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[SMM Zinc Morning News] crude oil continued to pull up. Zinc recovered its intraday decline in late trading.
May 15,2020 09:00CST
translation
Source:SMM
Overnight, Lun Zinc opened at US $1963 / ton, and at the beginning of the day, Lun Zinc fell rapidly, the center of gravity moved down to US $1955 / ton, and entered the European trading session. Affected by overseas macro pessimism, the decline of Lun Zinc expanded. After the second fall, it fell by US $1929 / ton and entered the last session. Accompanied by the departure of the previous short and more into the empty, Lun Zinc quickly rose, recovered the intraday decline, reached a high of 1973 US dollars / ton, and finally closed up at 1968 US dollars / ton. Up $0.50 / ton, up 0.03%, trading volume increased to 7185 hands, position increased by 1203 hands to 217700 hands.
The content below was translated by Tencent automatically for reference.

SMM, 15 May:

Overnight, Saudi Arabia reduced its supply of crude oil to Asia, Europe and the United States in June; the data show that OPEC + has cut crude oil exports by 5.96 million barrels a day since May; crude oil continues to strengthen, supporting commodities. Beginners are higher than expected, Trump: unemployment will not be below 10% by September; the US House of Representatives will vote on a new $3 trillion bailout package; Bank of England governor: negative interest rates are not taken into account; US economic data show that markets are weak and still need to focus on how overseas policies boost the economy. Ministry of Commerce: China's actual use of foreign capital increased for the first time in April. Overnight, Lun Zinc opened at US $1963 / ton, and at the beginning of the day, Lun Zinc fell rapidly, the center of gravity moved down to US $1955 / ton, and entered the European trading session. Affected by overseas macro pessimism, the decline of Lun Zinc expanded. After the second fall, it fell by US $1929 / ton and entered the last session. Accompanied by the departure of the previous short and more into the empty, Lun Zinc quickly rose, recovered the intraday decline, reached a high of 1973 US dollars / ton, and finally closed up at 1968 US dollars / ton. It rose by 0.50 US dollars per ton, or 0.03%. The trading volume increased to 7185 lots, and the position increased by 1203 lots to 217700 lots. Overnight Lun Zinc recorded a long shadow line Xiaoyang line, the lower 10 / 60 day line to provide support, and the upper rail of Bollinger Road to form resistance. Overnight lme inventories fell 75 tonnes, or 0.08 per cent, to 99025 tonnes, with LME inventories falling in a row. Pay attention to whether the recovery of overseas demand can lead to the continuation of inventory demolitions and provide support for lun zinc, which is expected to operate in the range of US $1950 to 2000 per ton. Overnight, Shanghai zinc 2007 main contract opened at 16365 yuan / ton, Shanghai zinc fell rapidly at the beginning of the day, probing down 16245 yuan / ton, looking for support on the 20th line, then, the bulls entered the market to boost the price, Shanghai zinc recovered the day's decline, touched higher 16485 yuan / ton, the end of the day, the high shock finishing, the final closing price rose 16450 yuan / ton, up 20 yuan / ton, up 0.12%, trading volume increased to 71246 hands, position decreased by 773 hands to 114709 hands. The end of the day high shock finishing, closed up 16450 yuan / ton, up 20 yuan / ton, up 0.12%, trading volume increased to 71246 hands, position decreased by 773 hands to 114709 hands. Overnight Shanghai zinc received a long shadow line Xiaoyang line, 20 lines below to provide support, 10 lines above the resistance. In the past two days, zinc prices have dropped greatly, but enterprises downstream of the spot market have increased their willingness to receive goods after falling zinc prices. Superimposed consumption in May is expected to hold steady with April, 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 contract is expected to rise 130-150 yuan / ton in June.

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