SMM6, April 24: LME three-month zinc prices ended a three-day decline today, after the internal market closed sharply higher, as of 18:23, up 1.7% to $2474 per ton.
Within a day, the main 1908 contract of Shanghai zinc opened at 19480 yuan / ton, Shanghai zinc returned to rise after stepping on 19350 yuan / ton at the beginning of the day, and the short position left the market to boost the upward touch of Shanghai zinc to 19520 yuan / ton, and the narrow range concussion was arranged near this position. Then the short position left the field neatly again, the Shanghai zinc operation center of gravity moved up to 19580 yuan / ton line, the overall operation was near the lower rail of Brindao, and then the Shanghai zinc operation center of gravity sank slightly to 19550 yuan / ton. At the end of the day, it rose again to 19580 yuan per ton, closing up 19585 yuan per ton, up 115 yuan per ton, or 0.59 percent, from the previous transaction. Trading volume increased by 24900 hands to 562000 hands, and position volume decreased by 25576 hands to 307000 hands.
LME zinc stocks fell a further 1675 tons today, including 1500 tons at the warehouse in Rotterdam. Today, the number of warehouse receipts cancelled was 11975, accounting for as much as 67.66 per cent.
According to a SMM survey, social zinc stocks in Shanghai, Guangdong and Tianjin fell 1600 tons this week compared with Friday, down 4600 tons from last Monday to 153700 tons. In addition to a slight increase in the inflow of imported zinc into stocks in Shanghai, inventories in Guangdong and Tianjin continued to decline. According to SMM, recently zinc prices have broken down, falling below the 2000 yuan / ton integer mark, and the enthusiasm for taking goods downstream has improved slightly, but the arrival of goods from Tianjin and Guangdong is relatively limited, and the inventory recorded a decline. Within days, domestic inventories in the three places recorded a small decline, giving zinc prices a small amount of momentum to stop the decline.
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