SMM4 8 Zinc Morning meeting: global New Crown virus case more than 1.4 million Zinc Price returns downstream transaction is very weak
Zinc Morning meeting: macro: it is reported that the latest data show that the global cumulative number of new crown confirmed cases has exceeded 1.4 million; the US government has asked Congress for an additional $250 billion in emergency economic aid to help small US businesses hit by the new crown epidemic. Senate Republican leader Mitch McConnell pushed for passage as soon as Thursday; Us Treasury Secretary Nouchin tweeted that he had consulted with congressional leaders on the need for a second round of funding. [Lido] euro zone finance ministers want to agree on a 500 billion euro bailout plan to fund the recovery of the economy after the impact of the new epidemic. Japanese Prime Minister Shinzo Abe has just declared a state of emergency in response to the spread of the new crown epidemic, Japanese Prime Minister Shinzo Abe has just declared a state of emergency, NHK reported. The state of emergency measures cover Tokyo, Osaka Prefecture, Saitama Prefecture, Chiba Prefecture, Kanagawa Prefecture, Hyogo Prefecture and Fukuoka Prefecture for a month. Abe said he would not impose a city blockade, but asked citizens to cooperate to avoid unnecessary travel and reduce the infection of Xinguan pneumonia. At the end of March, China's foreign exchange reserves were reported at US $3.0606 trillion, estimated at US $3.0975 trillion, and China's foreign exchange reserves decreased by US $46.085 billion at the end of March compared with the previous month. [bearish]
Fundamentals: yesterday's spot Review: traders are actively shipping and downstream transactions are weak
Shanghai: zinc in the future is higher, the willingness of smelters to ship is improved, traders are mainly shipping, the market quotation in the morning market is relatively weak, about 6070 yuan / ton in April, or 90100 yuan / ton in May, the transaction is very few, and the transaction is relatively active with the average net price and the average price falling by 5 yuan / ton. Entering the second trading session, the quotation remained stable, the market more than received, the transaction further weakened, the downstream wait-and-see, rarely entered the market inquiry, the overall transaction within the day is weak, the performance is not as good as last Friday.
Ningbo: today, the disk rose, zinc rebounded, smelters and traders actively shipped, but downstream transactions are very weak. In the first period of the morning, some of the holders quoted an increase of 130 yuan / ton on the May contract at Tiefeng and Hualian, 150 yuan / ton on Kirin in May, 120 yuan / ton on the May contract for a small amount of Shuangyan newspaper, and 140 yuan / ton on the May contract. However, the downstream transaction situation is very weak, Kirin in the second period of the downward rise to 130 yuan / ton. Overall, the disk pulled up today, but the downstream order situation is poor, the overall transaction situation is worse than last Friday.
Guangdong: in the first trading period, the futures price opened high, the overall increase was larger, the market shipping enthusiasm increased, but the quotation was relatively cautious, the downstream price inquiry was less, a small number of transactions between traders, Kirin, Mengzi, Huize, Tiefeng quoted price of Shanghai zinc May contract discount 10 to 10 yuan / ton. The second trading period, futures prices are still high volatility, downstream procurement demand is still small, traders discount shipment willingness is also limited, the market as a whole trading in general. Kirin, Mengzi, Huize and Tiefeng quoted 10 yuan / ton to flat water for the May contract.
Tianjin: today, the Shanghai zinc high open shock, the spot market maintains rises the discount quotation, the quotation is more unified, the ordinary brand red Ye lark and so on reports to the 04 contract to rise the water 80 yuan / ton near, Chi Hong reports in the 04 contract to rise the water 70 yuan / ton near, the high price brand Zijin to the April contract quotes 90 yuan / ton near. Today, traders still maintain the discount quotation, because the smelter handed in long orders at the beginning of the month, resulting in less circulation to the spot market, resulting in some traders have a strong willingness to ship, but today, due to larger price increases, downstream enterprises are less willing to inquire and receive goods, only a small number of enterprises just need to purchase.
Zinc price: overnight zinc recorded a long shadow line Xiao Yang line, close to Brin Road in the middle of the track, below to support the 5 / 10 line. In the near future, due to the large increase in zinc prices, the reduction of superimposed processing fees, the shortage of raw materials in domestic smelters will be improved, on the demand side, domestic demand will gradually recover, and the starting situation of downstream enterprises will improve one after another. however, the impact of the decline in overseas orders will be gradually transmitted to China, limiting the room for zinc prices to rebound.
Today is expected: Lun zinc or range is expected to run at 1880-1930 US dollars / ton, Shanghai zinc main force 2005 contract or run at 15200-15700 yuan / ton. Domestic zinc fell by 100 yuan per ton.