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[SMM Zinc Morning News] the two sessions are expected to land, and Shanghai Zinc is back in weak operation.
May 26,2020 08:58CST
translation
Source:SMM
The market was closed overnight. 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.
The content below was translated by Tencent automatically for reference.

SMM, May 26th:

Overnight, Russia's Ministry of Energy said production cuts had reached OPEC + targets; the International Energy Agency said oil demand had not yet peaked. Who suspended the use of hydroxychloroquine in the "Solidarity Test"; Germany's economy shrank 2.2% month-on-quarter in the first quarter; the Japanese Prime Minister announced the full lifting of the national state of emergency; and overseas countries are recovering from the epidemic one after another, but the epidemic is not under full control. will still affect the recovery of consumption. Miao Wei, minister of industry and information technology, said that China will liberalize the mode of contract production of new energy vehicles in an orderly manner, continue to increase the construction of charging infrastructure, and encourage the interconnection of charging facilities. This year, China will enact a futures law and amend the law of the people's Bank of China. The market was closed overnight. 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. Overnight, the main contract of Shanghai Zinc 2007 opened at 16370 yuan / tonne. At the beginning of the session, Shanghai Zinc rose slightly and reached a high of 16470 yuan / ton. then, under the lack of momentum for further gains, bears took the initiative, Shanghai Zinc concussion fell, giving up intraday gains, and the decline in Shanghai Zinc widened in late trading. Shanghai Zinc closed down at 16285 yuan / ton, down 45 yuan / ton, down 0.28%, trading volume decreased to 50001 lots, and position increased by 1997 to 95822 lots. Overnight, Shanghai zinc received a long shadow line, the middle rail of Brin Road below to provide support, and the 20-day line above to form a resistance. After the two sessions are held, there is no further favorable policy. It is expected that after landing, the poor willingness to buy in the high downstream will lead to a slowdown in the storage of the community, and Lun Zinc will return to the weak operation. In the future, we need to pay attention to whether the mine end problems will continue to support the price. It is expected that the Shanghai Zinc 2007 contract price will run within the range of 16,100m / t, and it is expected that the domestic Shuangyan Zinc will increase the water price by 140FT / t in June.

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