SMM, July 30th:
Overnight, US EIA crude oil stocks unexpectedly fell by 10.612 million barrels last week, boosting oil prices. The Fed continues to sit tight; Powell: second-quarter GDP could contract by a record; Hogan: the European Union must retaliate against the United States on trade; Trump says there are considerable differences in negotiations between the two parties over a new stimulus bill; and the second-quarter GDP figures for the United States, due on Thursday, are expected to be the worst since the 1940s. The US economy is in a serious downturn and the Federal Reserve is expected to provide more financial support. Li Keqiang: further expand opening up, stabilize foreign trade and stabilize foreign investment; the border tension between China and India continues to ferment, and it is reported that India plans to increase its troops by 35000. Geopolitical risks are likely to limit commodity movements.
Overnight, Lun Zinc opened at 2265 US dollars / ton, the trend of Lunlun Zinc was stable, and it moved around 2255 US dollars / ton around the daily moving average. In the afternoon, with the further decline of the US index and the general strength of non-ferrous metals, the rising trend of Lun Zinc rose in a straight line to a narrow range of fluctuations around 2285 US dollars / ton. Then bulls brought money into the market to push it higher. Next to the night market, the center of gravity of Lun Zinc moved up to 2300 US dollars / ton. After touching the intraday high of 2307 US dollars / ton, Non-ferrous Platinum fell, Lun Zinc dived down, adjusted upward after finding support near the low of 2276 US dollars / ton, the center of gravity returned to the shock around 2300 US dollars / ton, and finally closed up at 2302 US dollars / ton, up 35 US dollars / ton, or 1.54%. The trading volume increased to 10000 lots, and the position increased by 1741 lots to 203000 lots. Overnight Lun Zinc recorded three consecutive positive, daily K center of gravity further moved upward, the lower 5 / 10 line to provide support, the upper Bollinger Road on the rail to form a compression, MACD index positive column expanded. Overnight LME inventory surged 14475 tons to 187475 tons, or 8.37%. The weakness of the US index boosted the trend of metals, Lun Zinc rose strongly, and the Federal Reserve maintained ultra-loose monetary policy to support the upside of Lunzn Zinc, focusing on overseas consumption in the short term. The price of lun zinc is expected to operate in the range of 2270-2320 US dollars per ton.
Overnight, the main 2009 contract of Shanghai Zinc opened high at 18720 yuan / ton, briefly arranged along the daily moving average at the beginning of the day, hit an intraday high of 18895 yuan / ton, and then the outer disk led Shanghai zinc to bear pressure and down, falling step by step to 18480 yuan / tonne. Short sellers stopped earnings at a low level and left the market, Shanghai zinc revised upward and fluctuated all the way up, closing up at 18780 yuan / ton, up 405 yuan / ton, or 2.2%. Trading volume increased to 168170 lots, and positions increased by 398 to 113448 lots. The positive pillar was recorded in Shanghai zinc overnight, jumping away from the multiple arrangement pattern of the lower averages, the upper Bollinger Road was suppressed, and the opening of KDJ index was expanded. The long-term strength of overnight funds shows to promote the strong operation of Shanghai zinc, refresh the recent high level, under the background of macro water release, domestic foreign trade and foreign investment are gradually stabilized, and long-term terminal consumption is expected to support the upward trend of Shanghai zinc, but geopolitics increases short-term risk. The contract price of Shanghai Zinc 2009 is expected to operate in the range of 18500-19000 yuan / ton, and it is expected that the price of domestic Shuangyan zinc will rise by 90,100 yuan / ton in August.