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[brief Review of Zinc in SMM period] Zinc in the period of social inventory reduction first suppressed and then increased.
Jul 23,2020 16:44CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 23: during the day, the main 2009 contract of Shanghai zinc opened at 17895 yuan / ton. At the beginning of the session, Shanghai zinc tried to touch high and fell back. The center of gravity fluctuated in a narrow range along the line of 17920 yuan / ton. The short sellers gradually entered the market, and the zinc plate slipped, falling through the daily average line near 17795 yuan / ton and then revised upward. The center of gravity stabilized at 17910 yuan / ton horizontal finishing, continued the upward trend in the afternoon, the center of gravity moved up to 18040 yuan / ton, and finally closed down at 18065 yuan / ton. It fell 45 yuan per ton, or 0.25%, and the trading volume decreased to 190598 lots, while its position increased by 5373 to 94458 lots. Under the background of long shadow line and strong infrastructure consumption expectation, the social inventory is eliminated faster and the fundamental support is temporarily strong, but in the macro aspect, the uncertainty of Sino-US relations is still strong, so we pay attention to whether Shanghai Zinc can stand at the Wanba pass at night.

 

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