Home / Metal News / Zinc / [2019.4.3 minutes of Zinc Internal Morning meeting] the cumulative number of confirmed cases in the world exceeded 1 million US dollars last week, and the number of initial claims for unemployment benefits rose to a record high.
[2019.4.3 minutes of Zinc Internal Morning meeting] the cumulative number of confirmed cases in the world exceeded 1 million US dollars last week, and the number of initial claims for unemployment benefits rose to a record high.
Apr 3,2020 09:29CST
translation
The content below was translated by Tencent automatically for reference.

SMM4 Zinc Morning meeting on March 3: the cumulative number of confirmed cases in the world is more than 1 million US. The number of initial claims for unemployment benefits reached a record high last week.

 

Zinc Morning meeting: the number of initial jobless claims in the United States surged to a record high of more than 6.6 million last week, the second week in a row, with a total of about 10 million in the past two weeks as more jurisdictions implemented home measures to curb the coronavirus epidemic; the Bloomberg Consumer comfort Index recorded its biggest two-week decline on record; the trade deficit narrowed to a three-year low in February, and the deficit with Chinese goods fell to its lowest level since 2009; and the Bloomberg Consumer comfort Index recorded its biggest two-week decline since records began; the trade deficit narrowed to a three-year low in February, and the deficit with Chinese goods fell to its lowest level since 2009. According to the (CBO) forecast of the Congressional Budget Office, the unemployment rate in the United States will exceed 10% in the second quarter, and (GDP) will fall by more than 7% because of the severe impact of the coronavirus crisis on the US economy; the balance sheet of the Federal Reserve will expand to an unprecedented $5.81 trillion. House Speaker Pelosi wants Federal Reserve Chairman Colin Powell to do everything he can to help cities and states, and the Bank of England says it will double its corporate bond-buying program to at least 20 billion pounds ($24.7 billion), as part of a stimulus package previously announced by the central bank to help the economy during the coronavirus crisis. [Lido] according to John of the United States, the Bank of England said it would double the size of its corporate bond-buying program to at least 20 billion pounds ($24.7 billion) as part of a previous stimulus package announced by the central bank to help the economy during the coronavirus crisis. According to Hopkins University, with the further intensification of the epidemic in the United States and the rise in deaths in Spain and Italy, there were more than 1 million confirmed cases and more than 51000 deaths in the world on Thursday. New crown deaths in Spain have reached a record high, and deaths in France and Italy are also accelerating, indicating that there is no room to relax the European blockade. [bearish] China's domestic bond market is expected to usher in the largest supply boom in history, with net financing expected to exceed 15 trillion yuan for the first time this year. People concerned are expected to cut the benchmark deposit rate 2-3 times this year, and the benchmark deposit rate is expected to fall in April under economic pressure. [Lido]

 

Fundamentals: yesterday's spot review: active trading markets, weak downstream transactions

 

Shanghai: in the first period of the morning, the market is dominated by long single trading, traders have a strong willingness to accept goods at low prices, but the price of high water in the morning is less, and the mainstream transaction in the market is concentrated in the average price of SMM net or discount of 5 yuan / ton. Some of the monthly ticket holders quoted 70 yuan 80 yuan / ton of the 2004 contract with the monthly ticket, but the transaction pressure of the high rising water is still great. In the second period, the spot rally was relatively stable, with some holders offering a rise of 70 yuan / ton to the 2004 contract. Zinc prices rebounded, the lower reaches were mainly concerned about prices today, and some downstream were mainly concerned about prices on demand. At present, prices continue to hoard goods are not strong, traders maintain high-frequency trading, but gambling tax expectations have been reduced, and there is greater pressure on the market to rise.

 

Ningbo: yesterday's low price supply or more smooth, today's last air cargo circulation is more tight than yesterday. Morning holders continued yesterday's offer, Western Mining News rose 110 yuan / ton in April, Tiefeng newspaper rose 130 yuan / ton on the April contract, which is slightly higher than the ordinary mainstream brand, the main reason is less supply; in addition, some Kirin underreported in the April contract rose 120 yuan / ton, the transaction situation is relatively good. Overall, the first period of the market willingness to buy is OK, the second period of the rapid expansion of the market, the market enthusiasm for rapid decline. The overall transaction was worse than yesterday.

 

Guangdong: in the first trading period, the market tax reduction expectations, coupled with the widening price difference between the current month and the next month, the holder continued to offer for shipment, part of the transaction floating 10 yuan in the net price, the overall trading is OK, Kirin, Mengzi, Huize, Tiefeng quotation on the Shanghai zinc May contract rose 40-60 yuan / ton. The second trading period, after the net price is determined, the market trading has cooled down, individual holders have increased their willingness to ship in rising water, and the quotation has been lowered, but the market is still relatively strong in the expectation of reducing taxes, and the willingness to ship at low prices is not high, and the market supply and demand is general. Kirin, Mengzi, Huize and Tiefeng quoted 30-40 yuan per ton for the May contract.

Tianjin: today, Shanghai zinc low shock upward, the spot market to raise the discount quotation, the quotation is more unified, the ordinary brand red Ye lark and so on in the 04 contract quotation 80 yuan / ton near, Chi Hongbao in the 04 contract quotation 60 yuan / ton near, the high price brand Zijin to the April contract quotes 100 yuan / ton near. Today, traders continue to raise discount quotations, some traders still have hoarding gambling tax reform expectations, superimposed smelters due to the long delivery of long orders at the beginning of the month led to less goods in circulation in the market, the downstream side, is gradually recovering, there are still some employees of downstream enterprises are in a state of isolation, at present, they just need to purchase. On the whole, the transaction today is flat compared with yesterday.

 

Zinc price: overnight zinc recorded a small positive line, the top pressure 15 / 20 moving average, the bottom support 10-day line. Driven by the surge in crude oil, Lun Zinc also rose slightly, but under the impact of the epidemic, global demand will limit its upward. It is expected that the space above the zinc price is limited, and the price is expected to operate in the range of 1850-1900 US dollars / ton.

 

Today is expected: Lun zinc or range is expected to run at 1850-1900 US dollars / ton, Shanghai zinc main force 2005 contract or run in the vicinity of 15000-15500 yuan / ton. Domestic zinc rose 210 yuan / ton.

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