Summary of Zinc Morning meeting in SMM on May 19th
Spot fundamentals
Shanghai: zinc prices are relatively high, smelters ship goods normally, early market traders mainly receive goods, spot quotations rise with homeopathy, the morning market quotes rise to about 130 yuan / ton, and then gradually rise to about 150 yuan / ton. The average price transaction remains active, and there are few quotations when the average price goes down during the day. Into the second trading session, the market domestic quotation again adjusted to rise water 160 yuan / ton, but the market shipping will improve, coupled with zinc prices rebounded downstream there are wait-and-see, transaction slightly weaker, another import quoted rising water 100lb 120 yuan / ton, import squeeze, Shuangyan, Huize transaction is not smooth, the offer than the early market only fine-tuned 20 yuan / ton to rise water 170 yuan / ton, the overall transaction within the day is OK.
Ningbo: today, the rising water in Shanghai is higher, and traders receive goods too high to rise water, but it is difficult for Ningbo market to follow. In the first session of the morning, Ningbo market holders continued their quotations last Friday. West Mining, Hualian and other sources reported a rise of 140 yuan per ton for the June contract, while Tiefeng News raised 150 yuan per ton for the June contract, while Kirin lowered its quotation for the June contract. Yongchang reported a rise of 100 yuan per ton for the June contract. Overall, today's turnover remains light, basically flat compared with last Friday.
Guangdong: during the first trading session, futures opened rapidly, individual shippers increased their willingness to ship goods at high prices, and a small amount of low-priced goods flowed out. After the rapid completion of the transaction, the market quotation was cautious, and many pairs of online prices were quoted. Guangdong inventory continued to decline, and market receipt traders increased. Kirin and Mongolia quoted water for the Shanghai zinc contract in June up to 3040 yuan / ton, and Tiefeng rose 30 yuan / ton. In the second trading session, trade inquiries and purchases are still active, coupled with the widening price gap between Shanghai and Guangdong, the holding mood is stronger, the first trading period of external rising water quotation is moving up as a whole, and the lower reaches are generally receptive to high rising water and high prices, just need to purchase, and the market is dominated by transactions between traders. Kirin, Mongolia since the quotation of Shanghai zinc contract in June to rise 50 cents 60 yuan / ton.
Tianjin: today, Shanghai zinc concussion rises, the spot market maintains a rising discount price, and the price is more divergent. The ordinary brand lark newspaper quotes 230 yuan / ton for 06 contract, Hongyi newspaper quotes 240 yuan / ton for 06 contract, Chi Hong quotes 190 yuan / ton for 06 contract, Shuangyan newspaper quotes 200 yuan / ton for 06 contract, and imported KZ quotes 120 yuan / ton for 06 contract. High-priced brand Zijin offered a rise of 250 yuan / ton to the June contract. Today, zinc prices have stopped falling and rebounded, traders have a strong willingness to stand up, and some brands are offering divergent quotations, including kz's earlier offer, which was adjusted to RMB180 / ton before the close, while mainstream brands shipped at a positive price; downstream, the center of gravity of zinc prices gradually moved up and down, and the short-term bullish sentiment of downstream enterprises was strong, and the willingness to receive goods was flat than last Friday. On the whole, today's transaction is the same as last Friday.
Today's forecast zinc price: overnight Lun zinc recorded a big positive line, the lower 5 / 10 line to provide support, the top continues to test the resistance of Brin Road on the track. Overnight lme inventory decreased by 350t to 98625 t, or 0.35% of the decline in JLME inventory continued to decline. Driven by the sharp rise in overseas stock indexes and crude oil overnight, Lun Zinc also recorded a large increase. In the short term, overseas macro will have a strong impact on zinc prices. Overnight, Shanghai zinc jumped high and closed a big positive line, with support from the 5 / 10 line below. Above or continue to test the Bollinger Road on the track. Driven by overseas, the superposition of the two sessions is approaching, the market is expected to be favorable for the introduction of, short-term Shanghai zinc will continue to be strong operation.
Today's forecast: the price of lun zinc is expected to operate in the range of US $2,050 per ton in 2000. It is expected that the contract price of Shanghai Zinc 2007 will run in the range of 16,500Muth17000 yuan / ton. Domestic zinc rose 280 yuan per ton.
