SMM, July 20:

On Friday, the Fed expanded the coverage of its mass lending program; the US Treasury Secretary said the next round of anti-epidemic assistance bill would provide a lot of money for schools; Yellen and Bernanke said the Fed might use yield curve control; the Trump administration is trying to block funding to the US Centers for Disease Control and Prevention; the IMF expects the US economy to plunge 37 per cent in the second quarter; and the EU summit did not agree on the size of the EU recovery fund. There are many uncertainties on the road to economic recovery. Nine financial institutions were taken over by the Securities Regulatory Commission and the Banking and Insurance Regulatory Commission; Britain hinted that it would suspend extradition treaties with Hong Kong.

Last Friday, Lun Zinc opened at 2215.5 US dollars / tonne. At the beginning of the session, there was still great uncertainty in Sino-US relations, and market risk appetite was suppressed. Lunzhi.com continued the trend of night trading to further lower to around 2200 US dollars / ton. In the afternoon, the center of gravity was slightly revised to around 2205 US dollars / ton. Then short sellers entered the market to crack down, and Lun Zinc dived downwards, and the center of gravity fell back to 2200 US dollars / ton in a narrow range and entered the night market. Led by the decline in crude oil, Lun Zinc also continued its downward trend, and the center of gravity quickly moved down, finishing along the US $2180 / ton to close down at US $2181.5 / ton, down US $32.50 / ton, or 1.47%. The trading volume decreased to 6255 lots, and the position decreased by 1133 lots to 205130 lots. Last Friday, Lun Zinc received the mid-pubic column, the daily K center of gravity moved downward, the lower 10-day line provided support, the upper rail of Bollinger Road was pressed, and the KDJ index opened and expanded downward. On Friday, LME inventories fell by 125t, or 0.1%, to 122400 tonnes. The overseas epidemic reached a new high, adding to the uncertainty about the economic recovery, adding to the difficulties of EU leaders in reaching a consensus on a large-scale economic stimulus policy and a weaker-than-expected index of US consumer confidence. Lunzhe continued the downward trend. Pay close attention to the development of Sino-US trade relations in the short term. The price of lun zinc is expected to operate in the range of US $2,220 per ton.

Last Friday, Shanghai zinc opened at 17850 yuan / ton. Under the cooling of market optimism at the beginning of the session, short sellers entered the market, and the center of gravity of Shanghai zinc quickly moved down to 17715 yuan / ton. Then, dragged down by the outer plate, Shanghai zinc fluctuated downwards, probing down 17525 / ton, bulls entered for bargain, Shanghai zinc revised upward, the center of gravity slowly moved up to around 17605 yuan / ton, and the short positions increased gradually at the end of the session, and the center of gravity of Shanghai zinc decreased slightly to 17575 yuan / ton consolidation. The final close fell 17555 yuan / ton, down 270yuan / ton, down 1.51%, trading volume decreased to 62014 lots, position decreased by 2037 to 80027 lots. Last Friday, Shanghai zinc recorded a bald negative column, falling below the 10-day line support, 5-day moving average above the formation of suppression, MACD index positive column narrowed. In terms of fundamentals, processing fees have stopped falling and rebounded, boosting the production enthusiasm of smelters, mainly increasing production and loosening the supply end, while under the background of weakening the marginal consumption, zinc prices are high and profits of downstream enterprises are narrowing, which also affects production enthusiasm and lack of fundamental support. superimposed Sino-US trade frictions constantly, market risk aversion mood heats up, Shanghai zinc weak operation. The contract price of Shanghai Zinc 2008 is expected to operate within the range of 17400 Mel 17900 yuan per ton, and it is expected that domestic Shuangyan Zinc will rise 100 RMB120 per ton in the August contract.

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