SMM, July 7:
Overnight, Saudi Arabia confirmed an increase in August oil prices; Saudi Arabia said it had no intention of taking any aggressive measures on the production reduction agreement; and CME cut the margin for NYMEX crude oil futures August contracts. LME may start releasing private inventory data on July 10th; US ISM non-manufacturing PMI hit a record high in June; Department of Energy: Trump administration will continue to work on energy infrastructure; McConnell: Congress is expected to pass another bailout bill. A series of stimulus packages in the United States are expected to boost downstream end consumption. The Hong Kong Stock Exchange launched the first batch of MSCI futures contracts; the total market capitalization of A shares exceeded US $10 trillion, and the Shanghai Composite Index and Hang Seng Index entered bulls. A sharp rise in the stock market could boost commodities.
Overnight, Lun Zinc opened at US $2026 / tonne. At the beginning of the session, bears entered the market to crack down, Lun Zinc fell by US $2024 / t, the US index went lower, Zhenlun Zinc rose step by step, and the center of gravity moved to the first line of US $2040 / ton. Approaching the time of European trading, DUI Kongping Xialun Zinc further went up to a narrow range of fluctuations around US $2050 / ton, and then failed to move up and down slightly to US $2045 / t for finishing and running, and entered the night plate. The 10-day moving average support showed, pushing Lun Zinc up, touching a high of US $2064.5 / ton, trying to break the failure to bear the pressure and going down along the US $2050 / ton consolidation, and finally closing up at US $2052.5 / ton, up US $17 / ton, or 0.84%. The trading volume increased to 7530 lots, and the position decreased by 1557 lots to 196000 lots. Overnight Lun zinc received a large positive column, the lower 40-day moving average support, and the MACD negative column narrowed. Overnight LME inventory decreased by 250t to 122275 t, or 0.2%. Overnight, US stocks closed higher, superimposed by strong economic recovery and expectations of a new round of economic stimulus package to boost market risk appetite, driving the general rise of non-ferrous metals and supporting the upward trend of non-ferrous zinc, but the development of overseas epidemics can not be ignored. The price of lun zinc is expected to operate in the range of US $2020 / ton.
Overnight, the main 2008 contract of Shanghai Zinc opened at 16820 yuan / ton, driven by the outer disk at the beginning of the day, the Shanghai zinc concussion went higher, the center of gravity moved up to 16830 yuan / ton, mostly under the empty level, Shanghai zinc touched a low of 16775 yuan / ton instead, and the operating center of gravity returned to 16830 yuan / ton finishing. During this period, it touched a high of 16855 yuan / ton, and the bullish end of the market stopped earnings and left the market. Shanghai zinc moved down slightly to 16810 yuan / ton consolidation, and finally closed up at 16815 yuan / ton, up 95 yuan / ton, or 0.57 yuan / ton. Trading volume decreased to 49919 lots, while position increased by 1045 lots to 87179 lots. Overnight, Shanghai zinc received a cross-shaped Xiaoyin line, the lower 5 / 10 line adhered to support, and the opening of KDJ index narrowed upward. The overnight stock market rose sharply, superimposed by non-ferrous general gains, boosting the trend of Shanghai zinc, but the fundamentals deviated from the macro restrictions on the upward trend of Shanghai zinc. Focus on the support strength of the 5 / 10 moving average today. 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.
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