SMM, 11 May:
On Friday, the number of oil rigs in the United States fell to an 11-year low; Trump spoke to the King of Saudi Arabia about stabilizing the energy market; the two oil companies rose more than 5 percent on Friday and rose about 20 percent last week; and a strong rebound in crude oil gave commodities support. The number of non-farm payrolls in the United States fell by 20.5 million in April; British Prime Minister Johnson announced a road map for lifting the blockade measures; Japan may lift the state of emergency in many regions ahead of schedule; China and the United States are willing to "create favorable conditions" for the implementation of the economic and trade agreement; the market expects demand to gradually resume, superimposed on the positive news from China and the United States to boost zinc prices. Last Friday, Lun Zinc was closed. Overseas Britain announced plans to contact the blockade measures, Japan will make a judgment around the 14th according to the epidemic situation, the market is expected to gradually resume demand, the price of zinc is expected to operate in the range of 1990-2040 US dollars / ton. On Friday, the main contract of Shanghai Zinc 2007 opened at 16925 yuan / ton, Shanghai zinc fell slightly at the beginning of the day, the center of gravity moved down to 16870 yuan / ton, the first line of narrow shock, intraday lower 16825 yuan / ton, Shanghai zinc remained volatile in late trading, closed down 16875 yuan / ton, down 65 US dollars / ton, down 0.38%, trading volume decreased to 43566 hands, position increased 3512 hands to 120437 hands. Overnight, Shanghai zinc received a small negative line, running on Brin Road above the track, below the 5-day line to provide support. The market expects that zinc ore imports will fall from May to June, resulting in a shortage of domestic zinc mines, but it is necessary to guard against high prices, domestic mining enterprises to increase shipments, Shanghai zinc 2007 contract price is expected to operate in the range of 16600-17100 yuan / ton, and the domestic Shuangyan zinc contract will rise to 100120 yuan / ton in May.
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