[brief comment on Zinc in SMM stage] Shanghai Zinc return to basic Operation bulls do not have sufficient confidence

Published: Jul 19, 2019 17:07 (GMT+8)

SMM7, 19th, news:

The main 1909 contract of Shanghai zinc opened at 19430 yuan / ton at the beginning of the day, and Shanghai zinc quickly rose to 19540 yuan / ton at the beginning of the day. During the period, it failed to detect the suppression of the 40-day moving average, fell back to about 19520 yuan / ton, and found support. The bulls increased their positions and moved up 19660 yuan / ton in Shanghai. However, the suppression of the 40-day moving average was still strong. Shanghai zinc fell under pressure, closing up to 19575 yuan / ton, up 110 yuan / ton from the previous transaction, an increase of 0.57%. Trading volume was reduced by 17256 hands to 465000 hands, and positions by 4216 hands to 261000 hands. Within a day, Shanghai zinc under the shadow line under the 20-day EMA support strength, the upper 40-day EMA suppression is still strong, macro has not been greatly affected, Shanghai zinc return to its own basic operation, coinciding with the domestic Shanghai, Guangdong and Tianjin inventory decline is relatively small, the market for follow-up inventory expectations are still strong, bulls do not have sufficient confidence, night or jump low operation near the 40-day moving average.

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