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[SMM Zinc Morning News] affected by the continuous decline in overseas inventories, zinc in Shanghai and London rose overnight.
Oct 24,2019 08:47CST
The content below was translated by Tencent automatically for reference.

SMM, 24 October:

Overnight zinc opened at $2460 / ton, followed by a steady decline in the daily moving average at the beginning of the day, followed by a narrow horizontal shock of $2450 / ton, and entered the European trading session. Stimulated by LME zinc inventories at a new low of 20 years, zinc rose sharply, broke the 5-day moving average and touched a high of $2487.5 / ton, followed by a slight downward movement, the center of gravity dropped to around $2475 / ton, and finally closed up at $2473 / ton, up $12.50 / ton. Up 0.51%, trading volume to 9054 hands, position increased 1689 hands to 224000 hands. Overnight zinc turned negative to yang, with shadow line 5 moving average support strength, KDJ index slightly downward, MACD red column slightly shortened, indicating that the action energy on zinc is insufficient, although the LME zinc inventory dropped to a 20-year low, but the market still has expectations for accumulations, it is expected that Nailun zinc tends to clean up and run, and the operating range is around 2440US dollars / ton. The LME zinc 0-3 liter discount was $31 a tonne yesterday.

Overnight Shanghai zinc main force 1912 contract opened at 18835 yuan / ton, Shanghai zinc as a whole around the daily average extension of 18860 yuan / ton shock operation, the concussion range does not exceed 50 yuan / ton. At the beginning of the session, Shanghai zinc extended the daily moving average slightly upward, during which it touched 18900 yuan / ton, then suppressed by the 10-day moving average, Shanghai zinc slowly descended, the tail concussion went up, and finally closed up at 18865 yuan / ton, up 65 yuan / ton, up 0.35%, trading volume to 107000 hands, position volume reduced by 3184 hands to 201000 hands. Overnight, Shanghai zinc recorded a small yang line, under pressure under the Brin Road middle track, KDJ index turning down, MACD red column shortened, indicating that Shanghai zinc has a certain downward pressure, the macro environment is warm, it is expected that Shanghai zinc or weak finishing in 1860019100 yuan / ton. Today, domestic Shuangyan Zinc rose 100-130 yuan / ton to the 11 contract.


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