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[brief comment on Zinc in SMM period] the macroscopic mood is warm and the zinc in Shanghai breaks through the 40-day moving average.
Jul 30,2019 16:27CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7, 30th, news:

The main 1909 contract of Shanghai zinc opened at 19550 yuan / ton at the beginning of the day, and the bulls neatly entered the market at the beginning of the day to boost Shanghai zinc up to 19785 yuan / ton, but under the suppression of the 60-day moving average, the pressure on Shanghai zinc fell back to 19680 yuan / ton, and then quickly returned to the 19700 yuan / ton line, falling steadily in the afternoon, giving up some of the gains in the day, closing up 19690 yuan / ton, up 1.63% from the previous transaction, and the trading volume increased by 36428 hands to 373000 hands. Reduce your position by 8672 to 254000. In terms of macro sentiment, the Fed's interest rate cut is expected to be superimposed by the resumption of Sino-US trade negotiations, giving Shanghai zinc a certain amount of action energy. From a basic point of view, the northern refinery overhauled the superimposed import window has not been opened, the domestic warehouse has not arrived at the warehouse, the inventory has not yet accumulated, and the short confidence in the day has weakened and closed out. At night, Shanghai zinc is still strong enough to run near the 40-day moving average.

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