SMM, July 14:

Overnight, Nigeria and Iraq compensated for production cuts in July and September; Houthi fighters in Yemen said they attacked oil facilities in Gizan, Saudi Arabia; and Saudi Arabia and OPEC have yet to agree on the scale of production cuts in August. There is uncertainty about oil prices. The US budget deficit hit a record high in June; the Trump administration is expected to issue more announcements related to the new crown pneumonia vaccine; Kudlow: the fourth phase of the new crown epidemic stimulus bill is about to be introduced. The vaccine is expected to boost commodities. China's central bank made a net investment of 50 billion on Monday; Li Keqiang: a larger tax cut and fee cut for companies. Domestic fiscal and monetary policies are good for zinc prices.

Overnight, Lun Zinc opened at 2193.5 US dollars / ton. At the beginning of the session, market optimism was boosted, non-ferrous metal rose generally, Lun Zinc concussion reached 2232.5 US dollars / ton, relative high bulls made a profit. Lun Zinc fell at a low of 2190 US dollars / ton and gave up its intraday gains. At the moment of European trading, the US index fell, Lun Zinc homeopathic upward, touched a high of 2272 US dollars / ton, and then short positions attacked at a high level. Lun Zinc concussed downwards. At the end of the session, it was arranged in a narrow range of US $2250 per ton, and finally closed up at US $2254.5 per ton, up 65.50 US dollars per ton, or 2.99%. Trading volume increased to 11724 lots, and positions increased by 1294 to 207765 lots. Overnight, Lun zinc recorded six Lianyang, the price hit a new high, below the Bollinger Road on the track to provide support, MACD indicators positive pillar expansion. Overnight LME inventories fell by 97 tons to 123475 tons. The abundant liquidity and rising inflation brought about by broad currencies and creditworthiness in the world's major economies have stimulated commodity financial attributes and supported the trend of Lunzhi. however, the US fiscal deficit has superimposed the impact of the epidemic on the economy, and market optimism has cooled. The price of lun zinc is expected to operate in the range of US $2220 per ton.

Overnight, the main 2009 contract of Shanghai zinc opened at 18070 yuan / ton, and the short sellers entered at the beginning of the session. Shanghai zinc briefly dropped to a low of 17975 yuan / ton, driven by the strength of the outer disk, Shanghai zinc concussion upward, touching 18430 yuan / ton, short sellers gradually entered the market, Shanghai zinc center of gravity fine-tuned to 18300 yuan / ton narrow range fluctuation, Shanghai zinc fell slightly below the daily average line at the end of the day, and finally closed up at 18240 yuan / ton, up 355 yuan / ton, up 1.98%, and the trading volume decreased to 82759 hands. Position increased by 7178 hands to 88013 hands. Overnight, Shanghai zinc recorded a positive column, the center of gravity further moved upward, below jumped out of the multiple arrangement pattern of each moving average, and the opening of KDJ index became slower. Under the optimistic background of the capital market, the fiscal stimulus, the stock market is red, the non-ferrous metal rose, boosting the trend of Shanghai zinc, but there are many uncertainties about the impact of Sino-US trade relations and flood season on terminal production, which is expected to limit the upward space of Shanghai zinc. In the near future, we will pay attention to the impact of the flood season on the local operating rate. The contract price of Shanghai Zinc 2009 is expected to operate in the range of 18000 Mel 18500 yuan / ton, and it is expected that domestic Shuangyan Zinc will increase the water price by 40 RMB60 / ton in August.

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