SMM, 6 May:

Overnight, EIA crude stocks rose much less than expected, but the itemized data were early warning; Iraq finalised production reduction quotas for foreign-run oil fields; Saudi Aramco said it had postponed oil pricing again in June; and oil prices rebounded to provide support for non-ferrous metals. The number of small non-farmers in the United States has reached-20.236 million, resulting in unprecedented unemployment; the United States is considering extending tariffs on some Chinese goods for one year; the federal deficit in the United States is set to exceed $4 trillion this year; and the Spanish Parliament has approved a two-week extension of the state of emergency until May 23. The overseas epidemic is still not optimistic, although there is a return to work and production, with limited impetus to consumption. China's State Council executive meeting said it was necessary to stabilize the basic economic market and implement a strategy to expand domestic demand. Volkswagen's sales in China rebounded in April. Overnight, Lun zinc opened at 1920.5 US dollars / ton, the first round of zinc rose slightly, the center of gravity moved up to 1940 US dollars / ton, entered the European trading session, the bulls entered the market as a whole, Lun Zinc concussion upward, entered the night trading, more into the empty, Lun Zinc broke through the 60-day line resistance, touched 1988 US dollars / ton, and finally closed up 1987.5 US dollars / ton, up 67 US dollars / ton, up 3.49%, and the trading volume increased to 9997 hands. Positions were reduced by 2133 to 219763. Overnight zinc recorded a major positive line, breaking through the upper 60-day line and Brin Road rail resistance. Overnight lme inventories fell 250 tonnes, or 0.25 per cent, to 100425 tonnes, breaking the 100000 mark. Europe and the United States gradually resume work and resume production, restart the economy in stages, however, under the impact of the epidemic, consumption is expected to be limited, still need to pay attention to the impact of the mine, it is expected that the price of zinc in the range of US $1950-2000 per ton. Overnight, Shanghai zinc 2007 main contract opened at 16425 yuan / ton, Shanghai zinc slightly higher at the beginning of the day, around the daily average narrow range shock, intraday long position boost, Shanghai zinc touch high 16700 yuan / ton, but the upper resistance is strong, the final increase of 16605 yuan / ton, up $220 / ton, up 1.34%, trading volume increased to 44758 hands, position increased by 4334 hands to 99542 hands. Overnight Shanghai zinc collection of the Dayang line, once again try the upper Brin Road on the track resistance, the bottom 5 lines to provide support. In the middle and late May, affected by the previous overseas epidemic situation, the import of zinc concentrate may be greatly reduced, concerned about whether the mine shortage will be transmitted to the smelting end, it is expected that the Shanghai zinc 2007 contract price will run in the range of 16300-16800 yuan / ton, and the domestic Shuangyan zinc contract will increase the water by 110-130 yuan / ton in May.

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