[SMM Morning Meeting Summary: Social Inventory Increases, Alert for Sh

Published: May 14, 2024 09:02

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[SMM Morning Meeting Summary: Social Inventory Increases, Alert for Shanghai Zinc Prices to Spike and Then Fall] Overnight, London zinc recorded a bullish candlestick, with support from the 10-day moving average below. The KDJ indicator expanded upward, LME inventory fell by 550 tons to 251,400 tons, a decrease of 0.2%. The continuous decline in LME inventory pushed up London zinc prices. However, the Federal Reserve's one-year inflation expectations hit a new high, damping expectations for interest rate cuts. Be cautious of zinc prices falling from high levels in the future. Overnight, Shanghai zinc recorded a bullish candlestick without a lower shadow, with support from the 5-day moving average below. The KDJ indicator expanded upward. Affected by foreign markets, Shanghai zinc prices rose throughout the day. However, according to SMM research, as of this Monday (May 13th), the total inventory of zinc ingots in seven regions surveyed by SMM was 214,600 tons, with an increase in domestic inventory. Be alert to the risk of Shanghai zinc prices spiking and then falling in the future.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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