SMM, July 29th:
Overnight, API crude oil stocks fell sharply by 6.829 million barrels between the United States and last week. The decline in crude oil stocks supports the trend of oil prices. The Fed extends its emergency lending program until the end of the year; the Fed will announce its interest rate decision on Wednesday afternoon local time, and economists expect little change in the policy statement; Trump: the vaccine may be approved "soon"; raise gold and silver price expectations, warning of risks to the dollar. The Fed's extension of its lending program is a sign of concern about the state of the economy. The United States and Australia issued a joint statement expressing grave concern about China's actions in the Indo-Pacific, and risk warnings issued by the last Futures Exchange and the Shanghai Gold Stock Exchange.
Overnight, Lun Zinc opened at 2236.5 US dollars / ton. At the beginning of the day, Lun Zinc pulled straight up and hit 2271 US dollars / ton and then concussed all its gains. Suppressed by the sharp rise of the US dollar, Lun Zinc dived down and made a little arrangement near 2225 US dollars / ton in the afternoon. With the further deterioration of market sentiment in the afternoon, Lun Zinc once again replenished and dropped to around 2215 US dollars / ton. During the period, the intraday low of 2212 US dollars / ton was explored, entered the night market, and the non-ferrous metal rose generally. Lun Zinc fluctuated higher all the way, recovering all its losses during the day, and finally closed up at $2267 / ton, up $32 / ton, or 1.43%. Trading volume increased to 9656 lots, and its position decreased by 1574 to 202000 lots. Overnight Lun Zinc recorded a positive column with a long shadow line, the daily K center of gravity moved upward, the lower 5 / 10-day line provided support, and the MACD index positive column expanded. Overnight LME inventory surged 14175 tons to 173000 tons, or 8.92%. Overnight lun zinc fluctuated greatly, showing a U-shaped reversal trend. Against the background of overseas epidemic fermentation and geopolitical risk intensification, market risk aversion increased, gold price rose sharply, zinc price fell under pressure, and then the Federal Reserve extended its loan program so that the market remained for loose monetary policy, boosting the strength of Nonferrous and driving Lunzhe up. Pay attention to macro guidance in the short term. The price of lun zinc is expected to operate in the range of 2230-2280 US dollars per ton.
Overnight, the main 2009 contract of Shanghai Zinc opened at 18030 yuan / ton. After Shanghai Zinc briefly hit a low of 18020 yuan / ton at the beginning of the session, the long-short game was even better. Shanghai Zinc sang and fluctuated all the way up, and finally closed up at 18460 yuan / ton, up 300 yuan / ton, or 1.65%. The trading volume reached 119375, and the position increased by 3097 to 101005. Dayang column was recorded in Shanghai overnight, the daily K center of gravity further moved upward, the lower 10-day moving average provided support, the upper Bollinger Road was pressed, and the opening of KDJ index was expanded. Fundamentally, galvanizing supports the main consumption of zinc, downstream orders have improved, and orders for die-casting zinc alloys have increased in some countries with the resumption of overseas economies, superimposed demand expectations for post-disaster reconstruction, supporting the upside of zinc prices. however, supply-side incremental materials inhibit the upside of zinc in Shanghai. The contract price of Shanghai Zinc 2009 is expected to operate in the range of 18100-18600 yuan / ton, and it is expected that the price of domestic Shuangyan zinc will rise by 80-90 yuan / ton in August.