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[summary of SMM Morning meeting] overnight non-ferrous iron, Shanghai zinc, daily K center of gravity moved down.
Jul 15,2020 09:32CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM internal zinc morning meeting summary spot fundamentals Shanghai: morning holders actively quoted shipments, the market ordinary zinc brand transactions concentrated on the SMM net average price discount of 5 yuan / ton, the market followed the quotation morning to 2008 contract water 50 yuan / ton, after part of the consignor lowered the water price to 40 yuan / ton, but some large market low rising water receiving positive, then spot rising water low stabilized; and then the market price rose to 50 yuan / ton in the morning, the latter part of the consignor lowered the water price to 40 yuan / ton, but some large households in the market were active in receiving goods, and then the spot water rose to a low level and stabilized. Entering the second period of time, the market quotation is relatively stable, the holder raised the price of rising water to 500.55 yuan / ton for the 2008 contract; the spot price fell, the purchasing mood in the lower reaches warmed up yesterday, and the spot rising water stopped falling and stabilized. Ningbo: yesterday, zinc prices fluctuated at a high level, and the willingness of downstream enterprises to buy was still weak. in the first trading session, traders continued to quote the day before yesterday. Tiefeng reported that the water rose around 70 yuan / ton for the August contract. West Mining News in the August contract around 60 yuan / ton, Kirin and Huize newspaper in the August contract around 80 yuan / ton. There was no obvious change in the rising water in the follow-up market. Yesterday, market trading was still dominated by traders, and the willingness of downstream enterprises to buy was very weak. Yesterday, the market turnover was basically flat compared with the day before yesterday, still maintaining a light trend. Guangdong: during the first trading period, there were still many market shippers, and some price adjustments actively pressured spot prices to rise. Later market quotations were gradually unified, high prices fell, and downstream market inquiries increased slightly. Kirin and Mongolia quoted a flat price for the August contract for Shanghai zinc to a discount of 10 yuan / ton. In the second trading session, the price fluctuated in a narrow range, but the overall price was still high, and the downstream fell into a wait-and-see, while the market supply circulation was still abundant, and the market transaction was relatively difficult. On the whole, downstream procurement increased compared with the previous day, but the increment was limited. Kirin and Mongolia quoted flat water for Shanghai zinc contract in August, Danxia rising water 10 yuan / ton, Tiefeng discount 10 yuan / ton. Tianjin: yesterday, Shanghai zinc shot up and fell back, and the spot market raised the discount quotation, which was relatively uniform. The ordinary brand bailing quoted a rise of 100 yuan per ton for the 08 contract, and Hongxin quoted a rise of 120 yuan per ton for the 08 contract. Chi Hong quoted a rise of 100 yuan per ton for the 08 contract, and the high-priced brand Zijin quoted a rise of 150 yuan per ton for the August contract, while Baiyin quoted a rise of 100 yuan per ton for the 08 contract. Yunxi Daily quoted a rise of 60 yuan per ton for the 08 contract, Sihuan (delivered to) quoted a rise of 70 yuan per ton for the 08 contract, and ha zinc (including the depot) quoted a rise of 60 yuan per ton for the 08 contract. Yesterday, zinc prices rose and fell, and traders shipped goods at positive prices, but the overall transaction was not smooth, and there were also some traders selling goods at low prices. Downstream, there was no big change in absolute prices yesterday compared with the day before, and purchasing sentiment was still weak. On the whole, the turnover in Tianjin market was flat yesterday compared with the day before yesterday. Today's forecast zinc price: overnight lun zinc fell below the $2200 / ton round mark, closing a large negative column, breaking through the 5-day moving average support and narrowing the KDJ opening. Overnight LME inventories fell 275 tonnes, or 0.22%, to 123200 tonnes. The development of the global epidemic is still grim, there are signs of a second epidemic, superimposed UK GDP data have dropped sharply, market optimism has cooled, and overseas economic recovery is slow, downstream consumption support is insufficient, and the overnight shock of zinc has fallen, but large-scale fiscal stimulus policies of various countries are expected to limit the room for Lun zinc to fall. Overnight, Shanghai zinc received a small positive column, the center of gravity moved down, the waist pierced the upper rail of Bollinger Road, and the red column of MACD index narrowed. Overnight stock index downward drag, non-ferrous general decline, Shanghai zinc is also weak, Sino-US trade relations and overseas epidemic development uncertainty, superimposed domestic flood season water level exceeding records, macro negative zinc prices, however, domestic consumption expectations are still expected to have a certain support for zinc prices. Today's forecast: the price of lun zinc is expected to run in the range of US $2190 / t. It is expected that the contract price of Shanghai Zinc 2009 will run in the range of 17,700 won 18,200 yuan per ton, and it is expected that the price of domestic zinc will drop by 40 yuan per ton.

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