[SMM Zinc Morning News] Macro-improvement has led to a big positive line for Lun Zinc to rush high.

SMM, June 23:

Overnight, Kuwait and Saudi Arabia plan to resume production in the joint venture fields from July 1. The total number of new crown cases in the world is more than 9 million, the highest number of new cases in a single day. The World Health Organization says the rise in confirmed cases in the United States may be due to economic restart. Spot gold once stood above $1762 an ounce. The Federal Reserve Rosengren said that the US economy will be in trouble in the second half of the year. The US Defense Department announced a $100m plan to attract manufacturing to the United States, and the Trump administration will suspend another batch of visas to the United States. The total annualized sales of existing homes in the United States in May was the lowest in nearly a decade. The impact of the epidemic on the future of the economy is still highly uncertain. Us Treasury Secretary Mnuchin said trade between the United States and China could be decoupled; the foreign ministers of China, Russia and India will hold a video conference on Tuesday. We still need to be on guard against the risks of Sino-US trade. Overnight, Lun Zinc opened at 2079 US dollars / ton, and Pan Chu Lun Zinc fluctuated in a narrow range around the daily average line. Near the time of European trading, the US index strengthened and colored fell, and the center of gravity of Lun Zinc quickly moved down to around 2065 US dollars / ton. During this period, it explored a low intraday low of 2057.5 US dollars / ton, and then, driven by crude oil upward, Lun Zinc stepped up and touched an intraday high of 2093 US dollars / ton. At the end of the day, after repeated attempts to break and failed, it went down under pressure. The center of gravity shifted to US $2085 / ton consolidation, and finally closed up at US $2084 / ton, up US $14 / ton, or 0.68%. The trading volume decreased to 6824 lots, and the position increased by 1295 lots to 188000 lots. Overnight bullish positions push, Lun Zinc closed four Lianyang, the center of gravity further moved upward, the lower averages are arranged into multiple positions, and the KDJ opening is expanded. Overnight LME inventories fell 0.36 per cent, or 450t, to 123600 tonnes. LME inventories fell slightly. Driven by the rise in crude oil, Lun Zinc is also strong, superimposed overseas to unseal to boost demand expectations, market optimism heats up, but it is still necessary to guard against the repeated impact of the epidemic on the market. The price of lun zinc is expected to fluctuate in the area of US $2,100 per tonne at 2050Mel. Overnight, the main 2008 contract of Shanghai Zinc opened at 16880 yuan / ton, and at the beginning of the session, the bulls concentrated with capital to enter the market, and quickly pulled up Shanghai Zinc to reach a high of 17055 yuan / ton, but the bulls were afraid of high and down, and the center of gravity moved down to 17025 yuan / tonne. Then the bulls tried to break and failed, the center of gravity moved down along the daily average line in a narrow range, short positions at the end of the day were driven by a small rebound, and the final closing price was 17025 yuan / ton, up 115yuan / ton, or 0.68%. Trading volume increased to 75710 lots, and position increased by 2340 lots to 98414 lots. Overnight Shanghai zinc received a bare foot positive pillar, the lower 5-day moving average to provide support. Driven by the rise of the outer disk, the superimposed supply-side zinc concentrate processing fees have not yet stopped falling and stabilized, and smelter profits have been compressed, which has a certain support for the price of zinc in Shanghai. The contract price of Shanghai Zinc 2008 is expected to operate in the range of 16700-17200 yuan / ton, and it is expected that domestic Shuangyan zinc will increase the water price by 80,100 yuan / ton in July.

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