SMM News: on Friday, the U. S. government on Thursday officially put Huawei on a trade blacklist, and immediately imposed restrictions, market sentiment is pessimistic, zinc fell nickel rose. As of 14:47, Shanghai zinc main contract ZN1907 to 20920 yuan / ton, down 0.57%, Shanghai nickel main contract NI1907 to 98100 yuan / ton, up 0.41%.
In terms of zinc, SMM research zinc stocks in the three places fell again to 155700 tons, and the overall global inventory is still at a low level. The smelting end began to overhaul the macro zinc germanium, Huludao zinc industry and the western mining industry in May to offset the new output in Hunan. Supply inflection point has not yet arrived, and the LME0-3 price difference is at an all-time high, domestic infrastructure expectations are strong, zinc prices rebound in the short term. On the nickel side, the release of ferronickel in the second quarter exceeded expectations, and stainless steel stocks in the two places remained high, but macro confidence was repaired. At the same time, new energy vehicles were likely to be installed before the implementation of the new policy in May, boosting nickel sulfate consumption. Nickel prices have been volatile in the near future. Recent market risk appetite has weakened again after the Huawei incident was restricted by the United States, while US economic data exceeded expectations, the US dollar and the renminbi hit a new low in a year, macro pessimism revived, and beware of the amplification of disk fluctuations in the Black Swan event.