SMM, May 25:
Thousands of people in Russian gold mines tested positive for the new crown virus on Friday; AngloGold temporarily shut down the world's deepest gold mine. The Fed's bond purchases fell to $5 billion this week; US Republicans failed to agree on the next phase of the stimulus bill; ECB minutes suggest that emergency bond purchases may be expanded in June; the Bank of Japan emergency meeting launched a new loan program but did not increase the size of the stimulus; Japan is about to lift the state of emergency on the 25th; the next phase of the US stimulus bill has not been passed, which may lead to pessimistic expectations in the market. The government work report does not set a global economic growth target; the two sessions are expected to land, and there is no further good news, zinc prices fall back. Last Friday, Lun Zinc opened at 2070.5 US dollars / ton. Lunlun Zinc fell slightly to 1948 US dollars / ton, then fluctuated around the daily moving average in a narrow range and entered the European trading session. Lun Zinc performed weakly, consolidated in the low shock, entered the night market, and under the support of the 60-day line below, some of the early bears made a profit, Lun Zinc rebounded upwards, touched a high of 1995.5 US dollars / ton, fell slightly around it, and finally closed up at 1985 US dollars / ton. It rose 16 US dollars per ton, or 0.81%, while trading volume decreased to 7946 lots, and its position increased by 678 lots to 213459 lots. Last Friday, Lun Zinc recorded a small positive line, the lower 20-day line support, the upper 10-day line to form resistance. Lme inventories fell by 250t to 106575 tonnes on Friday, or 0.23 per cent of the decline in the inventory of the company, which was 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 raw material shortage in the refinery, it is expected to provide support for lun zinc. The price of lun zinc is expected to operate in the range of US $1950 to 2000 per ton. Last Friday, the main contract of Shanghai Zinc 2007 opened at 16390 yuan / ton. at the beginning of trading, Shanghai Zinc fell slightly and fell 16305 yuan / ton. then, mostly in short trading, Shanghai Zinc rose slightly and reached a high of 16515 yuan / ton. in late trading, short sellers took the lead, and Lun Zinc gave up its intraday gains, closing down 16370 yuan / ton, down 25 yuan / ton, or 0.15%. The trading volume decreased to 67041 lots, and the position decreased by 719 to 96727 lots. Overnight Shanghai zinc received a cross line, the lower Bollinger Road middle rail to provide support, the upper 20-day line into resistance. After the two sessions are held, there is no further favorable policy. It is expected that after landing, the bulls will take the initiative to leave the market, driving prices to fall quickly. In the future, we need to pay attention to whether the mine-side problems will continue to support prices. It is expected that the contract price of Shanghai Zinc 2007 will run within the range of 16,100,600 yuan / ton. It is expected that domestic Shuangyan zinc will increase the water price by 140tel 150 yuan / ton in June.
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