SMM, 8 May:
Overnight, Saudi Arabia slashed oil price discounts to signal a recovery in demand in the oil market; Trump spoke to Putin and Saudi princes to communicate the international crude oil situation; and higher crude oil will boost market confidence. The number of new petitioners in the United States reached a record high in April 3.17 million; the Bank of England stood still to sharply adjust its GDP growth forecast; France will gradually lift the ban together next week, but the Paris area still faces strict restrictions; and the gradual unwinding of overseas signals a recovery in market demand. According to sources, Liu he, the top trade negotiator between China and the United States, and Letterheitzer spoke as early as next week; Caixin's PMI in China's services industry rebounded slightly to 44.4 in April; and China's car sales rebounded in April, according to the China Automobile Association. Overnight, Lun Zinc opened at US $1993 / ton, and at the beginning of the day, Lun Zinc fell slightly, probing down US $1972.5 / ton, but below the 60-day line to provide support, Lun Zinc rebounded, entered the European trading session, and mostly entered the empty level. Lun Zinc broke through the integer threshold of US $2000 / ton and rose by US $2029 / ton. In late trading, some of the long profits left the market, and Lun Zinc gave up some of its gains, closing up at US $2002.5 / ton, up US $15 / ton. Up 0.75 per cent, trading volume fell to 9669 hands and positions decreased by 2099 hands to 217664 hands. Overnight zinc recorded a small cross positive line, breaking through 2000 US dollars / ton integer level and Brin Road on track resistance, the lower 60-day line to provide support. Overnight lme inventories fell 250 tonnes, or 0.25 per cent, to 100175 tonnes, while LME inventories fell by a limited margin and remained high. European and American countries gradually resume work and resume production, restart their economies in stages, stack up the good release of crude oil, and restore confidence in market demand. It is expected that the price of Lun zinc will run in the range of US $1980-2030 / ton. Overnight, the Shanghai zinc 2007 main contract opened at 16700 yuan / ton, at the beginning of the day, the long position led to the rise, Shanghai zinc quickly rose 16910 yuan / ton, but the resistance above Shanghai zinc is strong, accompanied by part of the long profit to leave the market, Shanghai zinc vomiting part of the increase, finally closed up 16775 yuan / ton, up $160 / ton, up 0.96%, trading volume increased to 63995 hands, position increased by 4594 hands to 108294 hands. Overnight Shanghai zinc received a small Yang line, close to Brin Road on the track, the lower 5 lines to provide support. In May, it is expected that infrastructure will still have a good performance, and will continue to drive zinc consumption. In the future, we need to pay attention to whether the shortage of mines will be transmitted to the smelting end. It is expected that the Shanghai zinc 2007 contract price will run within the range of 16500-17000 yuan / ton, and the domestic Shuangyan zinc contract will increase the water by 110-130 yuan / ton in May.
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