SMM News: internal and external trends: LME zinc concussion fell slightly today, as of 15: 06 Beijing time, LME zinc hit $2628.5 / ton, down 0.1%, above the 5-day moving average to get support. The Shanghai Zinc main 1907 contract continued to rise, trading in 21165 to 20900 yuan / ton, closing at 21085 yuan / ton in late trading, up 0.57% from the closing price of the previous trading day. The trading volume was 439000 hands, an increase of 115000 hands a day. Hold 328000 hands, an increase of 4332 hands a day. The base difference was expanded to 515 yuan / ton, and the Shanghai zinc price narrowed to 285 yuan / ton from 1906 to July.
Market focus: the Asian dollar index tumbled slightly, now trading at 97.522, down 0.03%, operating at the main EMA Interleaver. During this period, the price of new commercial housing in China accelerated in April, and the price of new commercial housing in Shenzhen and Shanghai rose month-on-month. A spokesman for the US Treasury Department said Mnuchin plans to travel to Beijing in the near future to continue economic and trade talks, and the mood for risk aversion has weakened.
Spot market: on May 16, SMM spot 0 # zinc quotation is 21550 to 21650 yuan / ton, the average price is 150 yuan / ton compared with the previous trading day. SMM reported that smelter shipments returned to normal, traders look weak after the market rising water to shipment, but downstream every rise wait and see, mainly to digest the pre-purchase inventory, the actual consumption performance is weak, the transaction volume is further lower than yesterday.
Warehouse receipt inventory: Shanghai zinc warehouse receipt today totaled 31924 tons, a daily decrease of 2362 tons; inventory: as of May 15, LME zinc inventory was 105000 tons, a daily decrease of 325 tons, down for two days. At the same time, in the week ended May 10, Shanghai zinc stocks were at 69788 tons, a weekly drop of 2302 tons, an eight-week drop to refresh the lowest level since the week of February 1.
Main position: Shanghai zinc main 1907 contract top 20 long position 108809 hands, short position 106288 hands, net long position 2521, daily reduction 56 hands, long and short trading is obvious.
Market research and judgment: may 16 Shanghai zinc main contract continued to rebound, bullish atmosphere warmed up. During the period, the risk aversion sentiment between China and the United States continued to digest, and Mnuchin plans to travel to Beijing in the near future to continue economic and trade talks. Spot, traders look weak after the market rising water to shipment-based, but downstream every rise wait and see, the actual consumption performance is weak, transaction volume fell further than yesterday. LME zinc stocks fell for two days in a row to support zinc prices. Technically, Shanghai zinc main 1907 contract MACD green column shortened, William index continues to explore. Operation, it is recommended to rely on 20800 yuan / ton above the low, entry reference of 20900 yuan / ton, stop loss reference of 20600 yuan / ton.