressure on Huawei, and Attorney General Barr also lashed out at China; SASAC: central enterprise revenue and profit growth in June; GDP growth of 3.2% in the second quarter of 2020 from negative to positive. With the steady recovery of the domestic economy, Sino-US trade relations continue to ferment, which is expected to limit the trend of commodities.
Overnight, Lun Zinc opened at 2205 US dollars / ton, the trading activity of the Lunlun zinc market was relatively low, the market responded to the deterioration of Sino-US relations during the Asian trading period, the commodity stock market was weak, and the Lun Zinc shock probe was temporarily arranged near 2185 US dollars / tonne. The bottom of 2174 US dollars / ton in the afternoon recorded a W-shaped pressurized daily average operation, and the market sentiment in European trading hours was over half. Lun Zinc backfill days fell back on 2200 US dollars / ton shock finishing, entered the night market optimism has been repaired, long-empty game, Lun Zinc concussion uplink, touch 2229 US dollars / ton, after many failed attempts to break down, the center of gravity moved down to 2220 US dollars / ton finishing operation, the final close rose to 2214 US dollars / ton, up 13 US dollars / ton, up 0.59%, and the trading volume decreased to 7301 hands. Position decreased by 1225 hands to 206000 hands. Overnight Lun Zinc recorded a small positive column, waist piercing 5-day moving average, Bollinger Road upper rail to form compression, KDJ index adhesion. Overnight LME inventory decreased by 450t to 122525 t, or 0.37%. Sino-US relations have deteriorated further, and US economic data show that the economic recovery is slowing, market concerns are rising, and zinc prices are bearish macroscopically. Recently, we are concerned about the approval of the EU recovery Fund. The price of lun zinc is expected to operate in the range of US $2,220 per ton.
Overnight, the main 2009 contract of Shanghai Zinc opened at 17725 yuan / ton. At the beginning of the session, Shanghai Zinc opened low and moved high, the center of gravity quickly moved up, and then it was driven up along the daily moving average. Shanghai Zinc also showed a strong performance, fluctuating above the daily moving average line, touching 17970 yuan / ton, but the bulls were afraid of heights, short-sellers were waiting for an opportunity to enter, Shanghai Zinc was under pressure to go down, gave up some of the gains, and the center of gravity moved to 17905 yuan / ton horizontal finishing, and finally closed up at 17865 yuan / ton, up 160yuan / ton. The trading volume increased by 0.9% to 61188 lots, while the position increased by 2578 lots to 85504 lots. Overnight Shanghai zinc received a bare foot in the positive column, the upper Bollinger Road on the rail to form a compression, the lower 10-day moving average to provide support, MACD index Yang column narrowed. Overnight, Shanghai Zinc was also strong driven by the upside of the outer disk, and overseas and domestic economic data boosted market confidence. However, the continued fermentation of Sino-US trade relations limited the upside of Shanghai Zinc. Pay close attention to the development and changes of Sino-US trade relations in the short term. The contract price of Shanghai Zinc 2009 is expected to operate in the range of 17,500mur18000 yuan / ton, and it is expected that domestic Shuangyan zinc will increase the water price by 90mur110yuan / ton in August contract.
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