SMM October 25 Zinc Morning meeting:

Zinc Morning meeting: macroscopically, the leaders of the State Council met with Mogerini, vice president of the European Commission. He expressed the hope that the two sides will continue to jointly safeguard multilateralism and free trade, promote the conclusion of the China-EU geographical indications agreement negotiations as soon as possible, and complete the China-EU investment agreement negotiations as scheduled next year. Bureau of Statistics: China's innovation index exceeded 200 for the first time in 2018, reaching 212.0 (up from 212.0 in 2005), an increase of 8.6% over the previous year and doubling from 2005. Ministry of Commerce: from January to September, Chinese enterprises signed service outsourcing contracts worth 886.4 billion yuan and executed 595.32 billion yuan, an increase of 4.4 percent and 12 percent, respectively. The ECB left its three interest rates unchanged, all in line with expectations. This is Draghi's last interest rate resolution during his tenure as president of the European Central Bank. ECB President Draghi: there is a need to take a highly loose position for a longer period of time, and the ECB is ready to adjust all tools as needed. The initial value of US Markit manufacturing PMI in October was 51.5, expected to be 50.9, compared with the previous value of 51.1; US durable goods orders fell 1.1% in September from the previous month, and expected to fall 0.8%, up 0.2% from the previous value. The initial value of manufacturing PMI in the euro area in October was 45.7, with a forecast of 46, up from 45.7.

Fundamentals: yesterday's spot review: disk low shock upward three places trading has turned weak

Shanghai: this morning, the spot quotation in Shanghai stock market generally quoted 120 yuan / ton for the 1911 monthly ticket, but the market buying order was relatively weak, and the quotation was gradually reduced to 100 yuan / ton. Some of the next monthly tickets are quoted at about 10% of the net average price. The tax system upgrade the day before, the market for the current month ticket demand has weakened, this month next month note price difference has gradually narrowed. Enter the second trading session, the market quotation continues to weaken trend, spot quotation a small amount of 90 yuan / ton. Overall, trading in the market today is weaker than yesterday.

Guangdong: refinery shipments are normal, the market supply circulation is more abundant. In the morning, the quotation of the holder is concentrated in the discount of 20 yuan / ton to the 12 contract, entering the second trading period, the quotation of the trader is concentrated in the discount of 2030 yuan / ton to the 12 contract. Disk upward, rising water is more deadlocked, downstream mostly wait and see inquiry, traders contribute part of the transaction, but traders generally have sufficient supply on hand, mostly shipment, trading is also relatively light. On the whole, today's investors are contributed by traders, and the transaction atmosphere is worse than yesterday.

Tianjin: refinery shipments are normal today. In the market, the circulation of goods tends to be loose. The quotation of high-priced brand source is concentrated in the vicinity of 120-150 yuan / ton for 11 contract, and the quotation for ordinary brand source is about 7090 yuan / ton for 11-liter water. Disk compared with yesterday, rising water held stable, downstream wait-and-see mood thickened, superimposed in the northern region of environmental protection production restrictions, haze reasons led to the northern part of the high-speed was blocked today, downstream demand fell, extremely cautious mining. On the whole, there are few transactions today, which is worse than yesterday.

Zinc price: overnight zinc received two Lianyang, below by the joint support of the moving averages, the upper pressure on Brin Road on the track, showing that the upward sinking energy of zinc is limited, LME zinc inventory after falling to a 20-year low recorded a decline of 600 tons, or give Lun zinc a little power to stop the decline, it is expected that the day Lun zinc or weak shock, the operating range is 24602510 U. S. dollars / ton near. The price of zinc: overnight zinc received two Lianyang, under the joint support of various averages, the upper pressure on Brin Road, indicating that the upward and downward potential energy of zinc is limited. Yesterday, the LME zinc 0-3 liter discount was $41.25 per tonne. Overnight Shanghai zinc overcast, below by Brin Road middle rail support, above by Wanjiu pass suppression, KDJ index trend is slow, superimposed into October spot consumption weakening and inventory is still at a low level, in the lack of further macro guidance, Shanghai zinc or weak operation in the day at 18500-19000 yuan / ton.

Today is expected: Lun zinc or range is expected to run at 2460-2510 US dollars / ton, Shanghai zinc main force 1911 contract or run at 18500-19000 yuan / ton. Domestic zinc fell by 120 yuan per ton.

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