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[brief Review of Zinc in SMM] Zinc in two consecutive years may step back on all moving averages again at night.
May 18,2020 16:24CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM5 March 18:

Within a day, the main 2007 contract of Shanghai zinc opened at 16505 yuan / ton, and most of it was empty at the beginning of the day. Shanghai zinc was pulled up in a straight line, and the center of gravity quickly moved up to 16580 yuan / ton. The buying power increased sharply in the afternoon, and Shanghai zinc picked up the upward trend and reached a rise of 16735 yuan / ton, but relatively high funds were put under pressure, while some bulls stopped leaving the market. Shanghai zinc recorded an inverted V decline and gave up all its afternoon gains. The final closing price rose to 16595 yuan / ton, up 130 yuan / ton, or 0.79%. The trading volume decreased by 844 lots to 127000 lots, and the position increased by 865 lots to 116000 lots. Although some overseas mining enterprises have restarted, it will take time to achieve domestic replenishment, while the domestic zinc social inventory is still at a high level to constitute upward suppression. It is expected that zinc will still be able to act at night or step back on all moving average oscillations at night.

 

 

 

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