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[SMM Zinc Morning News] Zinc in Shanghai and London closed up on Friday and is expected to remain strong and weak within the day.
Oct 28,2019 08:46CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, 25 Oct:

Last Friday, Lun Zinc opened at $2496.5 / ton, which fell sharply at the beginning of the session, breaking the 5-day moving average to $2472 / ton. Then the daily moving average rose steadily, the center of gravity rose to around $2485 / ton, and entered the European trading session. Under the empty level, Lun Zinc rose, and the center of gravity rose again to about $2510 / ton. during this period, we tried to test the suppressing strength of Brin Road on the track and touch the high of $2528 / ton. The tail fell back to $2510 / tonne and closed up $2514.5 / tonne, or $17.50 / tonne, up 0.7 per cent, trading volume to 10295 hands and positions up 6634 hands to 233000 hands. Last Friday, Lun Zinc received three Lianyang, the lower EMA neatly up to give Lun Zinc certain action energy, LME zinc inventory continues to refresh new lows, overseas back structure expanded to 41.25 US dollars / ton, also shows that Lun Zinc temporary storage has a certain upward space. The operating range of zinc in Geneva is expected to be around US $24702520 / ton. Last Friday, the LME zinc 0-3 liter discount was $41.25 a tonne.

On Friday night, the Shanghai zinc main force 1912 contract opened at 19705 yuan / ton, with a narrow concussion around the daily average of 18725 yuan / ton at the beginning of the day, then steadily rose, and the center of gravity moved up to around 18820 yuan / ton. Intraday, boosted by the strength of the outer plate, Shanghai zinc quickly pulled up, breaking through the intersection of moving averages and touching a higher level of 19165 yuan / ton. however, above Brin Road, the upper rail suppression is stronger, tail Shanghai zinc pressure downward, back up part of the increase. At the end of the day, it closed up at 18980 yuan / ton, up 305 yuan / ton, or 1.63%. The trading volume was 289000 hands, and the position was reduced by 17560 hands to 197000 hands. Last Friday, Shanghai zinc turned negative to yang, recorded a long positive line, KDJ index upward intersection, MACD green column turned red, showing that Shanghai zinc storage must to decline energy, but the three places inventory recorded a small increase and downstream consumption is about to enter the traditional off-season to make Shanghai zinc pressure, in the short term Shanghai zinc upward and downward trend energy is weak, it is expected that Shanghai zinc is still inclined to interval shock, running at 18700-19200 yuan / ton. Today, domestic Shuangyan Zinc rose 80-110 yuan / ton to the 11 contract.

 

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