SMM, July 23:
Overnight, US EIA crude oil stocks surged unexpectedly by 4.892 million barrels last week. Crude oil weakness may trigger market pessimism. White House and Senate Republicans are considering a temporary extension of unemployment assistance; the US Census Bureau survey shows that employment will fall sharply in July; and the US hearing passed the TikTok ban, which will be submitted to the Senate for a vote. The pressure on the US economy is still great. The Chinese Embassy in the United States issued a statement on the unilateral request of the United States to close the Consulate General in Houston for a limited time. Tensions between China and the United States have escalated again.
Overnight, Lun Zinc opened at US $2244 / ton. Len Zinc was arranged and operated around the daily average line near the opening price. During this period, it reached an intraday high of US $2263 / t, entered the European trading session, Sino-US relations fermented again, the market risk aversion warmed up, the US dollar strengthened, the non-ferrous universal fell, Lunzin concussion went down at a low of US $2185 / ton, and the upward correction of a V was recorded after finding support near the low of US $2185 / tonne. The center of gravity moved up and down along the 2210 US dollars / ton consolidation. After entering the night market, Lun Zinc regained its downward trend, dived downwards, hit a low of US $2179 / ton and then rebounded to a low of US $2210 / ton. The center of gravity fell slightly at the end of the day, and finally closed down at US $2205 / ton, down US $42.50 / ton, or 1.89%. The trading volume increased greatly to 28000 lots, and the position increased by 691 to 203000 lots. Overnight Lun zinc received a negative column to test the upper track of Bollinger Road, the lower 20-day line to provide support, and the opening of KDJ index to expand downwards. Overnight LME inventory increased by 12400 tons to 133450 tons, an increase of 10.24%. LME inventory rose sharply, which was bad for zinc prices. Non-ferrous Platinum fell, Lunzn Zinc also showed weakness, the unexpected increase in US crude oil showed weak market consumption, and the sharp decline in US employment superimposed another upgrading of Sino-US relations, and market risk aversion heightened. However, the EU recovery plan is expected to limit the downside of Lunzin. The price of lun zinc is expected to operate in the range of 2210 won 2260 US dollars per ton.
Overnight, the main 2009 contract of Shanghai Zinc opened at 17930 yuan / ton. at the beginning of the session, with the market risk aversion rising, short sellers entered and suppressed, Lun Zinc dived downwards, touching a low of 17575 yuan / ton, the short sellers stopped their earnings and left the market, and Shanghai Zinc revised upwards. after a short period of finishing at 17725 yuan / ton, the center of gravity moved up to 17900 yuan / ton, and then fell slightly after touching 17990 yuan / ton at the end of the day. It closed down 17920 yuan / ton, down 190 yuan / ton, 1.05%. Trading volume increased to 107311 lots, and position increased by 1928 lots to 91013 lots. Overnight, Shanghai zinc recorded Xiaoyin line with a long shadow line, which broke through the support of the 5 / 10-day line, and the positive column of MACD index narrowed. Due to the downward drag of the outer disk, Shanghai zinc stopped Yang and turned negative, escalating tensions between China and the United States heightened market risk aversion, Shanghai zinc regained its downward trend, but downstream demand recovery expectations are expected to limit downside space. Pay attention to China's geopolitical tensions 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 90mur100 yuan / ton in August contract.
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