[SMM Zinc Morning News] LME closed short-term Zinc Price remained weak

SMM, 13 April:

Overnight, Saudi Aramco announced oil prices: higher crude oil prices to the United States; Saudi Arabia: ready to cut production further in June if necessary; production disruptions of up to 100000 barrels per day on offshore platforms in the Gulf of Mexico; Trump: plans to restart the economy are nearing; the New York Fed plans to reduce the frequency of some repo operations; and the Fed vice chairman: there is still a long way to go before we discuss raising interest rates. Overnight, lme is closed at Easter in the UK. Overnight, according to SMM, as of Monday (April 13), the total inventory of zinc ingots in SMM Seven places was 286600 tons, down 10800 tons from last Tuesday (April 7). This weekend inventory decline is mainly concentrated in the Shanghai area, near the weekend downstream enterprises have a strong willingness to replenish the warehouse, larger volume of purchases led to the warehouse; in addition, Guangdong and Tianjin areas have recorded a small accumulation of warehouses, Guangdong area is subject to weak downstream consumption, poor transactions; Tianjin area is mainly due to some smelters to sell, the pace of shipment has slowed significantly. Consumption in the lower reaches of China has gradually resumed, and the resumption of terminal projects has also brought about an increase in orders, resulting in the social treasury entering the stage of going to the storehouse. However, under the influence of the overseas epidemic, it is expected that the reduction in consumption in the future will be greater than the reduction in supply, and the space above zinc is limited. The price of zinc is expected to run in the range of US $1880,1930 / ton, and the contract price of Shanghai Zinc 2006 is expected to run in the range of 15300,15800yuan / ton. The domestic double swallow zinc increased the water by 60-80 yuan / ton in May contract.

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