[SMM Zinc Morning News] EU stimulus policy failed to pass Lun Zinc plunge

SMM, 24 April:

Overnight, the number of initial petitioners in the United States last week reached 4.427 million, and the total size of the Federal Reserve's balance sheet reached 6.57 trillion US dollars. The Federal Reserve will temporarily lift the restrictions on credit funds provided by the Federal Reserve Bank. The US House of Representatives voted to pass the $484 billion small business rescue bill. Who accidentally leaked documents saying that the antiviral effect of Redsiweil is questionable, and that US data are pessimistic, indicating that the epidemic is still having an impact on the economy. The bailout bill has given a limited boost to the market; The EU summit failed to agree on a stimulus package or increase pessimistic expectations for the European economy; China has decided to increase its cash donation to WHO by US $30 million. The Ministry of Finance of China said that subsidies for new energy vehicles this year will fall back 10% from the previous year. Overnight, Lun Zinc opened at US $1897 / ton, which rose slightly, and the center of gravity moved up to US $1905 / tonne. During this period, it rose by US $1911 / tonne, and subsequently, due to the sharp increase in lme stocks, Lun Zinc fell rapidly. The center of gravity moved down to a narrow concussion of $1873 / tonne, running below each daily average, during which time it fell $1865.5 / tonne, and at the end of the day, Lun Zinc continued its low concussion, closing down at $1874.5 / tonne, down $24.50 / tonne, down 1.29%, trading volume increased to 7574 hands, position decreased by 681 hands to 219921 hands. Overnight zinc recorded a large negative line, breaking through the Brin Road middle track and running below each daily moving average. Overnight lme stocks rose 2475 tons, or 2.54%, to 100075 tons, while LME inventories rose sharply, breaking the 100000 mark. Overseas epidemic situation is still repeated, consumption collapse, once again triggered lme centralized exchange, superimposed EU economic stimulus policy has not yet been passed, market sentiment further weakened, Lun Zinc will maintain a weak operation, Lun Zinc price in the range of 1850-1900 US dollars / ton. On the domestic side, under the fiscal stimulus of the government, short-term infrastructure consumption will continue to improve, driving overall zinc consumption, and under the pace of going to the warehouse, Shanghai zinc will remain strong. It is expected that the Shanghai zinc 2006 contract price will run within the range of 15500-16000 yuan / ton, and the domestic Shuangyan zinc contract will rise by 170-190 yuan / ton in May.

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