SMM, 15 April:
Overnight, Saudi crude oil production in April will be an average of 12.3 million barrels per day, WTI crude oil will fall below the $20 mark again after two weeks, and oil prices will hit low again, which will reduce the cost of zinc production. IMF expects the global economy to shrink by 3% this year. The G7 reiterated its efforts to strengthen international coordination in response to the epidemic. Trump: some states may restart their economies by May 1. Overnight, Lun Zinc opened at $1921 / ton. At the beginning of the session, Lun Zinc took the initiative. Lun Zinc rose sharply, surging US $1955 / ton. however, the upper 40-day line was strongly suppressed, approaching European trading hours, with the early long profits leaving the market, and Lun Zinc falling back to a high level. The center of gravity moved down to $1920 / ton, and then, driven by a big drop in crude oil, Lun Zinc fell $1903 / ton, and in late trading, Lun Zinc rebounded slightly, closing up at $1930 / ton, up $21 / ton, up 1.10%, trading volume increased by 9094 hands, position decreased by 1025 hands to 216342 hands. Overnight zinc recorded a long shadow line small yang line, the lower Brin Road middle track into a support, the upper resistance 40 day line. Recently, due to the overseas epidemic led to consumption shutdown, lme inventory to a high level; and some European and American countries have plans to gradually restore the economy, it is expected that overseas in a semi-controlled way, flatten the infection curve, gradually liberalize the city closure restrictions, short-term or will lead to zinc consumption, but as the epidemic continues, the global economy will face a long time, a large contraction, in the long run, zinc consumption is still pessimistic. It is expected that the space above Lun Zinc is limited, and the price of Lun Zinc is expected to operate in the range of US $1900-1950 / ton. On the domestic side, at present, the downstream enterprises have fully completed the resumption of work and production, and due to the phenomenon of rush after the resumption of some infrastructure projects, it is expected that short-term galvanized consumption will improve, however, due to the impact of export, die casting plate orders appear cliff decline, downstream consumption appears differentiation; Shanghai zinc may continue to test the above resistance level, but if zinc prices further pull up, it is expected that mining and smelter shipments will be strengthened, or will maintain the value of the disk, the Shanghai zinc 2006 contract price is expected to run in the range of 15500-16000 yuan / ton, and the domestic Shuangyan zinc contract will rise 80-90 yuan / ton in May.
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