SMM News: overnight GDP in line with expectations, world leaders have arrived in Japan to prepare for the G20 summit, the dollar concussion, non-ferrous metals high shock. During the day, non-ferrous metals continued to shock eventually fell, London metal lead and zinc rose, domestic spot prices fell across the board.
Lun Copper rallied and fell slightly today, continuing to fluctuate around US $6000. Shanghai Copper opened low and closed high on the small positive line today, closing at the 5-40 daily average. Shanghai copper trading positions fell, close to the G20 summit, the market tends to be cautious. 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.
Today, London aluminum narrow range shock, in the 5-day average under pressure, Shanghai aluminum bottoming up to close Xiaoyin, Shanghai aluminum trading positions are down, the short-term may continue the concussion market. The pressure above Shanghai Aluminum is 14000 per day, and the lower support is 13800.
Overnight after the low opening of zinc continued to fall, Shanghai zinc opened low after a small rebound in the night after the day to fall again, close the small entity negative line. LME zinc maintain rising water, domestic zinc spot report discount, domestic zinc supply gradually increased. Domestic zinc is about to enter the off-season, galvanizing enterprises start-up rate or continue to decline. 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. Short-term empty single holding, 20200 stop loss.
Overnight Lun lead to maintain a rising trend, Shanghai lead low open after the weak shock, close the cross. The discount of recycled lead and primary lead is expanded, the price of waste battery is also loosened to a certain extent, and the cost support of recycled lead may be weakened. Downstream on-demand procurement, primary lead consumption has not significantly improved. But the battery season is still expected. Short-term lead prices will continue to maintain range volatility. Investors hold short orders, with a pressure of 16300 above. Support 15800 below. (source: Hongye Futures)