[2019.4.9 minutes of Zinc Internal Morning meeting] OPEC+ will hold a meeting on April 9 to discuss the serious decline in global trade forecast by the World Trade Organization (WTO).

SMM4 April 9 Zinc Morning meeting: OPEC+ will hold a meeting on April 9 to discuss the World Trade Organization's forecast of a severe decline in global trade.

Morning meeting: OPEC+ will hold an emergency meeting on April 9 to discuss production cuts. It is reported that Russia is preparing to cut crude oil production by 1.6 million barrels per day. Algeria expects OPEC+ production to reach 10 million barrels per day. Oil demand in India, the world's third-largest consumer of crude oil, has plummeted 70 per cent. Goldman Sachs warned that even a 10 million barrels a day cut in global production would not be enough to support oil prices above current levels. The British prime minister is getting better, but the epidemic situation in Britain is even more serious, with the death toll reaching a record high in one day, officials familiar with the matter said. Britain may extend the blockade for a few weeks. WTO: global trade in 2020 may be worse than at any time in post-war peacetime, and in a pessimistic manner, global merchandise trade could fall by as much as 32% this year. Treasury Secretary Robert Mnuchin said the Fed will launch a loan program for medium-sized companies this week. Democrats want the next stimulus bill to be at least $500 billion, including a $250 billion small-business bailout package. Hong Kong announces an "unprecedented" HK $137.5 billion epidemic relief programme, including a HK $80 billion employment security scheme, which will subsidize 50 per cent of the wages of affected employees for a period of six months. HKMA: the 50 per cent reduction in reserve requirements came into effect on 8 April; China passenger Federation: retail sales in the passenger car market picked up steadily in March, with average daily retail sales shrinking to 24% in the fourth week of the month from a year earlier. [Lido]

Fundamentals: yesterday's spot Review: traders are actively shipping and downstream transactions are weak

Shanghai: zinc out of recent highs, smelters stop selling normal shipments, market liquidity increased, the morning market for May reported water 8090 yuan / ton or so, the transaction is relatively stable, the net average price and net average price down 5 yuan / ton more attractive, rising water and disk synchronous fall after the enthusiasm of traders to buy warmer than yesterday. Enter the second trading period, the market quotation differences, part of the rising water in May 90-95 yuan / ton, but also part of the rising water 80-85 yuan / ton, the low price transaction is relatively active, and the downstream day on demand to enter the market in a small amount of buying, the absolute price high downstream buying enthusiasm is still not high, the overall transaction within the day is warmer than yesterday.

Ningbo: today, traders actively ship the goods, the quotation is more uniform, the morning holder reported Tiefeng, Hualian, Xikuang and other brands in the 05 contract rose 120 yuan / ton, Yongchang also reported 120 yuan / ton in the 05 contract, will be reported in the May contract around 150 yuan / ton. In the first period, the market transaction atmosphere is better, the downstream inquiry willingness has been enhanced, enter the second period, the disk slightly lower, downstream market inquiry willingness to buy again improved. Generally speaking, the transaction of high-priced brands is weak today, and the transaction of most ordinary brands is better.

Guangdong: in the first trading session, futures prices fell compared with yesterday. The foreign quotation of individual cardholders is higher, but most of them look for the source of water goods, the market begins to adjust the price, and a small number of transactions are concluded between traders. Kirin, Mengzi, Huize and Tiefeng offer 20 yuan / ton to flat water for the Shanghai zinc May contract. The price of Qilin, Mengzi, Huize and Tiefeng is 20 yuan / ton to Pingshui. In the second trading session, the die-casting alloy factory had poor orders this month and limited purchases into the market, and the decline in demand was difficult to support the market price, but due to the narrowing of the contract price gap between the futures month and the next month, the discount rate quoted by the holder was limited. Kirin, Mengzi, Huize and Tiefeng offer 10-20 yuan per ton for the May contract.

Tianjin: today, Shanghai zinc weakens, the spot market increases the discount quotation, the quotation is more unified, the ordinary brand red Ye lark and so on in the 04 contract quotation 100 yuan / ton near, Chi Hong reports in the 04 contract to rise 90 yuan / ton near, the high price brand Zijin to the April contract quotes 120 yuan / ton near. Today, traders raised their discount quotations, as smelters handed in long orders at the beginning of the month, resulting in a smaller volume of goods circulating to the spot market and a stronger willingness of traders to offer prices. After zinc prices fell today, downstream enterprises' willingness to inquire was better than yesterday and kept just in need of procurement. Overall, transactions today are better than yesterday.

Zinc price: overnight zinc recorded a small negative line, close to Brin Road middle rail operation, below to support the 5 / 10 line. Recently, due to the recovery of zinc prices and the reduction of superimposed processing fees, the mood of mine shipments will be boosted and the tension of raw materials in smelters will be alleviated. The output of refined zinc has also rebounded in March. Under the favorable boost from overseas, the upward space of zinc is expected to be limited.

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 50 yuan per ton.