SMM News: the leaders of the high-level economic and trade consultations between China and the United States are on the phone. The two sides agreed to continue to communicate. Trump continued to call on the Fed on Monday to cut interest rates, with markets expecting the Fed to cut interest rates by nearly 100% in July. Overnight, the dollar continued to fall sharply, non-ferrous metals continued to rebound.
Overnight copper bottoming up to close the cross star, opened slightly higher today. Shanghai copper opened slightly higher at night, continuing the trend of sharp rise within the day. Shanghai copper trading volume increased positions slightly lower, the market optimism, Shanghai copper is likely to continue to rise. The future will focus on the meeting between China and the United States after the opening of the G20 summit on the 29th. Shanghai copper above the pressure Brin upper rail and 60 daily moving average 48000, below support 20 daily average 46600.
Overnight aluminum rose sharply to close in Zhongyang, standing on the 5-10-20-40 daily average, opened slightly higher today. Shanghai aluminum high open high, stand on the 5-10 daily moving average, Shanghai aluminum trading positions are rising, short-term may continue to be strong. The pressure above Shanghai Aluminum is 14000 per day, and the lower support is 13800.
Overnight, the low level of zinc rebounded sharply, and Shanghai zinc opened high and walked high. When LME zinc rises slightly, the supply of zinc in China increases gradually. Domestic zinc is about to enter the off-season, galvanizing enterprises start-up rate or continue to decline. After the sharp fall in zinc prices, the lower reaches of the purchase enthusiasm increased. Short-term zinc prices rebound or will continue, but the space should not be too optimistic. In the medium term, the zinc processing fee is higher, the profit is considerable, the zinc production is expected to increase, and the downside risk increases in the medium term. Wait and see in the short term.
Overnight lead levels continued to rise. Shanghai lead opened after a strong shock. The quotation of primary lead rising water, the expansion of recycled lead and primary lead paste, the obvious advantage of regenerated lead, the purchase of downstream on demand, the consumption of primary lead has not been significantly improved. But the battery season is still expected. Short-term lead prices will continue to maintain range volatility. Short-term investors wait and see. (source: Hongye Futures)