[notes of SMM Zinc Internal Morning meeting]

News from SMM7 on the 3rd of March,

Zinc Morning meeting: macro: the dollar index is lower, markets are worried that the state of global trade will dampen the economic growth outlook, and the Federal Reserve is considering cutting interest rates, leading the safe-haven yen. Spot gold rose nearly $35 as concerns about global economic growth and renewed trade concerns dragged down US bond yields. Oil prices tumbled, PetroAmerica fell more than 5% at one point, and weak manufacturing data led investors to worry that the global economic slowdown could weaken oil demand. Fundamentals: yesterday's spot review:

Shanghai: zinc futures fell back, at the same time / the next month price gap expanded, the willingness to receive goods in the market was significantly enhanced, but the holder shipment slightly controlled, the early market quotation returned to the discount 10-flat water, or SMM net average price flat water, low price goods quickly disappeared, flat water and net average price transactions are better, mainly concentrated among traders. In the second trading period, the market quotation remained stable and changed little, but the orders of enterprises in the off-season of consumption were weak, and at the same time, they were also more cautious about purchasing in the future. The overall transaction within the day was slightly higher than that of yesterday. Guangdong: the plate is down, in the morning period, the holder is willing to push forward the price is strong, quoted in the 08 contract rising water about 200 yuan / ton, the market trading atmosphere is OK, another part of the holder is quoted in the average price of-10 yuan / ton, there are also some transactions. Entering the second trading period, the market quotation focused on the 08 contract rising water 190 yuan / ton, the overall transaction is mainly trading long orders, downstream willingness to receive goods is weak. The overall trading atmosphere is warmer than yesterday. Tianjin: the refinery shipment is normal, the market supply circulation is more abundant. The market fell, the holder's willingness to raise prices in the morning was stronger, and the price was concentrated in the vicinity of the 07 contract rising water of 90 to 150 yuan / ton, but the downstream bearish mood was stronger and the willingness to receive the goods was not good. In the follow-up period, some of the holders lowered the rising water to 50 to 110 yuan / ton, and the market transaction was still not obviously boosted. The willingness to receive goods downstream was weakened again. The transaction was mainly based on the high-priced brand Zijin source, and the transaction volume of ordinary brand source was more limited. Today downstream bearish mood is thicker, superimposed consumption weakens again, Tianjin market transaction situation is not as good as yesterday. Zinc price: Geneva zinc stop negative and positive, jump off all EMA operation, macro mood to pessimistic, basic metal fell, drag Len zinc down, fundamental point of view, LME zinc inventory fell, for Len zinc in the lower track to find support, but the upper multiple EMA adhesion suppression, Lun zinc back up kinetic energy is weak; Shanghai zinc stop negative temporarily closed Yangzhu, macro mood pessimistic superimposed consumption off-season is coming, superimposed above the EMA adhesion, the follow-up back up kinetic energy is still to be considered. Forecast today: expected to run in the range of 2430-2480 US dollars / ton, Shanghai Zinc main 1908 contract or operation in the vicinity of 1950-19850 yuan / ton. Material 0 # domestic increase 80