SMM, 28 April:
Overnight, WTI crude oil futures plunged 20 per cent on Tuesday before rising, the United States last week API crude oil stocks increased by 9.98 million barrels, crude oil weakness or trigger market pessimism; Pelosi said lawmakers are considering $4, 000-$500 billion in aid to states. GDP data and interest rate decisions for the first quarter of the United States will be released on Wednesday. France announced its economic plan to restart its economic plan. Spain plans to lift the epidemic prevention blockade within the next eight weeks. European banking leverage restrictions will be significantly relaxed; and zinc transport costs will rise when national toll road tolls are restored from 00:00 on May 6. Overnight, Lun Zinc opened at US $1907.5 / ton, and at the beginning of the day, Lun Zinc was located in a narrow range above the daily average line. Near European trading hours, most of them entered the level, and Lun Zinc concussion rose upward, during which the daily average line became an effective support. In late trading, Lun Zinc increased its center of gravity to US $1935 / tonne. During the period, it rose US $1941 / ton and closed up US $1935 / ton, up US $25 / ton, up 1.31%, and trading volume increased to 6888 hands. Positions were reduced by 256 to 217377. Overnight Zinc recorded a big positive line, breaking through the above daily averages, or will challenge Brin Road upward on the track. Overnight lme inventories fell 925 tonnes, or 0.95 per cent, to 96850 tonnes, while LME inventories continued to fall back and remain high. Affected by the epidemic, the ban on mines in Peru has been extended to May 10, with short-term attention to the resumption of work in other mines overseas. the reduction in mineral production may lead to a shortage of raw materials in overseas smelters, and the price of zinc is expected to run in the range of US $1900-1950 / ton. On the domestic side, short-term zinc consumption continues to improve, driving the social bank to the warehouse, and paying attention to the maintenance of smelters in the future. It is expected that the Shanghai zinc 2006 contract price will run within the range of 15800-16300 yuan / ton, and the domestic Shuangyan zinc contract will increase the water by 130-150 yuan / ton in May.
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