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[4.23 minutes of Zinc Internal Morning meeting] there was a sharp decline in the willingness to buy in the lower reaches of the rising water in Shanghai yesterday.
Apr 23,2020 09:27CST
translation
The content below was translated by Tencent automatically for reference.

SMM4 23 early meeting of Zinc: yesterday, Shanghai Zinc rose higher and lower reaches of the willingness to buy sharply reduced.

Zinc Morning meeting: macro view: the total number of confirmed cases of the global epidemic has exceeded 2.64 million; Italy and France have reported the highest number of new confirmed cases in four days, and Spain has extended the blockade time. With the surge in the number of foreign workers infected, Singapore's new crown has confirmed more than 10,000 cases. The European Union will hold a summit of leaders on Thursday. The European Commission is said to be considering a 2 trillion euro economic recovery plan to try to bridge the differences in recent weeks, but in the absence of specific road map guidance, the video summit may once again fail to bear fruit. The US Treasury Secretary expects that most of the US economy will reopen by the end of August, and New York plans to step up efforts to track the source of infection in preparation for the resumption of opening up. [Lido] according to data disclosed by the Chinese passenger Association, the average daily retail sales in the first three weeks of April was 31100 vehicles, down 7% from the same period last year, compared with 47% in the first three weeks of March, and the recovery in April was obvious. [Lido]

Fundamentals: yesterday's spot review: traders are actively shipping downstream turnover Shanghai: smelter normal shipment, long orders will expire within this week, traders procurement and delivery is more active, some holders are homeopathic, domestic quotation raised to 230,250 yuan / ton in the morning market, the acceptance of the larger market is not high, the average price of SMM + 105yuan / ton is more active, the price of domestic quotation is raised to 230,250 yuan / ton in the morning market, the acceptance of the larger market is not high, and the average price of smelter + 105yuan / ton is more active. At the same time, some traders reported 200 yuan / ton shipment, but the small volume did not cause too many waves. Entering the second trading period, the market quotation held steady at 220-230 yuan / ton, Shuangyan Huize reported 250-260 yuan / ton, the market all had transactions, but the disk rose back up and the discount rose significantly, and the willingness to buy downstream decreased, only to do just-needed procurement, the main transaction within the day was contributed by traders.

 

Ningbo: today, due to the large demand for long orders in the Shanghai market, traders actively buy raised water, and the Ningbo market follows slightly. Due to the tight circulation of goods in the market, the market quotation is concentrated in Tiefeng and Huize in the vicinity of 270 yuan / ton for the May contract. Hualian and Kirin reported 300 yuan / ton for the May contract. According to the average freight rate of 40 yuan / ton in the city, the market quotation is concentrated in the vicinity of 270 yuan / ton for the May contract, while Hualian and Kirin reported 300 yuan / ton for the May contract, which is converted according to the average freight rate of 40 yuan / ton in the city. Basically equivalent to the May contract rose by about 260 yuan / ton, imported zinc KZ reported on the May contract rose by 290 yuan / ton. Today, the market is slightly lower, the rising water is relatively strong, the market inquiry willingness is significantly less than yesterday, the market trading is very light.

Guangdong: in the first trading period, the quotation of individual holders was higher than yesterday, but the transaction was completed quickly, coupled with the higher quotation in the Shanghai market and the strong sentiment in the late market, the quotation was raised as a whole. Kirin, Mengzi, Huize, Tiefeng quoted price for Shanghai zinc June contract rose 50-60 / ton. The second trading period, downstream bargains into the market procurement, as a result of the recent Guangdong supply has been sent to East China, Tianjin and other places, the holder is optimistic about the subsequent spot water performance, the overall price is high, the water price continues to rise. Kirin, Mengzi, Huize and Tiefeng quoted 60-80 yuan per ton for the June contract.

Tianjin: low shock of zinc in Shanghai today. The spot market increases the discount quotation, the quotation is more unified, the ordinary brand lark newspaper in the 05 contract bid up 280 yuan / ton, the red gold newspaper in the 05 contract rose 350 yuan / ton, Chi Hong reported in the 05 contract rose 270 yuan / ton, the high price brand Zijin to the May contract rose 350 yuan / ton, before noon Zijin rose to 380 yuan / ton. The low price of zinc today fluctuated, driven by a larger increase in the discount rate in the Shanghai market, Tianjin traders raised the discount water delivery, in which Chihong has arrived one after another, the market liquidity has been restored; downstream, the spot price today is flat than yesterday, the willingness to receive goods downstream has not yet seen a significant improvement, still maintain the need to purchase, Zijin take the goods better. On the whole, the transaction today is flat compared with yesterday.

Zinc price: overnight zinc recorded a small negative line, the lower Brin Road middle rail to provide support, the upper 5 / 40 day line into suppression. Overnight lme stocks fell 250 tonnes, or 0.26 per cent, to 97600 tonnes, and LME inventories fell for the fifth day in a row. Crude oil may remain weak, but the United States and the European Union may pass a series of economic stimulus bills today, or boost market confidence expectations. On the domestic side, short-term consumption continues to improve, inventories across the country remain in the warehouse stage, and Guangdong to go to the warehouse is also more than expected, prices down this week also stimulate downstream stock, will support the trend of zinc prices.

Today is expected: Lun zinc price is expected to operate in the range of US $1880,930 / ton, Shanghai zinc main force 2006 contract or run in the vicinity of 15500-16000 yuan / ton. Domestic zinc rose by 200 yuan per ton.

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