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[SMM Zinc Morning News] an overseas smelter will shut down for several months and pull up zinc in Shanghai overnight.
Oct 11,2019 08:43CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, 10 October:

Overnight zinc opened at $2314.5 / ton, organized around the daily average at the beginning of the day, the center of gravity held steady at $2315 / tonne line. Entering the European trading period, Lun Zinc was stimulated by the news that a large overseas smelter had shut down its zinc smelting business for several months, breaking through the suppression of the intersection of the moving averages above, and continuing the concussive upward trend at the end of the day at US $2370 / ton. Lun Zinc finally closed up at US $2369 / ton, up US $54.5 / ton, up 2.4%, trading volume to 12600 hands, trading volume decreased by 3884 hands to 220000 hands. Overnight Lunlun zinc received three Lianyang, recorded a long positive line, the operating range from Brin Road to the lower rail directly jumped to the upper rail, LME zinc inventory continued to decline, superimposed overseas back structure expanded again, Lun zinc or there is a certain support, but after the message surface stimulus effect gradually retreated, Lun zinc or return to the fundamentals of weak operation, the day is expected to run around 22802330 US dollars / ton. The LME zinc 0-3 liter discount was $36 a tonne yesterday.

Overnight, the Shanghai zinc main force 1911 contract was greatly boosted by the outer plate, and the high jump opened at 19030 yuan / ton. The main reason was that a large overseas smelter announced that it would be closed, resulting in the inability to release more than 10,000 tons of refined zinc production capacity. At the beginning of the day, Shanghai zinc was strongly suppressed by the upper Wanjiu pass and fell slightly to 18930 yuan / ton. then Shanghai zinc rose steadily, supported by the daily average line, the narrow range of concussion operation, the center of gravity held stable at 19000 yuan / ton, tail slightly downward. At the end of the day, it closed down at 19000 yuan / ton, down 30 yuan / ton, or 0.16%, trading volume to 95500 hands, position increased by 2232 hands to 157000 hands. Overnight, Shanghai zinc turned to yang to receive yin, supported by the lower road moving average, overnight Shanghai zinc was stimulated by news, the increase in positions was mainly long to partially boost zinc prices, but after the enthusiasm dissipated, Shanghai zinc may be strongly suppressed by the upper Wanjiu pass and fell back, and it is expected that the operating range of Shanghai zinc is 18600-19100 yuan / ton. It is expected that the domestic Shuangyan Zinc contract will rise by 120-140 yuan / ton today.

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