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[SMM Zinc Morning News] in the second quarter of the United States, GDP recorded the biggest drop in history.
Jul 31,2020 08:54CST
translation
Source:SMM
Overnight, Lun Zinc opened at 2301.5 US dollars / ton. In the Asian market, Lun Zinc performed steadily, moving up to 2310 U.S. dollars / ton. In the afternoon, the U.S. index strengthened and put pressure on. Coupled with the cooling of risk appetite, Lun Zinc recorded a V-word reversal. After probing a low of 2284 U.S. dollars / ton, the pressure fell back again, stepped down to around 2285 U.S. dollars / ton, entered the night market, the U.S. index weakened, Lun Zinc revised upward, Trump suggested postponing the election. The market risk aversion mood rose and Wenlun Zinc was under pressure. After exploring the intraday low of 2263 US dollars / ton, the low rose to 2295 US dollars / ton, and finally closed down at 2293 US dollars.
The content below was translated by Tencent automatically for reference.

SMM, July 31:

Overnight, American oil once broke through the 40 mark, the risk of futures premium reappeared. The death toll of novel coronavirus in Texas in the United States reached a record high in a single day, and the death toll in Florida set a record for the third day in a row.-32.9%! Us GDP fell by the biggest ever in the second quarter, the number of first-time applicants rose again to a four-week high, and Trump proposed to postpone the 2020 election. In the context of the overseas epidemic, the US economy is in a serious decline, which is expected to restrain the trend of commodities. The Fifth Plenary session of the 19th CPC Central Committee is scheduled for October this year; China will announce today that manufacturing PMI, is expected to hold steady above the rise and fall line in July.

Overnight, Lun Zinc opened at 2301.5 US dollars / ton. In the Asian market, Lun Zinc performed steadily, moving up to 2310 U.S. dollars / ton. In the afternoon, the U.S. index strengthened and put pressure on. Coupled with the cooling of risk appetite, Lun Zinc recorded a V-word reversal. After probing a low of 2284 U.S. dollars / ton, the pressure fell back again, stepped down to around 2285 U.S. dollars / ton, entered the night market, the U.S. index weakened, Lun Zinc revised upward, Trump suggested postponing the election. The market risk aversion mood rose and Wenlun Zinc was under pressure. After exploring the intraday low of US $2263 / ton, the low rose and settled at US $2295 / tonne. It finally closed down at US $2293 / ton, down US $9 / ton, or 0.39%. The trading volume decreased to 9998 lots, and the position increased by 1194 lots to 205000 lots. Overnight, zinc stopped yang and turned to yin, and a long shadow column was recorded, which was supported by the 5-day moving average below, suppressed on the upper track of Bollinger Road, and narrowed the opening of KDJ index. Overnight, LME inventory increased by 700t to 188175 t, or 0.37%. Against the background of rising epidemic conditions overseas, GDP in the United States recorded the largest decline in history in the second quarter, indicating that the US economic recession is serious, the number of unemployed continues to rise, and the market risk aversion mentality is heating up, and Lunzhihua is weak. Pay attention to macro guidance 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 at 18660 yuan / ton. At the beginning of the session, driven by the uplink of the outer disk, Shanghai Zinc concussion uplink, tried many times to break the failure near the high level of 18810 yuan / ton, and then found support and upward correction. It recorded a V word reversal, stepped up to 18980 yuan / ton, recovered all the declines, but bulls feared heights, bears also entered the market to suppress, and the center of gravity of Shanghai zinc moved down to 18820 yuan / ton consolidation. The final closing price rose to 18815 yuan / ton, up 75 yuan / ton, or 0.4%. The trading volume increased to 202003 lots, and the position increased by 1902 lots to 113444 lots. Overnight Shanghai zinc recorded three Lianyang, upward test Brin Road on the rail suppression strength, below the 5-day moving average to provide support, MACD positive pillar expansion. Overnight, Shanghai zinc first suppressed and then rose, overseas macro-negative caused Shanghai zinc to bear pressure and downward, some domestic smelters were overhauled, the supply side was tight, the superimposed long-term consumption expectation remained, and the fundamental support was temporarily strong, boosting the strength of Shanghai zinc. 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 80-90 yuan / ton in August.

 

 

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