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[SMM Zinc Morning News] overnight non-ferrous Pu Sheng Lun Zinc continues the high-level concussion trend.
Jul 28,2020 08:36CST
translation
Source:SMM
Overnight, Lun Zinc opened at 2213.5 US dollars / ton, the center of gravity of Lunlun Zinc rose to a narrow range around 2225 US dollars / ton, and the amplitude expanded in the afternoon, still on the axis of the daily moving average. At the moment of European trading, the center of gravity moved slightly down along the narrow range of 2220 US dollars / ton and entered the night market. Under the influence of COVID-19, the national security adviser of the United States, the market risk aversion increased, Lun Zinc dived down, and found support after exploring a low of 2205.5 US dollars / ton. Upward correction, recorded a V word reversal, recovered all the decline, the center of gravity moved up to 2235 US dollars / ton consolidation, during the period hit an intraday high of 2238.5 US dollars / ton, and finally closed higher
The content below was translated by Tencent automatically for reference.

SMM, July 28th:

Overnight, the US Republican Party announced a $1,000bn new stimulus package, which will immediately hold consultations with the Democratic Party; Trump's national security adviser confirmed the infection of novel coronavirus; US National Economic adviser Kudlow: the V-shaped recovery may slow; Trump: the Moderna vaccine has entered the third phase; Russian media say the novel coronavirus epidemic broke out at a Russian mine. In the context of the overseas epidemic, the economic recovery is expected to slow down and the economic stimulus package continues. Bureau of Statistics: the profit growth rate of industrial enterprises changed from a decline to an increase in the second quarter; India will review another 275 Chinese APP; the Ministry of Foreign Affairs responded to the closure of the US Consulate General in Chengdu: it is a legitimate and necessary response. Domestic industry has recovered steadily, but geopolitical risks can not be ignored.

Overnight, Lun Zinc opened at 2213.5 US dollars / ton, the center of gravity of Lunlun Zinc rose to a narrow range around 2225 US dollars / ton, and the amplitude expanded in the afternoon, still on the axis of the daily moving average. At the moment of European trading, the center of gravity moved slightly down along the narrow range of 2220 US dollars / ton and entered the night market. Under the influence of COVID-19, the national security adviser of the United States, the market risk aversion increased, Lun Zinc dived down, and found support after exploring a low of 2205.5 US dollars / ton. Upward correction, recorded a V word reversal, recovered all the decline, the center of gravity moved up to $2235 / ton consolidation, during the period hit an intraday high of $2238.5 / ton, and finally closed up at $2235 / ton, up $23.50 / ton, or 1.06%. Trading volume decreased to 5570 hands, and positions decreased by 1176 to 203000 hands. Overnight Lun zinc recorded a positive column, the lower 10-day line to form a support, KDJ indicators to become a golden fork. Overnight LME inventory increased by 4325 tons to 158825 tons, an increase of 2.8%. Overnight non-ferrous metal rose, Len Zinc continued to fluctuate at a high level, and the vaccine was boosted by good news and the new economic stimulus plan in the United States. Lun Zinc operated strongly, but the development of overseas epidemics and geopolitical risks are expected to limit the upward space. The price of lun zinc is expected to operate in the range of 2200-2250 US dollars per ton.

Overnight, the main 2009 contract of Shanghai Zinc opened at 18060 yuan / ton, which was dragged down by the outer disk at the beginning of the day. Shanghai Zinc quickly fell to 17890 yuan / ton, short sellers stopped earnings and left the market, and Shanghai Zinc concussion recovered all its decline. after briefly finishing at a high of 18160 yuan / ton, the upward trend remained unchanged, further touching a high of 18235 yuan / ton, suppressed by Brin Road, during which many attempts failed, at the end of the session, short positions were attacked, Shanghai Zinc concussion went down and gave up some of its gains. The final closing price rose to 18110 yuan / ton, up 30 yuan / ton, or 0.11%. The trading volume decreased to 103880 lots, and the position increased by 1423 lots to 99178 lots. Overnight, Shanghai zinc recorded a positive column, the upper Bollinger Road rail to form a compression, the lower 10-day line support, MACD positive column narrowed. Overnight, driven by the outer disk, Shanghai zinc showed a trend of first suppressing and then rising, with continuous macro-overseas economic stimulus, superimposed peak season and flood season reconstruction consumption expectations, positive profits of domestic industrial enterprises to boost the trend of Shanghai zinc. The contract price of Shanghai Zinc 2009 is expected to operate in the range of 18000-18500 yuan / ton, and it is expected that the price of domestic Shuangyan zinc will rise by 80-90 yuan / ton in August.

 

 

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