SMM, July 21:
Overnight, multiple doses of the new crown vaccine released positive test results on Monday; the US Treasury Secretary said the new stimulus package focused on children and employment; Bernanke and Yellen said the Fed needed to review the reasons for the market collapse in March; the Group of Seven will cooperate on digital currencies; the European Union proposes to set the allocation in the EU recovery fund at 390 billion euros; the Republican Party plans to launch an anti-epidemic relief package this week. The good news of the new crown vaccine boosts the trend of commodities. The LPR offer has been on hold for three months in a row; Sino-British relations may have deteriorated due to the suspension of the extradition treaty with Hong Kong due to the new national security law; and the US Department of Commerce has blacklisted 11 Chinese companies on the grounds of alleged human rights violations in Xinjiang. We will continue to pay close attention to the development of Sino-US and Sino-UK trade relations.
Overnight, Lun Zinc opened at 2187 US dollars / ton, bottomed out and rebounded at the beginning of the market, hit a low of 2162 US dollars / ton, and then sorted out along 2175 US dollars / ton. Entering the European trading session, Lun Zinc showed a high momentum, the center of gravity moved up to a narrow range of 2180 US dollars / ton, near the night market, boosted by the good news of the vaccine, Lun Zinc rose, touched a high of 2212 US dollars / ton, the bulls stopped profits and left the market, and Lun Zinc recorded a V pullback. The center of gravity moved down to US $2198 / ton consolidation, and finally closed up at US $2198.5 / ton, up US $17 / ton, or 0.78%. The trading volume increased to 6698 lots, and the position decreased by 1410 lots to 204000 lots. Overnight Lun Zinc received a long shadow of the small Yang column, the lower length of the average line into a multi-head arrangement, the upper 5-day line to form a pressing, MACD index Yang column narrowed. Overnight LME inventory decreased by 700t to 121700 t, a decline of 0.57%. The momentum of slight decline in LME inventory continued. A series of good news about the overnight new crown vaccine, superimposed by a new round of fiscal stimulus negotiations in the United States and negotiations on the European Union recovery fund, have heightened market optimism, but the development of the overseas epidemic can not be ignored. Pay attention to macro guidance in the short term. The price of lun zinc is expected to operate in the range of US $2,220 per ton.
Overnight, the main 2009 contract of Shanghai Zinc opened at 17660 yuan / ton. At the beginning of the session, Shanghai Zinc opened low and moved high, and the center of gravity quickly moved up to 17775 yuan / ton. Then, driven by the upside of the outer disk, Shanghai Zinc also shook up 17960 yuan / ton, and the short sellers gradually entered the market. Shanghai Zinc gave up some of its gains, the center of gravity moved down to 17800 yuan / ton consolidation, and finally closed up at 17815 yuan / ton, up 190yuan / ton, up 1.08%, and the trading volume increased to 73619 hands. Position increased by 2742 hands to 81279 hands. Overnight, Shanghai zinc received a bare foot positive column, the upper Bollinger Road upper rail formed a compression, the lower part was far away from each long moving average, and the KDJ index was opened and expanded downwards. Driven by the outer disk overnight, Shanghai zinc rose first and then suppressed it. The overseas macro-economy is positive, the economic restart process is advancing, the exports of some end products have improved slightly, the superimposed infrastructure plate projects in some parts of the country have been landed one after another, and the market is optimistic about the rebound in demand to boost the trend of Shanghai zinc. However, the continued fermentation of Sino-US and Sino-British trade relations also limits the upward trend of Shanghai zinc. The contract price of Shanghai Zinc 2009 is expected to operate in the range of 17,500mur18000 yuan / ton, and it is expected that domestic Shuangyan zinc will increase the water price by 110Mel 120 yuan / ton in August.
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