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[SMM Zinc Morning News] Sino-US trade negotiations are making good progress. Zinc rose in Shanghai and London on Friday.
Oct 14,2019 08:43CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, 14 October:

Lun Zinc, which opened at $2369.5 a tonne on Friday, fluctuated around a narrow daily average at the start of the day, with a centre of gravity at $2375 a tonne. Entering the European trading session, just as the US core data fell less than expected, the US index fell and Lun Zinc rose steadily. Subsequently, substantial progress was made in Sino-US trade negotiations. Lun Zinc broke through the integer level of US $2400 / ton and rose US $2435.5 / ton at one stroke. At the end of the day, Lun Zinc finished at US $2425 / ton, up US $53.50, or 2.26%. Trading volume to 11000 hands, position increased by 1417 hands to 221000 hands. Overnight Zinc received four Lianyang, once again recorded a long red line, the whole around Brin Road on the track, KDJ indicators neatly upward, showing Lun Zinc or a certain support. The decline in LME zinc stocks for several consecutive days also supported zinc prices. However, macro uncertainty is still strong, Lun zinc or upward space is limited. Zinc in Geneva is expected to operate near US $2360-2420 per ton. The LME zinc 0-3 liter discount was $37 a tonne on Friday.

On Friday, the Shanghai zinc main force 1912 contract was boosted by the strength of the outer plate, and the high jump opened at 19045 yuan / ton. At the beginning of the day, the center of gravity climbed slightly above the daily moving average, and the center of gravity moved up to 19140 yuan / ton. At the end of the day, Shanghai zinc fell slightly, and closed at 19090 yuan / ton, up 45 yuan / ton, up 0.24%, trading volume to 116000 hands, and position increased by 24000 hands to 177000 hands. Overnight, Shanghai zinc turned negative to yang, jumped to run above the EMA, the MACD green column turned red, showing that Shanghai zinc was temporarily supported, and the social inventory of the three places dropped by more than 7, 000 tons, further verifying the market's expectation of post-festival inventory removal, indicating that downstream consumption is better, superimposed on substantial progress in Sino-US trade negotiations, and partly boosting market confidence. However, the economic and financial data to be released this week is expected to be weak, Shanghai zinc or action can be limited. It is estimated that the running range of zinc in Shanghai is 18800-19300 yuan / ton. It is expected that the domestic Shuangyan Zinc contract will rise by 120-140 yuan / ton today.

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