SMM, 13 April:

On Friday, WTI crude jumped 8% on Monday and fell 3%; OPEC + reached a historic cut in production; more than 1.8 million of the world's new top cases were confirmed and more than 110000 died; Trump: hoping to restart the US economy as soon as possible, there will be a committee to plan to lift economic restrictions; Federal Reserve Meister: the Fed's actions are not yet over; the United States has declared a state of disaster; China is still implementing the contents of the first phase of the Sino-US economic and trade agreement; Zhong Nanshan: it is too early to talk about the inflection point of the global epidemic. Last Friday, lme was closed at Easter in the UK. On the supply side, in the early stage, due to the problem of low zinc prices and superimposed processing fees, some small mines reduced and stopped production, and some medium-sized mines only produced and did not sell. However, in April, the processing fee was reduced to an average price of 5600 yuan / ton, and the low price was 5300 yuan / ton. It is also expected that the willingness to ship the mine will be strengthened. in addition, the inventory of Lianyungang zinc concentrate rose to a high level of 200000 tons on Friday, and the shortage of raw materials in the smelter is expected to be alleviated. Refined zinc production will remain high, short-term zinc price will be weak operation, Shanghai zinc 2006 contract price is expected to operate in the range of 15200-15700 yuan / ton, domestic Shuangyan zinc is expected to increase the May contract by 6080 yuan / ton.

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