SMM5, 13 March:
Intraday Shanghai zinc main force 2007 contract opened at 16630 yuan / ton, Shanghai zinc continued the night decline at the beginning of the day, falling 16440 yuan / ton continuously, then the 10-day moving average support strength appeared, Shanghai zinc returned to 16620 yuan / ton, under pressure daily moving average operation. Entering the European trading session, Shanghai zinc fell back to 16550 yuan / ton near to find support, two attempts to return to break through the daily average line failed to make a line, closed down 16615 yuan / ton, down 255yuan / ton, down 1.51%, trading volume increased 48666 hands to 142000 hands, position reduced 4567 hands to 122000 hands. Within days, Shanghai zinc recorded three consecutive negative, with the shadow line down the 10-day moving average, MACD index to become a dead fork, indicating that Shanghai zinc upward weakness. Supply-side production cuts are expected to be digested, but the recovery in real consumption is limited, coupled with market inventories are still high, long confidence weakened out of the market. Pay attention to the disturbance of the Fed news to the macro sentiment of the market at night.
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