SMM, July 24th:
Overnight, the number of first-time applicants in the United States rose for the first time since March; the total number of new crown diagnoses in the United States exceeded 4 million, and new cases in Hong Kong and Tokyo reached record highs; Republicans planned to issue a new round of checks for $1200 as early as August; the White House and Senate Republicans reached a basic consensus on the stimulus package; the Federal Reserve expanded the range of trading companies for three loan programs; and interest rates on 30-year mortgages in the United States rose for the first time in six weeks. Under the disturbance of the overseas epidemic, the economic recovery has raised concerns, but the US economic stimulus policy has continued and the market pessimism has been repaired. The people's Bank of China launched a reverse repurchase operation of 50 billion yuan; in June, the RMB rose to the fifth most active currency in the world; and China set up a 100 billion-level credit guarantee fund for central enterprises.
Overnight, Lun Zinc opened at 2210.5 US dollars / ton. At the beginning of the day, it arranged wide around the daily moving average. In the afternoon, when the US dollar was weak, Lun Zinc took advantage of the opportunity to raise zinc prices to around 2220 US dollars / ton in the short term, and entered the European trading moment. The upward trend of Lun Zinc has not changed slowly and climbed to 2229.5 US dollars / ton. The high level has softened somewhat. Lun Zinc finishing downward, the center of gravity moved down to 2215 US dollars / ton finishing operation, entering the European trading moment, non-ferrous metal rose generally. Lun Zinc rose rapidly, reaching a high of US $2244 / ton. During this period, several attempts to break the pressure failed, and a slight callback at the end of the day led to an increase of US $2238 / ton, or US $33 / ton, or 1.5%. The trading volume reached 6745 lots, and the position increased by 1386 lots to 205000 lots. Overnight, Lun Zinc received a positive column, jumped away from the support of the length moving average below, and the KDJ opening narrowed. Overnight LME inventory increased by 16600 tons to 150050 tons, or 12.44%. The weak US dollar, non-ferrous gains, and the continuous addition of US economic stimulus measures have raised the trend of Zhenlun Zinc, but as the overseas epidemic continues to ferment, weak unemployment data in the United States have raised market concerns about a slowdown in the economic recovery and are expected to limit the upside of Len Zinc. Pay attention to macro guidance in the short term. 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 17970 yuan / ton, which was driven by the outer disk at the beginning of the day, and the short-term zinc price was pulled up to 18180 yuan / ton. During this period, the plate slipped through the daily average line of 18125 yuan / ton, and the bulls entered the market at the end of the day. The center of gravity moved up to 18270 yuan / ton, and finally closed up at 18300 yuan / ton, up 450yuan / ton, or 2.52%. The trading volume increased to 108210 hands, and the position increased by 7229 to 101687 hands. Overnight, Shanghai zinc received a bald big positive column, the daily K center of gravity moved upward, the lower 10-day line provided support, and the positive column of MACD index expanded. Driven by the upside of the outer disk, Shanghai Zinc is also strong. Under the expectation of the peak domestic consumption season, with the gradual landing of the terminal project of the infrastructure plate, the fundamental support is temporarily strong, promote the upside of Shanghai Zinc, and pay close attention to the development of Sino-US relations and overseas epidemic situation in the short term. The contract price of Shanghai Zinc 2009 is expected to operate in the range of 18000 won / t, and it is expected that domestic Shuangyan Zinc will rise 60 RMB70 / t in August contract.