SMM, 13 May:
Overnight, OPEC + hopes to continue to cut production by 9.7 million barrels a day after June, with oil prices pulling up; API inventories rose faster than expected, but Cushing crude oil stocks fell; Russian and US energy ministers discussed the stability of the oil market; EIA monthly report: cut the forecast for global crude oil demand growth by 2.9 million barrels per day in 2020; as a result of the cut in production, crude oil rebounded to a high level, supporting commodity prices. Trump called for negative interest rates, but Fed officials collectively opposed it; the next round of stimulus bills in the United States is scheduled to vote by Friday. Liu he: increase financial support for the main body of the market to promote the development of small and medium-sized enterprises. Overnight, Lun Zinc opened at US $2030.5 / ton, the first time Lun Zinc concussion fell, ran below the daily average line, entered the European trading hour, rebounded to above the daily average line, but the upward force was insufficient, into night trading, short of the overall force, Lun Zinc quickly fell, broke through the Brin Road track, probed down 1989 US dollars / ton, closed down 1989.5 US dollars / ton, down 41.5%, or 2.0%. Trading volume increased to 6990 hands, position decreased by 421 hands to 214845 hands. Overnight Lun Zinc recorded a big overcast line, broke through the upper rail support of Brin Road below, fell to the 5th line, and the kdj index became a dead fork. Overnight lme inventories fell 650t, or 0.65 per cent, to 99475 tonnes, while LME inventories remained high. Overnight zinc fell below $2000 / ton integer support, short-term concern about the resumption of production in overseas mines, and whether the recovery of overseas demand can lead to inventory storage, the price of zinc is expected to operate in the range of US $1950-2000 / ton. Overnight, Shanghai zinc 2007 main contract opened at 16820 yuan / ton, Shanghai zinc slightly higher 16885 yuan / ton at the beginning of the day, but the upper Brin Road track resistance is strong, short under pressure, Shanghai zinc fell sharply, the center of gravity moved down to $16650 / ton a narrow range of shock, during the low 16590 yuan / ton, finally closed down 16665 yuan / ton, down 150 yuan / ton, down 0.89%, trading volume increased to 63600 hands, position increased by 512 hands to 126732 hands, during the period of 16590 yuan / ton, closed down 16665 yuan / ton, down 150 yuan / ton, down 0.89%, trading volume increased to 63600 hands, position increased by 512 hands to 126732 hands. Overnight Shanghai zinc received a big negative line, fell below the 5th line support, the bottom 10 lines or provide support, the upper Brin Road track into resistance, kdj index line into a dead fork. After the price goes up, the willingness to receive goods in the lower reaches of the spot market is obviously weaker, the social bank goes to the bank slows down, and suppresses the upward space of zinc prices. It is expected that the Shanghai zinc 2007 contract price will run within the range of 16300-16800 yuan / ton, and the domestic Shuangyan zinc contract will rise by 110120 yuan / ton in June. In the range of operation, the domestic double swallow zinc rose 90-110 yuan / ton to the May contract.
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