SMM, 14 May:
Overnight, the Saudi and Russian energy ministers issued a joint statement: firmly committed to rebalancing the oil market; OPEC + ministerial meeting held as planned on June 9 and 10; EIA crude oil stocks rose for 15 weeks after an unexpected decline; crude oil stocks fell to support the oil price trend. Mr Trump claims to believe in negative interest rates Powell opposes; the European Union is drawing up an "ambitious" blueprint for economic recovery, with tools tied to the EU's regular budget; the blockade shrank the British economy by nearly 6 per cent in March; the Italian government approved a stimulus package of 55 billion euros to support the economy; and in the future, attention needs to be paid to overseas recoveries, which will support zinc prices. It is reported that the postponed China-EU summit may be held by video in June. Overnight, Lun Zinc opened at US $1986.5 / ton, and at the beginning of the day, Lun Zinc fluctuated within a narrow range around the daily average line. After entering the European trading session, Lun Zinc fell rapidly, and then, along with the early short profit, Lun Zinc returned to the top of the daily moving average. In late trading, short into how flat, Lun Zinc returned to the downward trend, probing down 1963 US dollars / ton, closing down 1967.5 US dollars / ton, down 22 US dollars / ton, down 1.11%, and trading volume increased to 5880 hands. Positions increased by 1652 to 216497. Overnight zinc recorded a large negative line, the lower 10 / 60 day line to provide support, the upper Brin Road on the track to form resistance. Overnight lme inventories fell 375t, or 0.38 per cent, to 99100 tonnes. LME inventories fell in a row, focusing on whether the recovery of overseas demand could lead to the continuation of inventory destocking. Affected by the epidemic, overseas pre-production shutdown mines have not yet concentrated and resume production, which will provide support for Lun Zinc, and the price of Lun Zinc is expected to operate in the range of US $1950-2000 / ton. Overnight, the main contract of Shanghai Zinc 2007 opened at 16630 yuan / ton. At the beginning of the session, with many single departures from the market at the beginning of the session, Shanghai zinc concussion fell, and the daily average became its resistance. In intraday trading, it fell by 16395 yuan / ton, down 16415 yuan / ton, down 1.2%, trading volume reduced to 54653 hands, position reduced by 1976 hands to 119668 hands. Overnight Shanghai zinc received a big negative line, or continue to test the lower 15 line support, the top 10 line resistance. In mid-May, imported mines may gradually decrease, which will force the import processing fees to be further reduced, and the profits of refineries will be greatly narrowed, or their production enthusiasm will be affected, thus providing support for zinc prices. It is expected that the Shanghai Zinc 2007 contract price will run in the range of 16300-16800 yuan / ton, and the domestic Shuangyan Zinc will increase the June contract by 110-130 yuan / ton.
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