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[SMM Zinc Morning News] US retail data is not as expected as expected overnight zinc downward Shanghai zinc low open
Oct 17,2019 08:44CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, 17 October:

Overnight Zinc opened at $2427 / ton, with a narrow range of fluctuations around the daily average at the beginning of the day, and then slightly down, with the center of gravity sinking to US $2418 / tonne. Under the support of the lower five-day moving average, Lun Zinc rose to US $2428 / ton, and entered the European trading session. Lun Zinc fell and fell US $2407 / ton, while the integer level of US $2400 / ton below gave Lun Zinc the momentum to stop falling. Lun Zinc steadily rose and rose to US $2434 / ton. At the end of the day, it closed down slightly at $2417.5 / tonne, down $8 / tonne, or 0.33%, from the previous day's closing price. Trading volume was 7778 hands, and positions were reduced by 1792 hands to 219000 hands. Overnight zinc turned to yang to receive yin, with shadow line thorn 5-day moving average support strength, KDJ index has a slight downward trend, indicating that the action on zinc is weak. The decline in LME zinc stocks has narrowed, as has the overseas back structure, superimposed on weak US retail data, zinc prices or under pressure, and zinc in Geneva is expected to run near $23902440 per tonne. Yesterday, the LME zinc 0-3 liter discount was $20.25 a tonne.

Overnight, the Shanghai zinc main force 1912 contract jumped down to 18880 yuan / ton, at the beginning of the day around the daily average horizontal plate shock, the lower 10-day moving average to give Shanghai zinc certain support, Shanghai zinc upward, lift the center of gravity to 18915 yuan / ton and touch high 18960 yuan / ton, but above the Wanjiu pass suppression strength is strong, Shanghai zinc pressure falls back, tail Shanghai zinc returns to rise, in 18910 yuan / ton first-line narrow range concussion, finally closed up 18905 yuan / ton, up 25 US dollars / ton, up 0.13%. Trading volume to 94208 hands, position increased by 2176 hands to 199000 hands. Overnight, although Shanghai zinc received a small yang line, but the overall sinking to Brin Road near the middle track, KDJ index turning down, MACD red column is also shortened, indicating that Shanghai zinc action energy is insufficient. Superimposed overnight US retail data may aggravate the market pessimism, Shanghai zinc pressure is expected to run at 18600-19100 yuan / ton within the day. Today's domestic double Yan Zinc to 11 contract water 110-130 yuan / ton.

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