SMM, 17 April:
Overnight, the loan funds for small businesses in the United States have not made progress, and the number of initial claims for unemployment benefits has broken through one million for four consecutive weeks. Trump has announced guidelines to allow the reopening of the US economy. The pressure on the US economy is still great, and the United States has not set a timetable for opening up the economy. short-term overseas demand is still weak; Russia and Saudi Arabia have pledged to abide by the crude oil cut agreement, cheese companies have been reprogrammed to prepare for negative oil prices, OPEC: crude oil demand will fall to its lowest level in 30 years, crude oil demand pessimism may trigger market pessimism. Overnight, Lun zinc opened at 1926 US dollars / ton, the first round of zinc rose slightly, the center of gravity moved down to 1935 US dollars / ton, and entered the European trading hour. Lun Zinc rose again with the daily average line as the defense. Under the expectation of US infrastructure, Lun Zinc rushed up 1965 US dollars / ton, but the 40-day line was suppressed strongly. Lun Zinc dived to a high level, closing up 1932 US dollars / ton, up 5 US dollars / ton, up 0.26%, and trading volume increased to 6389 hands. Positions were reduced by 1775 to 219315. Overnight Zinc recorded a long shadow line small positive line, the lower 5 lines line into support, the upper resistance 40 day line. Overnight lme inventories fell 600 tonnes, or 0.6 per cent, to 99150 tonnes, while LME inventories remained high in Europe and the US, adding to the high number of US jobless claims last week, suggesting that the impact of the overseas epidemic is still strong and demand is weak. The US's 2tn infrastructure plan may not boost zinc consumption until the second half of the year. It is expected that the space above short-term lun zinc is limited, and the price of lun zinc is expected to operate in the range of US $1910-1960 / ton. On the domestic side, after the recovery of consumption, the social bank has entered the stage of going to the warehouse. However, the resistance at the top of the Wanliu pass is relatively strong, and some smelters will carry out hedging above Wanliu. It is expected that the Shanghai zinc 2006 contract price will run within the range of 15600-16100 yuan / ton, and the domestic Shuangyan zinc contract will rise by 100-120 yuan / ton in May.
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