Minutes of the morning meeting of zinc in SMM on June 19th
Spot fundamentals
Shanghai: Shanghai Zinc 2007 contract shock operation, the first trading session of the morning market closed at 16615 yuan / ton, the spot price was higher, some traders bought at a low price in the morning, and then the market transaction was gradually light. The transaction of ordinary zinc brands in the market was concentrated on the average price discount of 50.010 yuan / ton to SMM net, and the market quotation increased the price of 2007 contract to 150,000RMB / ton in the morning. Entering the second period of time, the market quotation fell further, and the holder lowered the price of rising water to 140,150 yuan / ton for the 2007 contract; the spot price was high, the willingness to purchase at the downstream high price was low, and the high price of the consignor was dominated by shipments. spot rising water is gradually weakening. (bullish)
Ningbo: in the first session of the morning, Tiefeng newspaper raised water at around 150 RMB160 / ton for the July contract, and Yongchang lowered its offer for the July contract at around 140 yuan / ton. Ha Zinc newspaper reported a water increase of 80 yuan / ton for the July contract. The supply of Huize and Kirin has not yet arrived, and there is no quotation for the scarce supply of Yunnan tin. Entering the second period of time, some traders lowered their quotations slightly, and Tiefeng reported that the water rose around 150 yuan / ton in July. Other brands do not have a strong willingness to downgrade due to poor trading. Zinc prices rose again yesterday, the market as a whole is in a state of price and no market, there are few inquiries downstream to buy, mostly wait-and-see, yesterday's market turnover is worse than yesterday. (bullish)
Guangdong: the first trading session, the initial holder still continued yesterday's offer, but the market reaction was muted, and the late holder began to lower the offer for shipments, but the overall rising water was still relatively high, coupled with high futures prices, weak downstream procurement, and a small number of transactions in the market. Kirin, Mengzi and Huize quoted water for the Shanghai zinc contract in August, rising water 145won 200 yuan / ton, Tiefeng water 130 yuan / ton, Kirin, Mengzi, Huize quoted water for the August contract of Shanghai zinc rose 145mur200 yuan / ton, Tiefeng water rose 130 yuan / ton. In the second trading session, there was still no significant change in downstream demand, the market was also worried about the outflow of warehouse receipts, the holder was also active in shipping goods at a high price, and the market quotation continued to be adjusted, but the overall transaction was still mediocre. Kirin and Mongolia quoted for the August contract for Shanghai zinc rose 130 million yuan / ton, while Tiefeng and Tiefeng rose 120 million yuan / ton. (bullish)
Tianjin: yesterday, the concussion of zinc in Shanghai weakened, and the spot market lowered the discount price, and the price was relatively uniform. The ordinary brand Bering News quoted a rise of 200 yuan per ton for the 07 contract, and Hongyi quoted a rise of 200 yuan per ton for the 07 contract. Chi Hong quoted a rise of 200 yuan per ton for the 07 contract, while the high-priced brand Zijin quoted a rise of 220 yuan per ton for the July contract, while Baiyin quoted a rise of 260 yuan per ton for the 07 contract. KZ quoted 120 yuan / ton for 07 contract, Sihuan (delivered) quoted 200 yuan / ton for 07 contract, and Harbin zinc (including depot) quoted 80 yuan / ton for 07 contract. Zinc prices rose yesterday after the shock weakened, futures prices than yesterday, traders downgraded water shipments, the price difference between brands narrowed again than the previous period, but shipments are still not smooth; downstream, after yesterday's absolute price uplink, downstream has been mainly low-priced brands, the overall willingness to receive goods is poor. On the whole, the deal was poor yesterday. (bullish)
Today's forecast zinc price: overnight Lunlun zinc close two Lianyang, the upper Bollinger Road on the rail to form a pressure, the lower 5 / 20 line to provide support, KDJ opening expansion. Overnight LME inventory fell 200 tons to 124300 tons, or 0.16%. Driven by the rise in crude oil, the stimulation of superimposed overseas macro policies is frequent, and the market risk appetite is increasing. However, there has been a rebound in overseas outbreaks and fears that they want to limit the upstream of Lun Overnight, the zinc in Shanghai received a positive pillar, the center of gravity further moved upward, and the lower averages were arranged in a multi-headed manner. Domestic economic data is positive, boosting market confidence, but in terms of terminal demand, galvanized structure enterprises are basically stable and galvanized tube profits are narrowing, and the production of small galvanized tube factories in some areas is in a state of loss. It is expected to limit the rising space of Shanghai zinc. In the near future, we will pay attention to the resumption of production and shipment of overseas mines.
Today's forecast: the price of lun zinc is expected to operate in the range of US $2,050 per ton in 2000. It is expected that the contract price of Shanghai Zinc 2008 will run within the range of 16400 Mel 16900 yuan per ton, and domestic zinc is expected to rise by 160 yuan per ton.
![Zinc Price Center Moved Higher Due to a Significant Increase in LME Cancelled Warrants [SMM Zinc Morning Comment]](https://imgqn.smm.cn/usercenter/tAyyp20251217171754.jpg)
![Expectations for the End of Geopolitical Conflict Cool, LME Zinc Stops Rising and Starts to Fall [SMM Morning Meeting Summary]](https://imgqn.smm.cn/usercenter/ebBVe20251217171754.jpg)
