Metals News
[agency Review] Macro doubt has not dispersed the trend of zinc and nickel
translation
04:43PM
Jul 9,2019
Source:Wenhua Finance and Economics
The content below was translated by Tencent automatically for reference.

SMM News: on Tuesday, the Iranian nuclear issue intensified, Sino-US trade negotiations are still uncertain, market trends are divided. As of 14:47, Shanghai zinc main contract ZN1908 to 19035 yuan / ton, down 1.12%, Shanghai nickel main contract NI1908 to 100210 yuan / ton, up 0.73%.

On the zinc side, the latest LME0-3 zinc discount $8.50 / ton, compared with the previous trading day discount expanded again, LME zinc maintained for five months after the back structure to contango after the support for zinc prices weakened, and Hunan's new production capacity continued to climb, downstream galvanizing start seasonal off-season, zinc prices after the market without macro support or will continue to be weak. On the nickel side, there is no follow-up ferment in the earthquake in Indonesia today, diluting the enthusiasm of the bulls, weakening the rise in the nickel market, and new production capacity will be put in July, including Jinchuan in Indonesia and Naiman Jing'an in Inner Mongolia. Nickel, which is weak in fundamentals after the recovery of sentiment, may enter the falling channel again. On the macro side, after the resumption of Sino-US trade consultations, all parties are still cautious about the prospect of negotiations, and the trend of non-ferrous metals may be repeated in the near future. Powell, chairman of the Federal Reserve, will testify before Congress this evening. In addition, Brad, the FOMC voting committee who publicly expressed the need to cut interest rates and supported a rate cut at the June meeting, will also make a speech tonight, at a time when the current market is diluting expectations of a rate cut. Their comments could shake the financial markets as a whole.

Operation suggestion: zinc and nickel wait and see. (source: Guoxin Futures)

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