[2019.10.18 minutes of Zinc Internal Morning meeting] Brexit Agreement released blockbuster data in China today

SMM October 18 Zinc Morning meeting:

Zinc Morning meeting: macro: British Prime Minister Johnson reached a Brexit agreement with the European Union, but was opposed by Northern Ireland allies, which will face a severe test in the British Parliament on Saturday. Turkey has agreed to a 120-hour ceasefire in Syria. Saudi Aramco is reported to have postponed IPO. Hong Kong hedge funds recorded their biggest quarterly outflows in a decade. China's convertible bond market ushered in the busiest trial day of the year. China will release blockbuster economic data today, with GDP growth expected to slow to 6.1 per cent in the third quarter and year-on-year growth in industrial production and retail sales expected to accelerate in September.

Fundamentals: yesterday's spot Review: holders actively ship the spot market for the better

Shanghai: in the first trading session, with the end of the meeting, the shippers' mood resumed. The average price discount of ordinary brand zinc ingots to SMM net was 5-10 yuan / ton, which rose 110-120 yuan / ton to the 1911 contract. In the second trading session, the zinc price continued to weaken, and the holder maintained the rising price of 110-120 yuan / ton on the 1911 contract. With the end of the lead and zinc meeting, the trading market began to be active, downstream enterprises bargain replenishment, but still maintain in the rigid demand inventory, the overall shipper shipment sentiment is greater than the receiving sentiment.

Guangdong: the refinery shipments normally, the market supply circulation is more abundant, the holder quotes in the morning to the 11 contract discount 20 yuan / ton or so, but the consignee is willing to receive the goods in 11-30 yuan / ton, the market transaction is relatively smooth. Enter the second trading session, traders see the trend to 11 contracts rose 20 yuan / ton near, the market transaction gradually weakened. Overall, the transaction in Guangdong City today is better, traders are willing to receive goods actively, downstream every drop to make up for the warehouse, transactions are better than yesterday.

Tianjin: refinery shipments are normal today. In the market, the supply of goods is still relatively tight. The quotation of high-priced brand source is concentrated in about 150-180 yuan / ton of 11 liter water, and that of ordinary brand is about 80120 yuan / ton of 11 liter water. Disk downward, rising water stalemate, the market is still more bearish mainly wait-and-see, downstream buying a little boost. On the whole, today's transaction is slightly better than yesterday, but the whole is still relatively light.

Zinc price: overnight zinc turns yin and yang, the lower averages turn upward, combined to give Lun zinc support strength, indicating that Lun zinc short-term existence has a certain action energy. Superimposed LME zinc stocks continued to decline, overseas back structure expanded, but also supported zinc prices. It is expected that there may be an upward trend in Nyron zinc on a daily basis. The LME zinc 0-3 liter discount is $31.50 per tonne. Overnight, although Shanghai zinc turned negative to yang, but the operating platform fell back to Brin Road middle and lower tracks, MACD red column shortened significantly, KDJ also showed a downward trend, showing that Shanghai zinc has a certain downward trend, overnight reduction is mainly long, indicating that the long confidence is not enough to choose to leave the field and watch.

Today is expected: Lun zinc or interval transportation of US $2400-2450 / ton, Shanghai zinc main force 1911 contract or run in the vicinity of 18500-19000 yuan / ton. Domestic zinc rose 10 yuan per ton.

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