SMM, July 13:
On Friday, IEA: global oil demand may be at risk; OPEC + may relax the scale of production cuts; and three Libyan oil companies will once again stop production or cancel the restart. There are many uncertainties in the oil market. Trump has approved a "state of disaster" for many states in the United States; the United States has announced a 25% tariff on some French goods because of a digital tax dispute. The development of overseas epidemic situation is not optimistic, be on guard against trade disputes among various countries. Financial Commission of the State Council: crack down on illegal activities in the capital market; Bancassurance Regulatory Commission: it is strictly forbidden for banks and insurance institutions to illegally participate in over-the-counter capital allocation; Development and Reform Commission: domestic refined oil prices are raised according to the mechanism.
Last Friday, Lun Zinc opened at 2150 US dollars / ton. After briefly sorting around the daily moving average, the bulls entered the market to promote it. Lun Zinc once again pulled up to 2165 US dollars / ton. Near the time of European trading, stock market commodities fully fell. Lun Zinc concussion fell back to 2144.5 US dollars / ton, short positions left the market, Lun Zinc repaired up, and returned to the daily moving average line around 2060 US dollars / ton. Entering the night market, the US dollar index fell, the risk appetite heated up again, the center of gravity fluctuated upward around 2190 US dollars / ton, reached a high of 2194 US dollars / ton during the period, and finally closed up at 2189 US dollars / tonne, up 1.89%. The trading volume decreased to 9045 lots, and the position increased by 2358 lots to 206471 lots. Last Friday, Lun Zinc recorded Wulianyang, the daily K center of gravity further moved upward, the lower Bollinger Road on the rail to provide support, the KDJ opening to expand. Last Friday, LME inventory increased by 1600 tons, or 1.31%, to 123375 tons. In the context of the global economic recovery, there was a lot of good news from the stock market, boosting market optimism, superimposing the possible supply-side impact of unknown pneumonia infection in Kazakhstan further heightened market bullish sentiment, and Lun Zinc maintained a strong trend. The price of lun zinc is expected to run in the range of US $2150 per ton.
Last Friday, the main 2008 contract of Shanghai zinc opened at 17625 yuan / ton, driven by the outer disk at the beginning of the day, the center of gravity of Shanghai zinc quickly moved up to 17750 yuan / ton horizontal finishing, and then bullish positions promoted. Shanghai zinc ladder uplink touched 18015 yuan / ton, US index uplink suppressed, Shanghai zinc concussion decreased, fluctuating in a narrow range of 17915 yuan / ton, Shanghai zinc adjusted slightly at the end of the day, and finally closed up at 17990 yuan / ton, up 420 yuan / ton, or 2.39%. Trading volume increased to 123572 lots, and position increased by 1586 lots to 86830 lots. Last Friday, Shanghai Zinc recorded a barefoot big positive column, the center of gravity moved up again, jumped away from the multiple arrangement pattern of the lower moving average, and the MACD positive column expanded again. Under the optimistic background of the capital market, the market speculation on the expectation of the peak consumption season has promoted a strong rise in zinc prices, but the uncertainty of Sino-US relations is expected to limit the room for Shanghai zinc to rise. Pay close attention to the development of Sino-US trade in the short term. The contract price of Shanghai Zinc 2008 is expected to operate in the range of 17600 won / t, and domestic Shuangyan Zinc is expected to rise 30 RMB50 / t in August contract.
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!