Summary of Zinc Morning meeting in SMM on May 13
Spot fundamentals
Shanghai: with the increasing import of zinc in the market, the supply of zinc in the Shanghai trade market is sufficient, and the upward pressure of spot rising water is greater. In the first time of the morning, the mainstream transaction in the market focused on the discount of 5 yuan / ton to the average price of SMM net, and 90 yuan / ton to the 2005 contract in the morning quotation market, and 80 yuan / ton to the low price. Entering the second period, the market quotation is relatively stable, the holder mainstream reported to the 2005 contract up to 80% 90 yuan / ton; today's market import quotation is still more, the market mainstream to SMC, Spain, Peru, Harbin zinc-based, today's prices still maintain a high operation, downstream in addition to just need to purchase, mostly wait-and-see, the actual transaction is general.
Ningbo: the holder is active in shipping, taking the initiative to lower the rising water. In the first period of the morning, Huize reported that in the vicinity of 120 yuan / ton for the May contract, Tiefeng, Hualian, West Coal Mine and so on raised the water by about 110 yuan / ton for the May contract, and 160 yuan / ton for the June contract, converted to 120-130 yuan / ton for the May contract, but on the whole, the transaction situation was relatively poor. Entering the second trading session, Hualian News rose 90 yuan / ton to the May contract and 100 yuan / ton to the downstream newspaper in June, and the transaction situation was relatively good. Overall, today's market trading is still light, downstream buying is not good.
Guangdong: in the first trading period, at the initial stage, some holders quoted higher prices for warehouse receipt resources, and in addition, spot quotations were also relatively high, but the market demand was relatively poor. Traders mainly received goods under the pressure of prices, and the market price rose by 10 yuan. Some traders were worried that it was difficult to maintain the rising water of 06 contracts after delivery and exchange months, and mainly positive shipments, and began to lower the price of rising water one after another, and the market wait-and-see mood was strong. Huize, Tiefeng offer to Shanghai zinc June contract 0-40 yuan / ton, Fei Longsheng discount 20 yuan / ton. The second trading period, the downstream bargain just need to purchase, the demand is limited, the holder continues to lower the price shipment, the trader meets the low price to enter the purchase, the spot opens to the 06 contract discount transaction. Kirin, Mengzi, Huize, Tiefeng offer to the June contract discount 10 yuan / ton to Pingshui, Tiefeng discount 10-20 yuan / ton.
Tianjin: today, the Shanghai zinc shock is lower, the spot market maintains the discount quotation, the quotation is more unified, the ordinary brand lark newspaper in the 06 contract quotation 150 yuan / ton, the red dragon newspaper in the 06 contract quotation water 210 yuan / ton, the Chi Hong newspaper in the 06 contract quotation water 150 yuan / ton, the fourth ring newspaper in the 06 contract quotation 150 yuan / ton, the import KZ quotes 120 yuan / ton to the 06 contract. High-priced brand Zijin offered a rise of 250 yuan / ton to the June contract. Zinc prices weakened today, most traders moved to the 06 contract quotation, the quotation was basically flat yesterday, the increase in volume, traders' willingness to bid weaker; downstream, Tianjin spot prices today slightly lower, downstream receiving has not yet significantly improved, to maintain the need for procurement. On the whole, deals have been done today.
Today's prediction of zinc prices: overnight zinc recorded a major negative line, break through the lower Brin Road on the track support, fell to the 5th line, the kdj index line into a dead fork. Overnight lme inventories fell 650t, or 0.65 per cent, to 99475 tonnes, while LME inventories remained high. Overnight zinc fell below $2000 / tonne integer support, short-term concern about the resumption of production in overseas mines, and whether the recovery of overseas demand can lead to inventory storage. Overnight, Shanghai zinc closed the Dayin line, falling below the 5th line support, the lower 10th line may provide support, the upper Bollinger road rail line into resistance, kdj index line into a dead fork. After the price goes up, the willingness to receive goods downstream of the spot market is obviously weaker, the social bank to the bank slows down, suppresses the zinc price upward space.
Today is expected: Lun zinc price is expected to run in the range of US $1950-2000 / ton, Shanghai zinc main force 2007 contract or run in the vicinity of 16300-16800 yuan / ton. Domestic zinc dropped 250 yuan per ton.
