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[SMM Zinc Morning News] overnight, the decline of non-ferrous zinc enlarged.
May 28,2020 09:02CST
translation
Source:SMM
Overnight, Lun Zinc opened at 1977 US dollars / ton, the early Lunlun Zinc long-empty game concussion downward, the center of gravity moved down to 1960 US dollars / ton narrow range concussion, entered the European trading moment, the daily average suppression force appeared, Lun Zinc regained the downward trend shock downward, the center of gravity moved down to 1935 US dollars / ton consolidation. At the end of the day, Duoping Xialun Zinc fell rapidly down 1909.5 US dollars / ton, and bulls pulled Lun Zinc upstream to recover some of the decline. it closed down at 1935.5 US dollars / ton, down 47.50 US dollars / ton, or 2.4%. The trading volume increased to 9864 lots, and the position decreased to 103852 lots.
The content below was translated by Tencent automatically for reference.

SMM, May 28th:

International oil prices fell sharply overnight; US API crude oil stocks surged unexpectedly by 8.731 million barrels last week; IEA said global energy investment would plunge by $400 billion this year. Trump threatened to strictly regulate or shut down social media platforms; the European Commission proposed a 750 billion euro stimulus package; Lagarde said the economic impact of the outbreak was close to the ECB's forecast of a serious scenario; Britain's new crown virus alert system will be downgraded from phase 4 to phase 3; Japan plans to increase its bond issuance to 200 trillion yen this year. The central bank launched a reverse repurchase operation of 120 billion yuan.

 

Overnight, Lun Zinc opened at 1977 US dollars / ton, the early Lunlun Zinc long-empty game concussion downward, the center of gravity moved down to 1960 US dollars / ton narrow range concussion, entered the European trading moment, the daily average suppression force appeared, Lun Zinc regained the downward trend shock downward, the center of gravity moved down to 1935 US dollars / ton consolidation. At the end of the day, Duoping Xialun Zinc fell rapidly down 1909.5 US dollars / ton, and bulls pulled Lun Zinc upstream to recover some of the decline. it closed down at 1935.5 US dollars / ton, down 47.50 US dollars / ton, or 2.4%. The trading volume increased to 9864 lots, and the position decreased to 103852 lots. Driven by the decline of overseas crude oil overnight, Lun Zinc's overall performance is relatively weak, recording a bald head in the Yin line, the upper 5 / 10 line has a strong suppression force, and the 40 / 60 day line has found support. Overnight lme inventories fell by 125t to 106150 tonnes, or 0.12 per cent. In the short term, we will pay attention to whether the recovery of overseas demand can lead to the continuation of inventory demolitions and provide support for lun zinc, which is expected to operate in the range of US $1920 / ton.

 

Overnight, Shanghai zinc opened at 16100 yuan / ton, and at the beginning of the session, the game fluctuated within a narrow range above and below the daily average line, empty into more than flat, Shanghai zinc fell rapidly, falling 15980 yuan / ton, with some funds stopping surplus and leaving the market, the center of gravity of Shanghai zinc moved up to 16070 yuan / ton first-line consolidation, at the end of the day, bulls further pulled up, Shanghai zinc cascade shock upward, and finally closed up at 16170 yuan / ton, up 95 yuan / ton, up 0.59%, and the trading volume increased to 87000 hands. Position increased by 211 hands to 90000 hands. Overnight Shanghai zinc received a bald small sunny line, the lower 40-day line to provide support, the upper 5-day line to form resistance. In the future, we still need to pay attention to whether the speed and range of de-stocking brought about by consumption can support the price. It is estimated that the contract price of Shanghai Zinc 2007 will run within the range of 16,000 million yuan / ton. It is expected that domestic Shuangyan zinc will increase the water price by 140 won 150 yuan / ton in June.

 

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