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[notes of SMM Zinc Internal Morning meeting]
Jun 6,2019 09:28CST
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The content below was translated by Tencent automatically for reference.

On the 6th of SMM6,

Zinc Morning meeting: macro: the next day's data is mixed. The US ADP job growth in May was only 27000, a nine-year low, while the ISM non-manufacturing industry unexpectedly hit a three-month high in May. However, the market is still pessimistic about the follow-up economy, and basic metals generally closed down. Fundamentals: yesterday's spot review:

 

 

Shanghai: the center of gravity of zinc futures operation has shifted upward, most of the smelters have shipped normally, and the transactions between traders in the morning market have been relatively positive. The market quotation has concentrated on the discount of 20 yuan to 10 yuan per ton, and the supply of low-priced goods in the active market for receiving goods has been reduced. The quotation is fine-adjusted to 10 yuan / ton-flat water, the low price transaction is relatively concentrated, individual brand flat water also has a small number of transactions reflected. Entering the second trading period, the downstream waited for every rise, coupled with the fact that there was already a replenishment on the low side yesterday, the actual consumption participation weakened the transaction of traders, and the market quotation fell back to 20 yuan-10 yuan per ton of discount, which was stable, and the overall transaction was slightly lower than that of yesterday. Traders contribute mainly to trading. Guangdong: refinery normal shipment, early in the morning, the holder has pushed up the price, quoted in the Shanghai zinc 1907 contract rising water near 380 yuan / ton, the market demand is also more obvious, but still more demand for low-priced goods, rising discount transaction stalemate. Most of the transactions are based on the average price. In the second trading period, due to the gradual approach to delivery, superimposed a small number of reserves before the Dragon Boat Festival, the rising water did not obviously downward, the overall shipping rhythm also converged, the transaction to Shanghai Zinc 1907 contract rising water 370 yuan / ton. The overall transaction today is slightly better than yesterday. Tianjin: zinc prices temporarily stopped falling, refineries shipped normally, the market supply of goods is more abundant. The market rose slightly, and the holder's willingness to hold up the price remained in the morning. It was reported that the contract of 06 was flat to 70 yuan / ton, but the bearish mood in the lower reaches was strong and the willingness to receive the goods was not good, so it entered the second trading period. The holder takes the initiative to downgrade the rising water to the 06 contract flat water to the rising water 50 yuan / ton, the market transaction is still light, downstream mainly by inquiry and wait-and-see. Yesterday, zinc prices fell by a large extent, superimposed Dragon Boat Festival short holiday is just around the corner, the willingness to replenish warehouses on the lower reaches is stronger, zinc prices rose today, the willingness of the market to receive goods decreased significantly. Today, Tianjin market transactions are relatively light, the overall transaction volume has improved from yesterday. Zinc price: every other day, the write-off warehouse receipt of zinc has greatly increased, giving the kinetic energy for the return of zinc, but the suppression of the upper technical index is still strong, and the action on zinc is insufficient, but under the continuous fermentation of the downward atmosphere of the global economy, Whether the subsequent write-off warehouse receipt can be transferred or not is still determined, and it is still difficult to say goodbye to the weak trend. Shanghai zinc turned red overnight, but the above 20,000 yuan integer gate is still suppressed, although there is a small number of downstream reserves before the Dragon Boat Festival, but in the case of subsequent refinery increment, the accumulation pool is still expected. Shanghai zinc may be difficult to stand on the 20,000 integer bit platform within a day. Forecast today: expected to run in the range of 2430-2480 US dollars / ton, Shanghai Zinc main 1908 contract or run in the vicinity of 19650-20150 yuan / ton. Material 0 # domestic rose by 100.

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