Summary of Zinc Morning meeting in SMM on April 28

Spot fundamentals

Shanghai: Shanghai zinc 2005 contract opened high after finishing operation, the morning market closed at 16190 yuan / ton. The smelter shipped normally, after the end of the month, the traders entered the settlement closing stage, the market trading atmosphere became weaker, the intra-day market quotation remained stable at 150-160 yuan / ton, and the low price was the invoice source next month. The morning market did not recognize the rising water relatively smoothly, with the average price and average price-5 relatively smooth, and the transaction on the second exchange was limited, while Shuangyan circulation was tight and the quotation was more divergent. There are reported water 200 yuan / ton, there are also reported water 240 yuan / ton, however, the disk significantly increased after the downstream consumption is obviously suppressed, Shuangyan follow-up actual quotation transaction for the rising water 180-190 yuan / ton, the overall volume is small, the overall transaction within the day is slightly dull.

Ningbo: today, some of the goods pulled by Guangdong are in circulation in Ningbo market, which alleviates the shortage of goods in the market. In the morning, the market quotation was more concentrated in the first period of the morning. Tiefeng reported an increase of 200 yuan / ton on the May contract, Kirin reported an increase of 210-220 yuan / ton on the May contract, and Huize News raised the water by 230 yuan / ton on the May contract. In addition, some of Guangdong's Feilong supply was reported near 190 yuan / ton in May. However, due to the larger increase in disk size, the transaction is poor, and the willingness to buy downstream is poor. In the second period, some traders cut Kirin's offer to about 180 yuan / ton, and transactions improved slightly. Overall, today's deal was worse than last Friday.

Guangdong: in the first trading period, futures prices rose sharply, but due to the recent sharp decline in inventory in Guangdong, the holder still sold mainly, but the warehouse orders outflow, individual brand quotation is lower, the late price is slightly loose, Kirin, Mengzi, Huize, Tiefeng quoted on the Shanghai zinc June contract rose 50-70 yuan / ton, flying dragon 3040 yuan / ton. In the second trading session, the willingness to purchase at high prices downstream is insufficient, the demand for rising water by traders is also limited, the quotation of individual brands in the market has been slightly lowered, and the overall transaction is general. Kirin, Mengzi, Huize and Tiefeng quoted 45-60 yuan / ton for the June contract.

Tianjin: today, Shanghai zinc high open high walk, the spot market to maintain the discount quotation, the quotation is more unified, the ordinary brand lark newspaper in the 05 contract up 320 yuan / ton, the red dragon newspaper in the 05 contract bid up 350 yuan / ton, Chi Hong reported in the 05 contract rose 320 yuan / ton, Shuangyan newspaper in the 05 contract reported 300 yuan / ton, the high price brand Zijin reported 400 yuan / ton to the May contract. Today, zinc prices open high, the spot market to maintain a discount quotation, today Shuangyan and imported kz have arrived, Guangdong zinc ingots are still on the way, the spot market liquidity has been supplemented; downstream, today's price increases, downstream inquiry willingness to accept weaker, only part of the downstream to maintain the need to buy goods. Overall, trading today was weaker than last week.

Zinc prices were forecast today: overnight lme stocks fell 1700 tons, or 1.71%, to 97775 tons, while LME stocks continued to fall back and remain high. European and American countries announced economic restart plans, need to pay attention to the future mining recovery and terminal zinc-related consumption, short-term zinc will tend to shock the market. Domestic, boosted by Yunnan and Gansu storage plans, short-term Shanghai zinc remained strong, short-term attention to pre-festival downstream enterprises stock strength.

Today is expected: Lun zinc price is expected to operate in the range of US $1880,1930 / ton, Shanghai zinc main force 2006 contract or run in the vicinity of 15800-16300 yuan / ton. Domestic zinc fell 280 yuan per ton.