Home / Metal News / Zinc / [SMM Zinc Morning News] the non-ferrous plate fell across the board. Lun Zinc dropped a lot.
[SMM Zinc Morning News] the non-ferrous plate fell across the board. Lun Zinc dropped a lot.
May 22,2020 09:00CST
translation
Source:SMM
Overnight, Lun Zinc opened at 2042 US dollars / ton, and Lunlun Zinc fell slightly, running weakly below the daily moving average. Near the European trading session, short sellers took the lead, the decline of Lun Zinc expanded, and the center of gravity moved down to a wide concussion of 1995 US dollars / ton. Entering the late trading and emptying into Duoping, Lun Zinc fell again to 1967.5 US dollars / ton, closing down 1969 US dollars / ton, 75.50 US dollars / ton, or 3.69%. Trading volume increased to 9829 lots, while position decreased by 525 lots to 212781 lots.
The content below was translated by Tencent automatically for reference.

SMM, May 22:

Overnight, the Fed's balance sheet exceeded $7000bn; the US first requested data to add 2.438 million people last week; Powell said the outlook faced "a new level of uncertainty"; the Trump administration expressed its intention to withdraw from the Open Skies Treaty; Venezuela warned the United States not to stop Iran from sending oil; and US data show that massive job losses continue and need to be wary of overseas black swans. The USDA said that the Department of Agriculture and the Office of the Trade Representative announced "additional progress" in the implementation of the agriculture-related parts of the first phase of the Sino-US trade agreement; there are still risks in Sino-US trade relations and pay close attention to the information of the two sessions in the short term. Overnight, Lun Zinc opened at 2042 US dollars / ton, and Lunlun Zinc fell slightly, running weakly below the daily moving average. Near the European trading session, short sellers took the lead, the decline of Lun Zinc expanded, and the center of gravity moved down to a wide concussion of 1995 US dollars / ton. Entering the late trading and emptying into Duoping, Lun Zinc fell again to 1967.5 US dollars / ton, closing down 1969 US dollars / ton, 75.50 US dollars / ton, or 3.69%. Trading volume increased to 9829 lots, while position decreased by 525 lots to 212781 lots. Overnight lun zinc recorded a big negative line, the lower test 20 line support, the upper 10 line to form resistance, KDJ index line into a dead fork. Overnight lme inventories fell by 450t to 106825 tonnes, or 0.42 per cent of the decline in the inventory of the JLME, which is at a high level. In the short term, we will pay attention to the resumption of work and production in overseas mines. if the tension at the mine end is transmitted to the shortage of raw materials in the refinery, it is expected to provide support for lun zinc, and the price of lun zinc is expected to operate in the range of US $1940 / ton. Overnight, the main contract of Shanghai Zinc 2007 opened at 16480 yuan / ton, and at the beginning of the session, Shanghai zinc rose slightly, reaching a high of 16545 yuan / ton. then, as a whole, short sellers entered and suppressed, Shanghai zinc fell sharply and fell 16240 yuan / ton. in late trading, Shanghai zinc left the market with some short profits. Shanghai zinc rebounded slightly, closing down 16450 yuan / ton, down 45 yuan / ton, or 0.27%. The trading volume increased to 115540 lots, and the position decreased by 4110 to 102209 lots. Overnight Shanghai zinc received a small overcast line, the lower 20-day line to provide support, the upper 5 / 10 line into resistance. After the two sessions are held, or due to the expected landing of the early bulls, superimposed by the recent slowdown in the removal of the social treasury, under the lack of momentum in the market, the bulls take the initiative to drive prices down, and in the short term, we need to pay attention to whether the two sessions will further release good news. It is expected that the contract price of Shanghai Zinc 2007 will run within the range of 16,300tel 16800 yuan / ton, and it is expected that domestic Shuangyan zinc will increase the water price by 140rel 150 yuan / ton in June.

Click to sign up for SMM 2020 (15th) lead and Zinc Summit

Scan the QR code in the picture to sign up for the lead-zinc summit and fill in the personal information on the last page. The meeting staff will contact you later!

Zinc Morning Review
Morning News

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn