Home / Metal News / Zinc / [SMM Zinc Morning News] overnight Shanghai and Lun Zinc are expected to be on the strong side during the day.
[SMM Zinc Morning News] overnight Shanghai and Lun Zinc are expected to be on the strong side during the day.
Oct 29,2019 08:41CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, 29 Oct:

Overnight Zinc opened at US $2512.5 / ton, and the center of gravity moved up to around US $2425 / ton, entering the European trading session, boosted by the decline in inventories again, and mostly at empty level. Lun Zinc climbed steadily again and rose US $2549 / ton, with a slight decline at the end of the day, closing up US $2536 / ton, up 21.5 US dollars / ton, up 0.86%, and trading volume to 8677 hands. The end of the day closed at US $2536 / ton, up 21.5 US dollars / ton, up 0.86%, and trading volume to 8677 hands. Positions increased by 2205 to 235000. Overnight zinc recorded four Lianyang, the lower averages neatly upward, KDJ index slightly upward trend, indicating that the temporary storage of zinc action energy, in addition, the decline in LME zinc stocks caused by supply shortage panic and Sino-US trade negotiations made good progress also supported zinc prices. Zinc in Geneva is expected to show a concussive upward trend, with an operating range of about US $2510-2560 per ton. The LME zinc 0-3 liter discount was $44 a tonne yesterday.

Overnight, the Shanghai zinc main force 1912 contract opened at 19150 yuan / ton. At the beginning of the day, Shanghai zinc rose slightly around the daily average line. In intraday trading, driven by the strength of the outer plate, Shanghai zinc measured Brin Road on the track to suppress the strength. However, under the strong pressure on the upper track, the Shanghai zinc bearing pressure dropped, and the end of the day returned to the shock finishing near the daily moving average line. The final increase was 19155 yuan / ton, up 45 yuan / ton from yesterday's closing price, up 0.24%, trading volume to 164000 hands. Positions increased by 5530 to 203000. Overnight, Shanghai zinc recorded two Lianyang, running on each EMA and attached shadow line thorn Brin Road on track suppression, MACD red column elongated, showing Shanghai zinc or storage uplink space, in addition, overseas inventory continued to decline, domestic social inventory also recorded a decline, showing a tightening of spot supply at home and abroad, superimposed macro environment warming, within the day Shanghai zinc or with the outer plate showed a strong concussion trend, the whole run in 18800,19300 yuan / ton. Today, domestic Shuangyan Zinc rose 70-90 yuan / ton to the 11 contract.

"Click to sign up for the 2019 China Zinc oxide Industry chain Trading Summit"

Scan QR code, apply to join SMM metal communication group, please indicate company + name + main business

 

Zinc Morning Review
Morning News

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn