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[SMM Zinc Morning News] the center of gravity of the fourth Lianyang Sun Day K was further moved up overnight.
Jul 10,2020 08:48CST
translation
Source:SMM
Overnight, Lun Zinc opened at 2131.5 US dollars / ton. Pancu Zinc walked slowly along the daily average line to near the high of 2143 US dollars / ton. Near the time of European trading, the bulls entered the market with capital. Lun Zinc broke up to a high of 2163 US dollars / ton. Then the US index went down under pressure, found support near the low of 2138 US dollars / ton, backfilled all the decline, and emptied into Duoping. The center of gravity moved slightly down to $2150 / ton to sort out the momentum, near the night market, the bullish offensive resumed, Lun Zinc stepped up, reaching a high of US $2168 / ton, a drag on the downside of crude oil, and Lun Zinc concussion reached a low of US $2140.
The content below was translated by Tencent automatically for reference.

SMM, July 10:

Overnight, WTI crude oil fell by more than 3%; OPEC + overcut production by 900000 barrels per day in June. The number of first-time applicants in the United States has fallen for 14 consecutive weeks; the Federal Reserve's balance sheet has fallen for the fourth consecutive week; the London Metal Exchange has begun to release non-warehouse receipt inventory data; and WHO: in most areas, the epidemic is not under control. Us data are good for commodities, but panics remain. The onshore RMB regained the 7.0 mark against the dollar; domestic consumer prices rose 2.5% in June from a year earlier.

Overnight, Lun Zinc opened at 2131.5 US dollars / ton. Pancu Zinc walked slowly along the daily average line to near the high of 2143 US dollars / ton. Near the time of European trading, the bulls entered the market with capital. Lun Zinc broke up to a high of 2163 US dollars / ton. Then the US index went down under pressure, found support near the low of 2138 US dollars / ton, backfilled all the decline, and emptied into Duoping. The center of gravity moved slightly down to $2150 / ton, near the night market, bullish offensive resumed, Lun Zinc stepped up, touching 2168 US dollars / ton, crude oil downward drag, Lun Zinc concussion went to a low near 2140 US dollars / ton, the center of gravity adjusted slightly at the end of the day, and finally closed up at 2148.5 US dollars / ton, up 19 US dollars / ton, or 0.89%. The trading volume increased to 12000 hands, and the position increased by 5897 hands to 204000 hands. The end of the day rose to 2148.5 US dollars / ton, up 19 US dollars / ton, or 0.89%. The trading volume increased to 12000 lots, and the position increased by 5897 lots to 204000 lots. Overnight Lun Zinc recorded four consecutive yangs, the daily k center of gravity further moved upward, broke through the upper track of Brin Road, and the positive pillar of MACD index expanded. Overnight, LME inventory decreased by 175t to 121775 t, or 0.14%. Boosted by optimism, Lun Zinc is favored by capital, and the surge in market risk appetite dilutes the negative impact of the continued fermentation of the epidemic on the resumption of the overseas economy. Pay close attention to the development of overseas epidemic situation in the short term. The price of lun zinc is expected to operate in the range of 2170 US dollars per ton.

Overnight, the main 2008 contract of Shanghai zinc opened at 17545 yuan / ton, and at the beginning of the day, Shanghai zinc fluctuated in a narrow range along the line of 17525 yuan / ton. during the period, it briefly touched the intra-day high of 17585 yuan / ton and tried to break it many times. In midday, short sellers increased and suppressed. Shanghai zinc tried to break up and down after diving down. Under pressure, Shanghai zinc fell 17375 yuan / ton again, and the bulls entered the market for bargains. Shanghai zinc concussion recovered some of the decline, and at the end of the session. The center of gravity moved to the vicinity of 17480 yuan / ton, and finally closed up at 17530 yuan / ton, up 125 yuan / ton, or 0.72%. The trading volume decreased to 102854 lots, and the position decreased by 4225 to 88443 lots. Overnight Shanghai zinc recorded a small Yin line, the lower Bollinger Road on the track support, jump off the lower averages, KDJ index opening expansion, the technical side is bullish. Macro positive to enhance risk appetite, Shanghai zinc in the high shock operation, but the fundamentals are weak to limit the upside space of Shanghai zinc. Be on guard against changes in the situation between China and the United States recently. It is expected that the contract price of Shanghai Zinc 2008 will run within the range of 17,100,000,000 yuan / ton. It is expected that the domestic Shuangyan zinc will rise 50 million yuan / ton in the August contract.

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