[SMM Zinc Morning News] overnight colored green, fat, red, lean zinc fell 0.13%

SMM, Aug. 4:

Overnight, Kazakhstan's crude oil production in July was higher than the OPEC + agreement target. Us ISM manufacturing PMI hit a new high this year in July; Fed Kashkali called for a six-week blockade; Fed Brad: it is crucial to keep inflation expectations at 2 per cent; and manufacturing PMI in several European economies hit a nearly two-year high in July. PMI in many countries hit a multi-year high in July, boosting commodity trends. Foreign exchange trading center: temporarily waive some direct trading currency pair three-year transaction fees; July Caixin China manufacturing PMI rose to the highest in nine and a half years; Guangdong: speed up the construction of 5G network.

Overnight, Lun Zinc opened at 2309 US dollars / ton. During the Asian session, short sellers entered the market with capital, fell 2278 US dollars / ton by diving down, corrected the short sellers' profit and left Lun Zinc upward, and recorded a V reversal. The center of gravity moved up to around 2305 US dollars / ton. Near the European trading session, non-ferrous zinc fell, and Lun Zinc's vomiting rate fell again, stopped at around 2290 US dollars / ton, crude oil uplink led, some spectrum rose. Lun Zinc also sang all the way upward. after briefly sorting around 2310 US dollars / ton, the upward trend remained unchanged at 2328 US dollars / tonne. after many failed attempts, it fell downwards under pressure, and the market slipped to around 2310 US dollars / tonne. it finally closed down at 2310 US dollars / tonne, down 3 US dollars / ton, or 0.13%. The trading volume decreased to 9423 lots, and the position decreased to 207000 lots. Overnight Lun Zinc received a small positive line, which broke through the support of the 5th line below, and the opening of KDJ index narrowed. Overnight LME inventory decreased by 75 tons to 187975 tons, a decrease of 0.03%. The overnight strength of the US dollar and repeated innovations in gold heightened risk aversion in the market, while some investors made profits and reduced their positions, but a number of countries' PMI hit a multi-year high in July to boost commodities and limit the decline of Lunzinc. The price of lun zinc is expected to operate in the range of 2280-2330 US dollars per ton.

Overnight, the main 2009 contract of Shanghai Zinc opened at 18940 yuan / tonne. At the beginning of the day, the bulls poured into Shanghai Zinc to explore the intra-day high of 19010 yuan / ton and then came down under pressure. After a brief stop at 18845 yuan / ton, it was briefly adjusted back, but the pressure-bearing daily average line fell again, falling 18800 yuan / ton, driven by the outer disk uplink, Shanghai zinc quickly rose to a high of 18990 yuan / ton, and the bulls saw that the upside had no hope of falling into the bag, and the high positions left the market. Shanghai zinc gave up all its gains at the end of the day, and the center of gravity moved down to a narrow range of 18835 yuan / ton. It closed down at 18835 yuan / ton, down 85 yuan / ton, or 0.45%. The trading volume decreased to 124373 lots, and the position increased to 106534 lots. Overnight Shanghai zinc recorded a negative column, below the 5-day moving average to provide support, MACD positive column narrowed. Driven by overnight outer disk, Shanghai zinc also has great ups and downs, fundamentals are accompanied by rising domestic processing fees, supply-side smelter materials gradually increase, supply-side loose support is temporarily weak, superimposed part of the capital profit leaves, uplink support is insufficient. It is expected that the main 2009 contract price of Shanghai zinc will run in the range of 18500-19000 yuan / ton, and it is expected that the water price of domestic Shuangyan zinc to 08 contract will rise by 60-80 yuan / ton.