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[notes of SMM Zinc Internal Morning meeting]
Jul 5,2019 10:01CST
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The content below was translated by Tencent automatically for reference.

News from SMM7 on May 5th,

Zinc Morning meeting: macro: the dollar index is slightly lower and U. S. non-farm payrolls data are about to be released, raising concerns that Friday's jobs data could be just as weak because Wednesday's private jobs data were weaker than expected. Gold prices fell back, analysts said, investors long gold is already very high, but gold prices have not yet hit a new high; news flows are not enough to drive subsequent buying, really need very positive news to push prices higher. Oil prices fell nearly 1 per cent, with data showing that US crude stocks fell less than expected last week and investors were worried about the global economy.

 

 

Fundamentals: yesterday's spot review: Shanghai: zinc plate stable operation, market supply and demand tends to balance, early market leader single transaction dominates the market, the quotation remained stable yesterday concentrated in the rising water 10 yuan / ton, or based on the net average price as the benchmark, the handover parties save 10 yuan / ton differences, early market transactions focused on flat water or net average price. The second trading period, the quotation is stable, the market is mainly shipping, the willingness to receive goods is not strong, consumption off-season downstream lack of active procurement willingness, the overall market trading atmosphere is weak, the transaction is not much different from yesterday. Guangdong: the refinery shipment is normal, the market supply circulation is abundant. The early quotation of the holder focused on the rising water of 180 yuan / ton for 08 contract, and the market transaction was mostly concentrated around 180 yuan / ton for 08 contract. The overall transaction atmosphere was relatively flat, and the transaction situation turned worse again than yesterday. The main reason was that the downstream orders became weaker, and some of the follow-up consumption was overdrawn when the price fell in the early stage. Tianjin: refineries are shipped by normal households, and there is an abundant supply of goods in the market. The early quotation of the holder focused on the 07 contract rising water near 100 yuan / ton, but due to the recent market transactions are relatively cold, superimposed Zijin source circulation more, some holders took the lead in lowering Zijin price to 07 contract rising water 50 to 80 yuan / ton, in order to stimulate market transactions, follow-up transactions slightly improved, the overall trading atmosphere is relatively light, the transaction situation is basically the same as yesterday. Zinc prices: Lun Zinc pressure 5-day moving average, fast lower, thorn before the platform, back structure narrowed, superimposed supply increased expectations, the contradiction between supply and demand alleviated, bearish sentiment strengthened, but the overall inventory low level maintained, below the integer position support; Shanghai zinc affected by the impact of lower consumption off-season, demand weaker expectations, short positions to crack down, KDJ indicators to form a dead fork, the overall action can not be enough, the impact of Shanghai zinc is lower, consumption off-season approaching, demand weaker expectations, short positions with positions and pressure, KDJ indicators to form a dead fork, the overall action can not be enough. Forecast today: expected to run in the range of 2400-2450 US dollars / ton, Shanghai Zinc main 1909 contract or operation in the vicinity of 19150-19650 yuan / ton. Material 0 # domestic fall 350

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