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[SMM Zinc Morning News] overnight the trend of zinc in the shape of a V ended up 0.73%.
Jul 8,2020 08:47CST
translation
Source:SMM
Overnight, Lun Zinc opened at US $2058.5 / tonne. At the beginning of the session, the bulls briefly pushed up the zinc price to a high of US $2070 / t, the US index strengthened and suppressed, the center of gravity of Lunzn Zinc fell back to around US $2055 / ton, and the trading activity was relatively low. Near the moment of European trading, Nonferrous weakened, the market quickly slipped to 2045 US dollars / ton with a narrow range, and short positions increased and suppressed. Lun Zinc fell further to explore a low of 2033 US dollars / ton, then revised up to recover some of the decline and entered the night market. Lun Zinc was arranged horizontally along 2050 US dollars / ton, and non-ferrous Pu Zinc went up by 2074.5 US dollars / ton.
The content below was translated by Tencent automatically for reference.

SMM, July 8:

Overnight, EIA raised its 2020 oil price forecast; the United Arab Emirates plans to increase its crude oil exports in August; and Iran's crude oil production fell in June to its lowest level since 1981. Crude oil exports increase or be bad for oil prices. The United States officially withdrew from WHO; WHO: we have not yet reached the peak of the epidemic; EU: the euro zone economy is expected to face a deeper recession this year. The continuous fermentation of overseas outbreaks has stimulated the rise of risk aversion in the market. Xiao Gang: the CPC Central Committee has never attached so much importance to the capital market as it does now; the Ministry of Housing and Construction: it is hoped that the property market will be stable.

Overnight, Lun Zinc opened at US $2058.5 / tonne. At the beginning of the session, the bulls briefly pushed up the zinc price to a high of US $2070 / t, the US index strengthened and suppressed, the center of gravity of Lunzn Zinc fell back to around US $2055 / ton, and the trading activity was relatively low. Near the moment of European trading, Nonferrous weakened, the market quickly slipped to 2045 US dollars / ton with a narrow range, and short positions increased and suppressed. After further falling and detecting a low of 2033 US dollars / ton, Lun Zinc recovered some of its losses upward, entering the night market, finishing along 2050 US dollars / ton horizontally, non-ferrous Platinum Zinc homeopathic rising 2074.5 US dollars / ton, short sellers entering high, the center of gravity at the end of the day slightly lowered, and adjusted along the lower edge of 2065 US dollars / ton, closing up at 2067.5 US dollars / ton, up 15 US dollars / ton, or 0.73%, and the trading volume increased to 6923 hands. Position increased by 285 hands to 196000 hands. Overnight Lun Zinc received a long shadow line attached to the Zhongyang line, which broke through the support of each short moving average below, the daily K center of gravity moved upward, and the negative column of MACD index narrowed. Overnight, LME inventory fell by 125 hands to 122150 hands, or 0.1% by 0.1%. The rebound of the overseas epidemic situation is grim, the market risk aversion mood is rising, but the residual temperature of economic stimulus is still superimposed by the ECB confidence index to boost, overnight zinc first suppressed and then rose. Pay attention to macro guidance in the short term. The price of lun zinc is expected to operate in the range of US $2030 per ton.

Overnight, the main 2008 contract of Shanghai zinc opened at 16745 yuan / ton. At the beginning of the session, the center of gravity of Shanghai zinc moved up to 16765 yuan / ton in a narrow range, and then the bears were better in the game. Shanghai zinc fell many times, fell 16690 yuan / ton and then corrected upwards. the outer disk was driven upwards, Shanghai zinc ladder broke, after touching a high of 16820 yuan / ton, the center of gravity moved down slightly to 16785 yuan / ton, and the center of gravity moved down to 16785 yuan / ton. Finally, it closed up at 16770 yuan / ton, up 5 yuan / ton. The trading volume increased by 0.03% to 68532 lots, while the position decreased by 3454 to 85544 lots. Overnight, Shanghai zinc recorded a small positive column, the length averages of each road below were arranged in multiple positions, and the KDJ index was about to become a golden fork. Under the support of macro optimism, the outer disk upward drive, boost the trend of Shanghai zinc, but the fundamentals are negative, it is expected that short-term Shanghai zinc is still dominated by shock. The contract price of Shanghai Zinc 2008 is expected to operate within the range of 16400 won per ton, and it is expected that domestic Shuangyan Zinc will rise 60 won 70 yuan per ton in July contract.

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