SMM, 10 April:
Overnight, OPEC + said it would cut production by 10 million barrels a day from May 1, 2001; Trump: "very good" calls with Russia and Saudi Arabia; draft: G20 countries will set up task forces to oversee oil market stabilization operations; the Federal Reserve announced an additional $2.3 trillion rescue package; Powell: there was a strong demand for fiscal policy during the crisis; EU finance ministers agreed on a $590 billion anti-epidemic relief package; the United States recorded 6.606 million jobless claims for the week to April 4. Overnight, Lun Zinc opened at US $1915 / ton, rose US $1923 / ton at the beginning of the session, and then fell back to a narrow range below the daily average. near European trading time, under empty and flat, Lun Zinc fell further, probing down US $1896 / tonne. Then the center of gravity of Lun Zinc moved to US $1905 / ton, which closed down at US $1909 / ton, down US $5 / ton, or 0.26%, and the trading volume decreased to 6000 hands. Positions were reduced by 3094 to 217367. Overnight zinc recorded a small negative line, close to the Brin Road middle rail operation, below to support the 5 / 10 line, the kdj index narrowed downward. There has been a large number of overseas transfers in the past two days, with lme inventories rising sharply to 97975 tons, an increase of nearly 30 per cent in two days, or triggering market pessimism, while domestic refinery production increased to 464200 tons in March, which is expected to be recorded again in April. Short-term Zinc will remain weak, and as a result of the good Friday holiday, the British Stock Exchange will take two trading days and resume trading next Tuesday. It is expected that the contract price of Shanghai zinc 2006 will run in the range of 15100-15600 yuan / ton, and the domestic double Yan zinc will increase the contract by 60-80 yuan / ton in May.
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