SMM, May 19:
Overnight, WTI crude surged more than 8 per cent to more than $32 a barrel. The number of confirmed new crown cases in Brazil surpassed Britain to become the third highest in the world; Powell said he was committed to using all tools to deal with an unprecedented recession; Trump said he was taking the antimalarial drug hydroxychloroquine; Germany and France supported the establishment of a 500 billion euro recovery fund in the European Union; six EU countries simultaneously lifted the ban on short selling; the impact of the epidemic is still expanding in some countries, while Europe and the United States have plans to continue to increase economic stimulus, which will support strong zinc prices. China imposes anti-dumping and countervailing duties on Australian barley for five years, while Trump's economic adviser Hassett: China seems to abide by the US-China trade agreement reached before the epidemic, but relations between the United States and China are strained. Overnight, Lun Zinc opened at 1965.5 US dollars / ton, the early Lunlun Zinc concussion rose, ran above the daily moving average, entered the European trading session, the increase expanded, the center of gravity moved up to a narrow range of 1995 US dollars / ton, entered the night market, boosted by overseas positive, Lunzinc broke through the 2000 US dollars / ton integer mark, touched a high of 2028 US dollars / ton, fell back slightly in late trading, and finally closed up at 2019 US dollars / ton, up 53 US dollars / ton. The trading volume increased by 2.70% to 9484 lots, and the position increased by 529 lots to 217698 lots. Overnight Lun Zinc recorded a large positive line, the lower 5 / 10 line to provide support, the top continues to test Bollinger Road on the rail resistance. Overnight lme inventory decreased by 350t to 98625 t, or 0.35% of the decline in JLME inventory continued to decline. Driven by the overnight rise in overseas stock indexes and crude oil, Lun Zinc also recorded a large increase. In the short term, overseas macro will have a strong impact on zinc prices, and it is expected that Lun Zinc prices will operate in the range of US $2000,2050 / ton. Overnight, the main contract of Shanghai Zinc 2007 opened at 16725 yuan / ton. At the beginning of the session, Shanghai Zinc rose rapidly, then took the daily moving average as the intraday defense, and then fluctuated. It rose by 16895 US dollars / ton during the period, and finally closed at 16870 yuan / ton, up 275 yuan / ton, or 1.66%. The trading volume increased by 65946 lots, and the position increased by 3253 lots to 118815 lots. Overnight Shanghai zinc jump high open to close a large positive line, the lower 5 / 10 line to provide support, above or continue to test Brin Road on the track. Driven by overseas, the superposition of the two sessions is approaching, the market is expected to be favorable, and Shanghai Zinc will continue to operate strongly in the short term. It is expected that the contract price of Shanghai Zinc 2007 will run within the range of 16500 million yuan / ton. It is expected that the domestic Shuangyan zinc will increase the water by 140 million yuan / ton in June.
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