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[SMM Zinc Morning News] Economic data weak intra-day Zinc Price pressure
Oct 16,2019 08:46CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, 16 October:

Overnight Zinc opened at $2415.5 / ton, with a brief downtrend around the daily moving average at the beginning of the day, with strong integer support of $2400 / ton below. Lun Zinc rose as low as $2409 / ton and rose back up. When it entered the European trading session, Lun Zinc basically fluctuated in the first line of US $2430 / ton, with a concussion range of about US $20 / ton, with a slight decline at the end of the day, and finally closed up at US $2425.5 / ton, up. It was up $8.50 a tonne, or 0.35 per cent, from the previous day's closing price, with trading volume falling 2539 hands to 221000 hands and trading volume to 7381 hands. Overnight zinc turned negative to yang, the lower averages turn upward, showing that the zinc has a certain action energy. LME zinc stocks continue to decline, the overseas structure is also stable back, shows that the overseas spot is likely to tighten, but also give Lun zinc a certain support. Geneva zinc or slightly upward, operating range of 2400-2450 US dollars / ton. Yesterday, the LME zinc 0-3 liter discount was $24 per tonne.

Overnight, the Shanghai zinc main force 1912 contract opened at 19100 yuan / ton, and went down to 19050 yuan / ton at the beginning of the day. After a short period of finishing, Shanghai zinc returned. In intraday, the center of gravity of Shanghai zinc operation rose to 19090 yuan / ton, showing a trend of horizontal concussion. The tail was dragged down by China's weak economic data. Shanghai zinc pressure fell sharply and fell as low as 18945 yuan / ton, down to 18965 yuan / ton, down 105 yuan / ton, down 0.55%, trading volume to 95800 hands. Positions increased by 5490 to 198000. Overnight, although Shanghai zinc turned to yang to collect yin, but it is still supported by the lower moving average, 5 and 10 averages turn up, indicating that there is a certain support for Shanghai zinc. The overnight increase in positions was dominated by short positions, indicating that the weak domestic economic data made the market sentiment slightly pessimistic, with limited action on zinc in Shanghai during the day, with an estimated operating range of 18700-19200 yuan / ton. Today's domestic double Yan Zinc to 11 contract water 110-130 yuan / ton.

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