SMM, July 6:
On Friday, the U.S. Labor Secretary: Trump is discussing possible additional tax cuts; the number of new crown cases on Independence Day in the United States has reached a record high; the governor of the Bank of England has warned lenders to face the challenge of negative interest rates; Lagarde: the German court's ruling poses no threat to ECB policy. The US economy may be hit repeatedly by the epidemic. Canada suspended its extradition treaty with Hong Kong and halted exports of sensitive military equipment to Hong Kong, where the PMI of Caixin China's service sector hit its highest level in more than a decade in June. Positive Chinese data boosted risk sentiment.
Last Friday, Lun Zinc opened at 2044 US dollars / ton. At the beginning of the session, the market activity was low, Lunzn Zinc fluctuated around the daily average line, the U.S. index weakened in the afternoon, Lun Zinc homeopathic upward probed a high of 2050.5 US dollars / ton and then dived downwards. The center of gravity moved down to around 2030 US dollars / ton, entered the night market, long positions entered, Lun Zinc concussion went up, went down under pressure at a high of 2046 US dollars / ton, and the market quickly slipped to 2024.5 US dollars / ton. Short sellers left the market, Lun Zinc revised upward, followed by a long-short game. After briefly exploring a low of 2016.5 US dollars / ton, the center of gravity quickly moved up to 2035 US dollars / ton finishing operation, and finally closed down to 2035.5 US dollars / ton, down 8.50 US dollars / ton, or 0.42%. The trading volume decreased to 5344 lots, and the position increased by 3620 lots to 197519 lots. Last Friday, Lun Zinc received a negative column, and the center of gravity moved further downward, which broke through the middle rail support of Brin Road, the 10-day moving average above turned downward, and the KDJ opening expanded downwards. LME inventories were flat on Friday, still high. At present, the overseas epidemic fermentation further suppresses the terminal consumption, the downstream destorming capacity is weak, the consumer end support is insufficient, and the upstream of Lunzhuang is restrained. Today focus on the support strength of the 40-day moving average. The price of lun zinc is expected to operate in the range of US $2,050 per ton.
Last Friday, the main 2008 contract of Shanghai Zinc opened at 16695 yuan / ton, which was driven up by the outer disk at the beginning of the day. After rising 16805 yuan / ton, Lun Zinc was suppressed by the 5-day moving average, Shanghai Zinc fell step by step, giving up intraday gains, and accelerated the decline after a brief arrangement of 16685 yuan / ton. 16615 yuan / ton, bulls entered the bargain, the center of gravity of Shanghai Zinc moved up to 16675 yuan / ton narrow range shock, at the end of the market, Shanghai Zinc tried to break, but the hindered daily moving average fell. The center of gravity was slightly adjusted to 16680 yuan / ton for consolidation, and finally closed down at 16690 yuan / ton, down 30 yuan / ton, or 0.18%. The trading volume increased to 66808 lots, and the position increased to 86499 lots. Last Friday, Shanghai zinc recorded two consecutive overcast, the center of gravity moved down, below the 20-day moving average support, MACD indicators into a dead fork. The zinc concentrate processing fee was raised for the first time in July, boosting the production will of the smelter, the supply side was loose, the consumer side was superimposed by the domestic traditional off-season and the development of overseas epidemic situation, and the downstream consumption was weaker than the previous month, restraining the action energy of Shanghai zinc. Pay attention to macro guidance in the short term. 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!