SMM October 22nd Zinc Morning meeting:

Zinc Morning meeting: macro: the British government had planned to submit Johnson's Brexit agreement on the 21st, organizing debates and voting. But the Speaker of the House of Commons, Berkau, said several lawmakers believed that doing so would break the parliamentary practice that the same issue could not be submitted twice in the same session, after he blocked the vote on the 21st Brexit agreement. As a result, the pound fell from the 1.30 level. Overnight, the Turkish lira fell to 1.3% against the dollar, refreshing its lows, and US President Donald Trump said the US would impose tariffs and sanctions on Turkish goods if Turkey behaved improperly in Syria. According to the latest figures, the prices of new commercial housing rose in 53 of China's 70 large and medium-sized cities in September from 55 in August; Nanning led the way in month-on-month increases, with Beijing and Guangzhou flat, Shanghai up 0.5% and Shenzhen up 1.2%.

Fundamentals: yesterday's spot review: traders actively trade downstream buying is not good

Shanghai: in the first trading session, the morning holder reported an increase of 120 yuan / ton to the 1911 contract, and the mainstream quotation to the SMM net average price discount of 5 yuan / ton to flat water; in the second trading session, the zinc price continued to decline, the holdings increased the water quotation, and the 1911 contract rose by 130 yuan / ton; Enter this week, the market quotation is divided into the current monthly ticket and the next monthly ticket quotation, the ordinary zinc brand price difference between the monthly ticket is in 10-20 yuan / ton, the trade market is active, the downstream enterprise meets the bargain to fill the storehouse, but still maintains in the rigid demand inventory, the market overall transaction is still good.

Guangdong: refinery shipments are normal, but some traders cherish the sale, the circulation of goods in the market has been slightly tightened. In the morning, the quotation of the cardholder is more scattered, some are reported near the flat water of the 11 contract, and some are quoted near the discount of 20 yuan / ton to the 12 contract. In addition, the holder quotes the monthly ticket at the average price of-10 yuan / ton. Enter the second trading period, with 11,12 contract spread narrowed from-30 yuan / ton to-20 yuan / ton, the market transaction focused on the 12 contract discount of 20 yuan / ton to 10 yuan / ton. Today, the market transaction atmosphere has heated up, mainly due to the issue of tickets, traders contribute to the main trading.

Tianjin: refinery shipments are normal today. In the market, the shortage of goods has eased. The quotation of high-priced brand source is concentrated in about 160-180 yuan / ton of 11 liter water, and the quotation of ordinary brand source is about 80-130 yuan / ton of 11 liter water. Disk upward, rising water stalemate, downstream more cautious, poor willingness to buy, superimposed Hebei area because of environmental factors, affect the normal purchase of some enterprises. Overall, today's deal was worse than last Friday.

Zinc price: overnight zinc received three Lianyang, the lower averages rose neatly to give Lun zinc support, the KDJ index also turned upward, showing that Lun zinc temporary storage space, superimposed LME zinc inventory continued to decline, overseas maintained a stable back structure, Sino-US trade frictions slightly eased, expected Geneva zinc or slightly upward. The LME zinc 0-3 liter discount was $31 a tonne yesterday. Overnight, although Shanghai zinc recorded a small negative line, but the overall operation of the KDJ three lines converge and slightly upward, superimposed three places of social inventory recorded a small increase, indicating that Shanghai zinc temporary storage support, but in September zinc production increased year on year or make Shanghai zinc pressure, it is expected that within the day Shanghai zinc under the joint force, or partial collation and operation.

Today is expected: Lun Zinc or range is expected to run at 2430-2480 US dollars / ton, Shanghai zinc main force 1912 contract or run at 18700-19200 yuan / ton. Zinc made in China fell by 20 yuan / ton

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