SMM, July 1:
Overnight, OPEC and Russia are likely to ease production cuts from August; US API crude stocks last week recorded the biggest drop since 2019. Reduce crude oil production or boost commodity prices. Powell: the decline in GDP growth in the second quarter is likely to be the biggest on record; new cases in a single day in California and Texas hit record highs; and the European Union extended its travel ban on American residents. The development of overseas epidemic situation can not be ignored. The central bank may cut interest rates from July 1, which is expected to boost the trend of commodities.
Overnight, Lun zinc opened at 2063.5 US dollars / ton, at the beginning of the day around the daily moving average, trading activity is low, near the European trading time, short entry pressure, Shanghai zinc concussion down probing down 2056 US dollars / ton, followed by non-ferrous general rise, Lun zinc with the rising center of gravity moved up to 2070 US dollars / ton wide finishing, during the high 2076 US dollars / ton, many attempts to break ended in failure. Entering the night market, the US index weakened, Lun Zinc dived down near 2065 US dollars / ton for temporary finishing, short sellers concentrated on the market, and Lun Zinc accelerated its decline all the way down 2037 US dollars / ton, and finally closed down 2037 US dollars / ton, down 18 US dollars / tonne, down 0.88%. Trading volume increased to 7465 lots, and positions increased to 194000 lots. Overnight, the zinc got a barefoot pubic column, which fell below the 5 / 10 line, and the opening of the KDJ was dilated downwards. Overnight LME inventory decreased by 275t to 122575 t, or 0.22%. The fermentation of overseas epidemic situation is a drag on the recovery of consumption, the support of superimposed fundamentals is weak, the pessimism of the market is getting stronger, and the performance of Lun Zinc is weak overnight, but overseas economic stimulus policies are constantly expected to limit the downward trend of Lun Zinc. The price of lun zinc is expected to operate in the 2060 US dollars / ton area in 2010.
Overnight, the main 2008 contract of Shanghai zinc opened at 16835 yuan / ton, and the bears concentrated on entering the market at the beginning of the session. Shanghai zinc quickly fell to explore the low of 16780 yuan / ton, recorded a V-word reversal, touched a high of 16885 yuan / ton, and then adjusted back slightly. Then the short sellers bought the market again, and the center of gravity of Shanghai zinc moved down to a narrow range of 16830 yuan / ton, which was dragged down by the outer plate. Shanghai zinc shock fell, and the first line of consolidation at 16725 yuan / ton was completed at the end of the day. After falling 16690 yuan / ton, it finally closed down 16705 yuan / ton, down 100 yuan / ton, or 0.6%. The trading volume increased to 69385 lots, and the position increased by 2414 to 93893 lots. Overnight Shanghai zinc received a negative column, the lower 20th line to provide support, MACD red column narrowed. Driven by the weakness of the outer disk, Shanghai zinc is also weak, under the background of weaker marginal consumption, downstream buying is weak, fundamental support is weak, but the macro positive will also provide support for zinc prices. Pay attention to the shipping situation of overseas mines in the near future. The contract price of Shanghai Zinc 2008 is expected to operate in the range of 16,500 million 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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