SMM, July 3:
Overnight, Russia's energy minister said it might ease crude oil production cuts in August; Saudi exports fell 979000 barrels a day in June. The non-farm sector in the United States increased by 4.8 million in June, with an unemployment rate of 11.1%; the number of initial applicants in the United States last week still exceeded one million; the Federal Reserve announced preliminary arrangements for the 2021 FOMC meeting; the German Parliament supported the ECB bond purchase program; and the EU's chief negotiator: there are still serious differences between Britain and Europe. The US non-farm data report for June was skeptical, raising concerns in the market. The central bank withdrew a net 70 billion yuan on Thursday; the China Automobile Association: car sales rose 11% in June from a year earlier. Car data is good for downstream consumption.
Overnight, Lun Zinc opened at 2047.5 US dollars / ton. Pancu Lun Zinc was arranged and operated near the daily moving average, with low trading activity. Bulls entered the market with bargains in the afternoon, and the operating center of gravity moved slightly up to 2055 US dollars / ton. At the moment of European trading, the US dollar weakened, the strength of basic metals rose, Lunzinc concussion rose, touching high 2076 US dollars / ton, but bulls were afraid of heights, Lunzin quickly slipped back some of its gains and consolidated at 2050 US dollars / ton. Near the night trading, due to the 20-day moving average, Lun Zinc fluctuated lower at 2060 US dollars / ton and arranged in a narrow range along 2045 US dollars / ton at the end of the day. It closed down 0.12 percent at 2044 US dollars / ton, down 2.50 US dollars / ton, and the trading volume decreased to 6400 lots. The position increased by 2584 hands to 194000 hands. Overnight Lun zinc received a negative column, with a long shadow line, to test the suppression strength of the upper rail of Bollinger Road, and the MACD negative column was enlarged. Overnight LME inventory decreased by 25 tons to 122525 tons, a decrease of 0.02%. The overseas epidemic continues to ferment in some areas, the economic restart is in doubt, the US non-farm data are in doubt, the unemployment rate is still high, and market worries are rising. 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 16765 yuan / ton. At the beginning of the session, the short sellers concentrated in the market, and the Shanghai zinc concussion went down, rising at the low level of 16695 yuan / ton, and the center of gravity moved up to 16750 yuan / ton. The center of gravity moved up to 16770 yuan / ton, short positions increased and suppressed, Shanghai zinc concussion down, accelerated the downward trend after a brief consolidation of 16720 yuan / ton, explored down 16670 yuan / ton, entered the market for bargains, Shanghai zinc homeopathic, returned to 16720 yuan / ton consolidation, trading tail, The center of gravity fell back slightly to 16715 yuan / ton, and finally closed up at 16725 yuan / ton, up 35 yuan / ton, or 0.21%. The trading volume decreased to 48371 lots, and the position increased to 87967 lots. Overnight Shanghai zinc received a small negative column, the lower 20th line to provide support, KDJ opening down expansion. Fundamentals, the mine-side supply is gradually relaxed, processing fees are expected to increase in July, smelters resume production and increase production, the supply side support is insufficient, superimposed downstream consumption weakens, limiting the upward space of Shanghai zinc. The contract price of Shanghai Zinc 2008 is expected to operate in the range of 16400 murals 16900 yuan per ton. It is expected that domestic Shuangyan zinc will increase the water price by 80,000,000 yuan / ton in July.
Click to sign up for SMM 2020 (15th) lead and Zinc Summit
Scan the QR code in the picture to sign up for the lead-zinc summit and fill in the personal information on the last page. The meeting staff will contact you later!