SMM, May 27th:

Overnight, the S & P opened above 3000 on Tuesday; Trump could not help praising the stock market rally; Federal Reserve Kashkari warned that the epidemic crisis would continue to lead to bankruptcy; Fed Brad expects the unemployment rate to return below 10 percent by the end of the year; the European Central Bank says the new crown virus could sow the seeds of a financial crisis; the Chicago Board options Exchange plans to reopen its trading floor on June 8. Russia is said to be determined to reduce production cuts from July under the OPEC+ agreement. The central bank resumed reverse repurchase operations nearly two months later; the Shenzhen Stock Exchange issued a warning of foreign ownership of three shares at the same time; and Tencent announced plans to invest 500 billion yuan in new infrastructure over the past five years.

Overnight, Lun Zinc opened at 1985 US dollars / ton, and at the beginning of the day, Lunlun Zinc rose slightly to a high of 1987 US dollars / ton. then, dragged down by the fall of Shanghai Zinc, Lun Zinc quickly fell down by 1960 US dollars / ton, and then found support to rebound with a V word. The operating center of gravity moved up to 1970 US dollars / ton, entering the European trading session. Under the long-short game, Lunzinc fluctuated widely near the daily moving average, and the overseas stock index rose at the end of the day, driven by the upward trend of the overseas stock index at the end of the day. The center of gravity moved up above the daily moving average and closed down at $1983 / ton, down $2 / ton, or 0.1%. Trading volume decreased to 7284 lots, and positions decreased by 4247 to 209000 lots. Overnight lun zinc recorded a small overcast line, the lower 20-day line support, the upper 10-day line to form resistance. Overnight lme inventory fell by 300 tons to 106275 tons, a decrease of 0.28%. 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 16320 yuan / ton. at the beginning of the session, Shanghai zinc fell slightly and fell 16275 yuan / ton, and the bulls further pulled up. Shanghai zinc ladder shock rose 16450 yuan / ton, and the pressure on the 10-day line above was relatively high. Shanghai zinc further lost momentum and returned to the downtrend, the center of gravity moved down to 16400 yuan / ton, the center of gravity moved down to a narrow range of 16400 yuan / ton, empty at the end of the day, Shanghai zinc gave up some of its gains, and finally closed up at 16330 yuan / ton, up 45 yuan / ton. The trading volume increased by 0.28% to 66000 lots, while the position decreased by 2082 lots to 88000 lots. Driven by the overseas stock index upward, overnight Shanghai zinc closed a long shadow Xiaoyang line, the overall operation is relatively strong, the upper 10 / 20 line to form resistance. In the future, we need to pay attention to whether the speed and range of de-stocking brought about by consumption can support the price. It is expected that the contract price of Shanghai Zinc 2007 will run in the range of 16,200mur16700 yuan / ton. It is expected that domestic Shuangyan zinc will increase the water price by 140mur150 yuan / ton in June.

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