Metals News
[agency Review] Shanghai Zinc follows the outside market to rise and break the 30-day EMA resistance level.
Jul 18,2019
Source:Wenhua Finance and Economics
The content below was translated by Tencent automatically for reference.

SMM Network News: internal and external trends: LME zinc continued to rise today, standing on the 30-day moving average, as of 15 to 30 Beijing time, LME zinc was at $2489 per ton, up 0.69 per cent a day. On the other hand, the Shanghai Zinc main 1909 contract opened high and went up, trading in 19645 to 19340 yuan per ton within a day, closing at 19600 yuan per ton in late trading, up 1.27 percent from the closing price of the previous trading day, trading volume of 482000 hands, an increase of 49205 hands a day, and 266000 hands of positions, a daily decrease of 3462 hands. The base difference narrowed to-120 yuan / ton and the Shanghai zinc price difference narrowed to 0 yuan / ton from 1908 to September.

Market focus: (1) the Asian dollar index tumbled, now trading at 97.092, down 0.1% on the day, above 97.5 resistance greater (2) the United States June new housing start annualized data than expected, falling for two consecutive months, while construction permit data fell to a two-year low, the real estate market continued to be dismal. (3) the global zinc market supply gap was 47000 tons from January to May 2019, compared with a surplus of 67000 tons for the whole of 2018, according to data released Wednesday by the World Bureau of Metal Statistics (WBMS).

Spot market: July 17 SMM spot 0 # zinc offer is 1930 to 19530 yuan / ton, the average price is 20 yuan / ton higher than the previous trading day. SMM reported that the market trading continued to be weak, zinc return to rise after the downstream wait-and-see mood is stronger, the overall market trading and transactions are significantly lower than yesterday.

Inventory: today's Shanghai zinc warehouse receipts totaled 39532 tons, a daily decrease of 151 tons; as of July 17, LME zinc stocks were at 80650 tons, a daily decrease of 100 tons. At the same time, as of July 12, Shanghai zinc stocks were at 74065 tons, a weekly decrease of 7012 tons, the lowest level in nearly a month.

Main position: Shanghai zinc main 1909 contract the first 20 long positions 81685 hands, a daily increase of 964 hands; short positions 89903 hands, a daily reduction of 3372 hands; net position 8218, a daily decrease of 2234 hands, more increase and decrease.

Market research judgment: July 18 Shanghai zinc main contract shock continued to rise, and broke the 30-day moving average important resistance level. During the period, mainly due to the weak U. S. economic real estate data, the dollar index fell to boost, following the outside market higher. However, the fundamentals of the domestic zinc market are still weak. Spot, the market trading continued to be light, zinc return to rise after the downstream wait-and-see mood is stronger, the overall market trading and transactions are significantly lower than yesterday. Technically, Shanghai zinc main contract station on the middle track of the Brin line, the 5-day moving average to cross the 10-day moving average, it is expected that the short-term is still expected to concussion on the high side. In operation, it is suggested that the Shanghai zinc main 1909 contract can rely on 19400 yuan / ton above the low, enter the reference 19550 yuan / ton, the target concern 19750 yuan / ton. (source: Rida Futures)

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