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[SMM Zinc Morning News] overnight Shanghai Lun Zinc rise and fall mixed with China Trade data to raise concerns
Oct 15,2019 08:44CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, 15 October:

Overnight rom zinc opened at $2425.5 / ton, the daily moving average under pressure gradually declined at the beginning of the session, and then found support above the whole position of US $2400 / ton. Lun Zinc rose slightly, arranged in a narrow banner of US $2420 / ton, and entered the European trading session. Lun Zinc fell slightly and fell US $2393.5 / ton, and then steadily rose, touching US $2439 / ton, tail zinc fell again, and finally closed down at US $2417 / ton. It fell $8.50 / tonne, or 0.35%, to 7479 hands, while positions rose 2549 hands to 224000 hands. Although the overnight rumen zinc turned to yang to collect yin, but under the joint support of the lower EMA, superimposed MACD red column elongation, Lun zinc or a certain amount of support. In addition, LME zinc inventory continued to decline, the spot held stable back structure, indicating that the overseas spot is relatively tight, but also stabilized the zinc price. Zinc in Geneva is expected to be temporarily supported in the operating range of US $2390-2440 per tonne. Yesterday, the LME zinc 0-3 liter discount was 37 yuan / ton.

Overnight Shanghai zinc main force 1912 contract opened at 18955 yuan / ton, after a brief concussion at the beginning of the day steadily upward, the overall operation above the daily average line, the center of gravity rose to 18970 yuan / ton line, but the above Wanjiu gate suppression is stronger, Shanghai zinc as a whole showed a horizontal concussion trend, the final closing price rose 18965 yuan / ton, compared with yesterday's closing price rose 40 yuan / ton, up 0.21%, trading volume to 60900 hands, position increased 2700 hands to 182000 hands. Overnight zinc turned negative to yang, supported by the lower road moving average, superimposed macro-environment warming, Shanghai zinc temporarily got a certain upward force. However, the latest social inventories in the three places increased slightly from Friday, indicating that downstream consumption has shifted from replenishing reserves after National Day to stable consumption, and Chinese trade data have heightened market concerns, suggesting that action on zinc in Shanghai can be limited. It is expected that the zinc in Shanghai will be in the vicinity of 18600-19100 yuan / ton in the future. It is expected that today's domestic Shuangyan zinc to 11 contract water 110-130 yuan / ton.

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