Minutes of the morning meeting of zinc in SMM on July 31st Spot fundamentals Shanghai: the morning market spot water quotation is stable, the market ordinary zinc brand transaction concentration is near to the SMM net average price level, the market follows the order quotation early in the morning to 2008 contract rising water 100yuan / ton, later as the price continues to rise, the holder reduces the rising water quotation to 90 yuan / ton, but the transaction is still relatively low; enters the second period, the market further reduces the rising water quotation, the holder ordinary zinc brand reduces the water to 800090 yuan / ton; Zinc futures accelerated uplink, spot prices are high, downstream yesterday basically wait-and-see, shipments will increase, spot rising water fell slightly yesterday. (bullish) Ningbo: zinc prices fluctuated higher yesterday. In the first trading session, Tiefeng, Xikuang and Nanhua newspaper rose about 100-110 yuan / ton for the August contract, and Kirin reported about 120-130 yuan / ton for the August contract. Huize reported around 150 yuan / ton for the August contract, Dongling newspaper around 160 yuan / ton for the August contract, and Harbin Zinc No. 1 reported about 40 yuan / ton for August, and the strong zinc price market continued to be weak. Downstream enterprise orders did not improve, fear of high wait-and-see mood dominated, only rigid demand procurement contributed a small amount of transactions, yesterday's Ningbo market turnover did not improve compared with the day before yesterday. (bullish) Guangdong: the first trading session, zinc home high strong shock, downstream procurement demand is even worse, holders continue to lower the price of rising water, it is still difficult to boost downstream transactions, Kirin, Mengzi, Huize, Tiefeng quotes for Shanghai zinc September contract discount 30-40 yuan / ton. In the second trading session, the center of gravity of futures prices moved further upward, downstream demand still did not improve, traders were relatively positive in receiving goods at discounts, and most of the market transactions were contributed by traders. Kirin, Mengzi, Huize and Tiefeng offer a discount of 40-45 yuan per ton for the September contract of Shanghai zinc. (bullish) Tianjin: yesterday, the price of zinc concussion in Shanghai rose, and the spot market maintained the price of rising water. The price is relatively uniform. The ordinary brand Bering News quoted water 210 yuan / ton for 08 contract, Hongyi quoted water 250 yuan / ton for 08 contract, Chi Hong quoted water 180-200 yuan / ton for 08 contract, high-priced brand Zijin quoted water 280-300 yuan / ton for August contract, Bai Yin Bao quoted water 140 yuan / ton for 08 contract. The fourth Ring Road (delivered) quoted 100 yuan / ton of water for the 08 contract, and Ha Zn (including the depot) quoted 120 yuan / ton for the 08 contract. Yesterday, zinc prices fluctuated higher, the first period of time, the refinery downgrade water delivery, but the volume is less, after the refinery shipment is over, traders re-bid shipments, which due to Hongye Zijin brand maintenance reduction in August, the lower volume of rising water is higher; downstream, the spot price increase is larger, downstream enterprises wait-and-see mood is stronger, some enterprises maintain rigid demand procurement. On the whole, the deal was mediocre yesterday. (bullish) Today's forecast zinc price: overnight, zinc stop Yang turned Yin, recorded a long shadow Yin column, below the 5-day moving average to provide support, the upper Bollinger Road on the rail to form a compression, KDJ index opening narrowed. 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. 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. Today's forecast: the price of lun zinc is expected to operate in the range of 2270-2320 US dollars per ton. The contract price of Shanghai Zinc 2009 is expected to run in the range of 18500-19000 yuan / ton, and domestic zinc is expected to rise by 10 yuan / ton.