SMM, 9 April:
Overnight, US lawmakers urged Saudi Arabia to restore stability to the oil market; EIA crude oil stocks soared by 15.177 million barrels; Trump: now starting to consider restarting economic activity; EU finance ministers failed to agree on a rescue plan for the epidemic; the Financial Stability and Development Board of the State Council held its 25th meeting; the standing Committee of the Politburo of the CPC Central Committee held a meeting. Overnight, Lun Zinc opened at US $1921 / ton, with a wide daily average in early trading, with a daily average of US $1929 / ton. Near European trading time, the main short force entered the market as a whole, and Lun Zinc fell rapidly, probing down US $1891 / ton, but each day average line below provided support. Subsequently, driven by overseas stock indexes, Lun Zinc fluctuated upward, failed to break through the intraday high, and fell sharply, closing down at US $1914 / ton. after that, it was led by the overseas stock index, and failed to break through the intraday high. At the end of the day, Zinc fell sharply and closed down at US $1914 / ton. It fell $9 / tonne, or 0.47%, to 6895 hands and 3750 hands to 221245 hands. Overnight zinc recorded a small negative line, close to the Brin Road middle rail operation, below to support the 5 / 10 line. In the near future, due to the recovery of zinc prices and the reduction of superimposed processing fees, the mood of mine shipments will be boosted and the tension of raw materials in smelters will be alleviated. The output of refined zinc has also rebounded in March. Under the positive boost from overseas, the upward space of zinc is expected to be limited, and the price is expected to run in the range of US $1880,1930 / ton. It is expected that the contract price of Shanghai zinc 2006 will run in the range of 15200-15700 yuan / ton, and the domestic double Yan zinc will increase the contract by 50-80 yuan / ton in May.
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