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[brief comment on Zinc in SMM] Shanghai Zinc gives back its intraday increase at night or near the 20-day moving average.
Jun 10,2019 16:32CST
The content below was translated by Tencent automatically for reference.

SMM6 News of the 10th of July:

The main 1908 contract of Shanghai zinc opened at 20205 yuan / ton within a day. At the beginning of the day, Shanghai zinc opened high and walked low. After stepping back on the 20120 yuan / ton line, it rose slightly and ran around the daily average. Subsequently, the short position left the market substantially to boost the upward touch of 20415 yuan / ton of Shanghai zinc, but failed to stand firm. The pressure on Shanghai zinc fell back to the volatile operation near the 20-day moving average. Near the European trading period, affected by the extremely fast downward trend of the external market, Shanghai zinc went down near the opening price, and then quickly returned to 20280 yuan / ton. A small consolidation, a slight drop at the end of the day, pierced the daily average. Giving back some of its gains during the day, it closed up 20255 yuan per ton, up 5 yuan per ton, or 0.02 percent, from the previous trade, with trading volume down 180000 hands to 148000 hands and positions up 396 hands to 252000 hands. During the day, Shanghai zinc recorded two consecutive days, and the MACD index formed a gold fork, indicating that Shanghai zinc has an upward trend for the time being, and the decision of the United States to impose tariffs on Mexico has been suspended, and other news has alleviated certain macro pessimism in the market, but domestic production has continued to recover. During the day, the social inventory of Shanghai, Guangdong and Tianjin recorded a small increase, but the consumption has not improved significantly, the action on Shanghai zinc is still to be considered, and it is expected that Shanghai zinc will run near the 20-day moving average at night.

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