Minutes of Zinc Morning meeting in SMM on May 15
Spot fundamentals
Shanghai: the first trading session is dominated by traders, the average price and the average price-5 as the main transaction price, the discount feedback is limited. Entering the second trading period, the willingness to receive goods in the market increased significantly, and the market quotation was slightly adjusted to 130-140 yuan / ton, but the transaction at high prices was relatively limited. Shuangyan, Huize and so on warmed up the transaction of downstream brands, but the price adjustment was limited, while the import quotation was raised. SMC and yp reported 100-120 yuan / ton, while Belgium reported 80,90 yuan / ton, accompanied by the recovery of downstream mining and buying. Low-price import transactions have warmed back, but downstream buying is relatively restrained, the current zinc price is still on the high side, intra-day transactions slightly warmer than yesterday.
Ningbo: zinc prices remain weak shock, downstream enterprises wait-and-see willingness to weaken, holders slightly increased water shipments. In the first period of the morning, the holder reported the goods more actively, Tiefeng, Huize and other sources of goods continued to quote yesterday, reporting a rise of 150 yuan / ton for the June contract, 160 yuan / ton for the Kirin contract, 140 yuan / ton for the June contract, and 140-150 yuan / ton for the June contract. The transaction was concentrated around 140-150 yuan / ton; entering the second period, the plate returned to the market, the downstream mining and buying mood weakened, and the rising water did not fall. On the whole, today's market turnover is warmer than yesterday, mainly because downstream enterprises wait-and-see mood weakened, stack just need to buy, the overall transaction situation has improved.
Guangdong: in the first trading session, futures prices continued to fall compared with yesterday, downstream bargain purchase willingness increased, the holder quotation is relatively strong, but there is still room for price adjustment, traders into the market procurement has increased, driving the market to close transactions, Kirin, Mongolia from the offer of Shanghai zinc June contract rose 30-50 yuan / ton, Tiefeng 3040 yuan / ton. In the second trading period, the holder is more active in shipping, the quotation is slightly loose, but near delivery also limits the spot discount to the contract of the month, the overall market demand is more stable. Kirin, Mongolia from the offer of Shanghai zinc June contract 30 yuan / ton, Tiefeng 20 yuan / ton.
Tianjin: today the Shanghai zinc continues to fall, the spot market maintains rises the discount quotation, the quotation is more unified, the ordinary brand lark newspaper in the 06 contract quotation 160 yuan / ton, the red gold newspaper in the 06 contract quotation water 210 yuan / ton, the car macro newspaper in the 06 contract quotation water 150 yuan / ton, the import KZ quotes in the 06 contract quotation 150 yuan / ton, the high price brand Zijin to the June contract quotes the water 250 yuan / ton. Zinc prices continued to fall today, traders quoted basically the same as yesterday, some brands have high prices, Tianjin market rumors will be 5000-6000 tons of goods will be delivered on Friday, will suppress the rising water; downstream, Tianjin spot prices continue to fall today, downstream delivery has been significantly better than yesterday. On the whole, the deal is better today.
Today's prediction of zinc prices: overnight zinc recorded a long shadow line small positive line, the lower 10 / 60 day line to provide support, the upper Brin Road on the track to form resistance. Overnight lme inventories fell 75 tonnes, or 0.08 per cent, to 99025 tonnes, with LME inventories falling in a row. Pay attention to whether the recovery of overseas demand can lead to the continuation of inventory to provide support for Lun Zinc. Overnight Shanghai zinc received a long line under the small yang line, the bottom 20 lines to provide support, the top 10 lines line resistance. In the past two days, zinc prices have fallen sharply, but downstream enterprises in the spot market have increased their willingness to accept goods after falling zinc prices. Superimposed consumption in May is expected to hold steady with April, providing support for zinc prices.
Today, it is estimated that the price of zinc in Lun is expected to run in the range of US $1950-2000 / ton, and that the contract price of zinc in Shanghai 2007 is expected to run in the range of 16300-16800 yuan / ton, with domestic zinc expected to rise by 50 yuan / ton.
