[SMM Zinc Morning News] demand expectations superimposed on crude oil strong Lun zinc rushes up again

Published: May 12, 2020 08:53 (GMT+8)
Overnight, Lun Zinc opened at 2010 US dollars / ton, Pan Chu Lun Zinc rose slightly, ran above the daily moving average, entered the European trading session, short entered the market to suppress, Lun Zinc concussion fell, fell 2001 US dollars / ton, entered the night market, below the Brin Road track to provide support, Lun Zinc gave up the intraday decline, touched a high of 2033 US dollars / ton, and finally closed at 2031 US dollars / ton, up 28.5 US dollars / ton, up 1.42%, and the trading volume decreased to 6053 lots. Positions were reduced by 2398 to 215266.

SMM, 12 May:

Overnight, Saudi Arabia stepped up its efforts to cut oil production to boost the oil market; Iraq and Kuwait raised the price of oil sold to Asia in June; and production cuts coincided with the resumption of demand to boost the oil market. Us Treasury Secretary Nuchin: the new lending facility will be launched in a few weeks; the British government has issued a national road map for lifting the ban and resuming work; Putin ended the national home order in Russia, urging all regions to carefully relax the blockade measures; Musk restarted Tesla production despite opposition from the local government in California; overseas demand gradually recovered, boosting market sentiment. New social finance exceeded 30,000 in April, with M2 growing much faster than expected; car sales in China rose in April for the first time in 21 months. Overnight, Lun Zinc opened at 2010 US dollars / ton, Pan Chu Lun Zinc rose slightly, ran above the daily moving average, entered the European trading session, short entered the market to suppress, Lun Zinc concussion fell, fell 2001 US dollars / ton, entered the night market, below the Brin Road track to provide support, Lun Zinc gave up the intraday decline, touched a high of 2033 US dollars / ton, and finally closed at 2031 US dollars / ton, up 28.5 US dollars / ton, up 1.42%, and the trading volume decreased to 6053 lots. Positions were reduced by 2398 to 215266. Overnight zinc recorded a small positive line, standing steady at $2000 / tonne integer level, below Brin Road on the track to provide support. Overnight lme inventories fell 50 tonnes, or 0.05 per cent, to 100125 tonnes, while LME inventories fell by a limited and still high level. In anticipation of a recovery in global demand, bulls dominate the market, with Zinc prices expected to operate in the $2000-2050 / tonne range. Overnight, the main contract of Shanghai Zinc 2007 opened at 16830 yuan / ton. The bullish positions increased at the beginning of the session. Shanghai Zinc concussion uplink operated above the daily moving average. In late trading, the center of gravity of Shanghai Zinc moved up to a narrow range of 16915 yuan / ton. It closed up at 16900 yuan / ton, up 70 US dollars / ton, or 0. 42%, trading volume decreased to 39048 hands, position increased by 3003 hands to 125741 hands. Overnight Shanghai zinc received a small Yang line, close to Brin Road on the track, the lower 5 lines to provide support. Demand in May is expected to be flat compared with April, but it is necessary to guard against a weaker downstream receiving hospital after a larger increase in zinc prices, leading to a slowdown in the going to the bank of social banks. It is expected that the contract price of Shanghai Zinc 2007 will run within the range of 16600-17100 yuan / ton, and the domestic Shuangyan zinc contract will rise by 90110 yuan / ton in May.

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