[SMM Zinc Morning News] non-ferrous metal Pu Sheng Lun Zinc hit a recent high

SMM, May 21:

Overnight, the change in EIA crude oil stocks in the United States last week recorded a decrease of 4.983 million barrels. The minutes of the Fed meeting reaffirmed its commitment to using all tools to support the economy; the House of Representatives will vote next week to expand the loan program; the United States will issue new sanctions against Iran; and Vice President Pence said: the United States is likely to impose more travel restrictions because of the new crown epidemic; the Spanish Parliament approved an extension of the state of emergency for another two weeks; Britain launched a negative-yield bond for the first time; and the European recovery Fund plan was opposed by countries such as Sweden. With frequent overseas short news, we still need to pay attention to the recovery of overseas demand. China Federation of passengers: retail sales of passenger cars picked up significantly in May, and the year-on-year decline in sales narrowed to 3% in the second week. Overnight, Lun Zinc opened at 2023.5 US dollars / ton. Lunlun Zinc fluctuated around the daily average line at the beginning of the day, and entered the European trading session. Affected by the sharp increase in lme inventories, Lun Zinc fell slightly and fell 2005 US dollars / ton. Then it fluctuated widely around 2015 US dollars / ton and entered the night market. Driven by the general rise of non-ferrous metals, Lun Zinc recovered its daily decline, touched a high of 2053.5 US dollars / ton, and finally closed up at 2044.5 US dollars / ton. It rose 15.50 US dollars per ton, or 0.76%, while trading volume increased to 8078 lots, while its position decreased by 2079 to 213306 lots. Overnight Lun Zinc recorded a long shadow line positive line, the lower 5 / 10 line to provide support, the upper Bollinger Road on the rail to form resistance. Overnight lme inventory increased by 8900 tons to 107275 tons, or 9.05% to more than 100000. Driven by the general rise of non-ferrous metals overnight, Lun zinc also showed a strong performance, breaking through recent highs, but the sharp increase in lme inventory may indicate that the current market demand recovery is not as expected, short-term Lun zinc will continue to operate strongly, but the space above is limited, and the price of Lun zinc is expected to run in the range of $2060 / ton in 2010. Overnight, the main contract of Shanghai Zinc 2007 opened at 16770 yuan / tonne. At the beginning of the session, Shanghai Zinc fell rapidly and fell 16490 yuan / tonne. Then, driven by a big rise overseas, Shanghai Zinc broke through the daily average line, then fluctuated higher, and then entered the late trading. Some bulls took the initiative to leave the market. Shanghai Zinc fell slightly, closing up at 16695 yuan / ton, down 55 yuan / ton, down 0.33%, and the trading volume increased to 108677 lots. The position decreased by 8007 to 112194 lots. Overnight Shanghai zinc received a long shadow line Xiaoyin line, the lower 5 / 10 line to provide support, above or continue to test Brin Road on the track. Near the two sessions, boosted by the infrastructure investment plan, the market is expected to continue to improve, but after the price rise, the willingness of downstream enterprises to receive goods is obviously weaker, which may lead to a slowdown in the removal of the social treasury. Shanghai zinc 2007 contract price is expected to operate in the range of 16,500 won / ton. It is expected that the domestic Shuangyan zinc contract will increase 140 million yuan / ton in June.

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