[SMM Zinc Morning News] EU agrees on recovery plan to raise Zhenlun Zinc trend by more than 2%

SMM, July 22nd:

Overnight, US API crude oil stocks surged unexpectedly by 7.544 million barrels last week. The increase in crude oil stocks is expected to limit the rise in oil prices. More than a trillion dollars of new stimulus packages are brewing in the United States; the Centers for Disease Control and Prevention says the number of people actually infected with the new crown far exceeds the official figure; the European Union has reached an agreement on a 750 billion euro spending plan for economic recovery; EU regulators say the first new crown vaccine may be approved this year. Overseas stimulus packages and vaccines prop up commodity prices. The United States added another 11 Chinese enterprises to the list of sanctioned entities, and President Xi Jinping held a forum for entrepreneurs on the 21st. Sino-US trade relations are fermenting again, and trade risks remain.

Overnight, Lun Zinc opened at US $2203.5 / ton. In early trading, Duan Lun Zinc's daily average was lower, hitting a low of US $2190.5 / ton, non-ferrous zinc generally strengthened in the afternoon, and Lun Zinc recovered to around US $2200 / ton. Near the moment of European trading, the strong shock center of gravity of Lunzn Zinc moved up to 2210 US dollars / ton, and then the upward trend did not change. The center of gravity moved up again to 2220 US dollars / ton, entered the night market, non-ferrous zinc rose generally, and Lun Zinc rose rapidly. After touching a step-by-step high of US $2256 / ton, the short sellers cracked down every high, and the center of gravity of Lun Zinc moved slightly down and consolidated along 2245 US dollars / tonne, and finally closed up at 2247.5 US dollars / ton, up 49 US dollars / ton, or 2.23%. The trading volume increased to 7593 lots, and the position decreased by 937 lots to 203000 lots. Overnight Lun zinc received the Zhongyang column, the daily K center of gravity moved upward, the lower length averages were arranged in multiple positions, the upper Bollinger Road was pressed on the upper rail, and the KDJ index was about to become a golden fork. Overnight LME inventory decreased by 650t to 121050 t, or 0.53%. Boosted by the agreement reached by the European Union on the recovery plan and the planned launch of a new round of stimulus package in the United States, market expectations for the global economic recovery have increased, boosting zinc prices, but the overseas epidemic has simmered, market optimism has reined in, and the rally has fallen somewhat. The price of lun zinc is expected to operate in the range of 2210 won 2260 US dollars per ton.

Overnight, the main 2009 contract of Shanghai zinc opened at 17910 yuan / ton, which was driven by the outer disk at the beginning of the day. Shanghai zinc concussion strengthened, touching high 18225 yuan / ton, but the bulls were afraid of heights, Shanghai zinc fell step by step, pulled back near the low 18032 yuan / ton, recovered part of the decline, the center of gravity moved up to 18135 yuan / ton horizontal finishing, and finally closed at 18165 yuan / ton, up 345 yuan / ton, or 1.94%. Trading volume increased to 101775 lots, and positions increased by 7850 to 88832 lots. Overnight Shanghai zinc recorded barefoot positive column, the lower 5 / 10 line to provide support, the upper Bollinger Road upper rail to form a compression, MACD index positive column expanded. Overnight, Shanghai Zinc opened high, overseas good news frequently, superimposed domestic consumption optimistic expectation support, Shanghai Zinc performance is strong. Pay close attention to the development of Sino-US trade in the short term. The contract price of Shanghai Zinc 2009 is expected to operate in the range of 17900 won / t, and it is expected that domestic Shuangyan Zinc will increase the water price by 90m / t in August.

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