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[notes of SMM Zinc Internal Morning meeting]
Jun 5,2019 09:28CST
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The content below was translated by Tencent automatically for reference.

News from SMM6 on the 5th of June,

Zinc morning meeting: macro: yesterday the dollar fell slightly, US economic data was not good, Powell said, the market for the Federal Reserve in September to raise interest rates expectations rose, basic metals were boosted, slightly back up.

 

 

Fundamentals: yesterday's spot review: Shanghai: zinc futures have fallen sharply, smelters have cherished sales, traders are still mainly shipping, but the willingness to receive goods in the market has improved significantly, and the trading between traders in the morning market is dominant. The market quotation transaction concentrated on the discount 20-discount 10 yuan / ton or so, the net average price floats down the proportion to reduce slightly. In the second trading period, downstream participation increased significantly, traders brought orders into the market to receive and purchase goods, the market trading force was balanced, the quotation rose to about Pingshui, and a small amount of water was quoted at a discount of about 10 yuan per ton, and the transaction performance was significantly improved compared with the previous period. The actual consumer participation increased significantly, the overall transaction improved compared with yesterday, and the transaction volume increased slightly compared with yesterday. Guangdong: plate down, refineries slightly cherish the sale, the holder of the normal shipment, early in the overall continuation of the average price as the main means of trading, of which the average price, as well as the average price-10 contributed to a certain amount of transaction. Entering the second trading period, the market pricing was about 370yuan / ton for Shanghai Zinc 1907 contract, and the difference between Shanghai Zinc 0607 was enlarged in July. However, due to the saturation of long single demand and the fear of falling downstream, there was no obvious follow-up. Only a small increase of 10 yuan / ton to Shanghai zinc 1907 contract rising water around 380 yuan / ton, the subsequent downstream rigid demand to buy, superimposed some traders arbitrage to receive goods, the transaction has improved, overall, today's trading is flat, only slightly better than yesterday. Tianjin: refineries have slightly cherished sales, and the circulation of goods in the market has declined slightly. The holder actively pushed up the price, and in the morning, the quotation for the ordinary brand focused on the 06 contract from flat water to 50 yuan per ton, and on the Zijin and other high-priced brands, the water increased by about 100 yuan per ton for the 06 contract, but there was a strong fear of falling downstream. There is no strong willingness to accept the goods for the time being. Then entered the second trading period, the holder once again downgraded the rising water to 06 contract flat water to rising water 30 yuan / ton, the market shows the willingness to buy on the low replenishment warehouse, the transaction improved. Disk down, today's Tianjin market trading atmosphere slightly warmed up, the overall transaction situation slightly improved compared with yesterday. Zinc price: every other day, the write-off warehouse receipt of zinc has soared by more than 15000 tons, and the zinc has been boosted up, but the suppression of the integer position above is still strong, and the zinc has failed to reach the top, falling back and finishing, receiving a cross-word star, showing the reversal signal. Pay attention to the suppression intensity of integer bits in the day; During the day, Shanghai zinc fell four times, the KDJ index turned downward, indicating that the Shanghai zinc action is insufficient, the superimposed spot market has no obvious improvement, Shanghai zinc return space may be worse than the outer market. Forecast today: expected to run in the range of 2465 to 2515 US dollars / ton, Shanghai Zinc main 1907 contract or run in the vicinity of 220 200 to 20 700 yuan / ton. Material 0 # domestic rose 260.

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