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[SMM Zinc Morning News] overseas stop falling and stabilize Lun Zinc close Cross Yang Line
May 18,2020 09:02CST
translation
Source:SMM
Overnight, Lun Zinc opened at US $1975 / ton, and Lun Zinc was in weak operation at the beginning of the day. During this period, the daily moving average became intraday resistance, fluctuated and fell, entering the European trading session, short positions again, the decline of Lun Zinc widened, and it fell 1944 US dollars / ton. the 60-day line below provides support. In late trading, driven by overseas stock indexes and crude oil upward, Lun Zinc rebounded slightly, closing down at 1966 US dollars / ton, down 2 US dollars / ton, down 0.10%. Trading volume decreased to 4974 lots and position decreased by 531 lots to 217169 lots.
The content below was translated by Tencent automatically for reference.

SMM, May 18:

On Friday, OPEC was cautiously optimistic that the oil crisis was over. Data released on Friday night showed that the monthly rate of retail sales in the United States recorded a record low of-16.4 percent in April; the US House of Representatives passed a $3 trillion economic rescue bill; the Federal Reserve warned that the new crown epidemic led to increased financial fragility in the United States; and the pessimism recorded in the United States was disturbed by the overseas epidemic, but market pessimism was repaired after being stimulated by the economic bill. A spokesman for the Ministry of Commerce issued a statement on the introduction of new export control rules by the United States, saying that we should pay attention to the development of Sino-US trade in the future. Overnight, Lun Zinc opened at US $1975 / ton, and Lun Zinc was in weak operation at the beginning of the day. During this period, the daily moving average became intraday resistance, fluctuated and fell, entering the European trading session, short positions again, the decline of Lun Zinc widened, and it fell 1944 US dollars / ton. the 60-day line below provides support. In late trading, driven by overseas stock indexes and crude oil upward, Lun Zinc rebounded slightly, closing down at 1966 US dollars / ton, down 2 US dollars / ton, down 0.10%. Trading volume decreased to 4974 lots and position decreased by 531 lots to 217169 lots. Last Friday, Lun Zinc recorded a long lower shadow line, the lower 10 / 60 day line to provide support, and the upper rail of Bollinger Road to form resistance. Lme inventories fell 50 tons to 98975 tons on Friday, a drop of 0.05%. Pay attention to whether the recovery of overseas demand can lead to the continuation of inventory removal and provide support for Lunzhi. there are large fluctuations overseas in the short term, so we need to be on guard against the trend of US stocks. Lunzinc prices are expected to operate within the range of US $1940 and 1990 per ton. Last Friday, the main contract of Shanghai Zinc 2007 opened at 16415 yuan / ton. At the beginning of the session, Shanghai Zinc quickly shot up 16525 yuan / ton, but there was greater resistance in the upper 5 / 10-day line. Then, after empty entry, Shanghai Zinc returned to weakness, and the center of gravity continued to move down to 16435 yuan / ton. It finally closed down at 16435 yuan / ton, down 30 yuan / ton, or 0.18%. The trading volume decreased to 42319 lots, and the position decreased to 114513 lots. Last Friday, Shanghai zinc received a small cross-yang line, the lower 15 line to provide support, the upper 5 / 10 line into resistance. With the low-level finishing of Shanghai zinc, the willingness of downstream enterprises to receive goods at low prices is warmer than in the previous period, driving the treasury to go to the warehouse and supporting the zinc price. It is expected that the contract price of Shanghai zinc 2007 will run within the range of 16200 million yuan / ton. It is expected that the domestic Shuangyan zinc will increase the water by 120,150 yuan / ton in June.

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