[5.26 minutes of Zinc Internal Morning meeting] the market of Lun Zinc was closed yesterday, and Shanghai Zinc returned to weak operation.

Summary of the morning meeting of zinc in SMM on May 26th

Spot fundamentals

Shanghai: the long order ended today, and the market was active, but the transaction was better than the demand of some traders for that month's ticket. The mainstream transaction of that month's ticket market concentrated on the average price discount of 5 yuan / ton to flat water to SMM net, followed by quotation in the morning market for 2006 contracts up 170yuan / ton. Entering the second period of time, the market quotation is relatively stable, and the mainstream of the holder reported a rise of 160,0170 yuan / ton for the 2006 contract; the spot price stopped falling and stabilized, and the long order ended today, and the market was in demand for that month's tickets. the spot supply of the current month is relatively strong, and the purchasing mood downstream today is still good, mainly to meet bargains and replenish warehouses. (lidocaine)

Ningbo: zinc prices fell in the first period of the morning, and holders actively bid for shipments. Tiefeng was reported around 160 yuan / ton for the June contract, Huize and Kirin were reported around 150 yuan / ton for the June contract, Yunxi News was near 130 yuan / ton for the June contract, and the West Mining News was around 200 yuan / ton for the July contract, which converted to 120 yuan / ton for the current month. During the second period of time, the market rebounded and the willingness to buy downstream weakened. Mainly due to the fall in zinc prices last Friday superimposed weekend reserve demand, downstream purchase more, overdraft part of this week's demand. Overall, today's transaction is significantly worse than last Friday. (bullish)

Guangdong: the first trading session, Guangdong inventory continues to decline, the price of the holder is relatively strong, the price of individual brands is lower, the lower price is mainly purchased at a low price, and the market transaction is OK. Kirin, Huize, Mengzi quoted water for the Shanghai zinc contract for July, 110MUE 120 yuan / ton, Tiefeng Shengshui 90Lue 100 yuan / ton. In the second trading session, the external quotation of resources in the market in that month was relatively strong, and the quotations of individual holders for next month's tickets were on the low side, pressuring the performance of the market, and with the rebound of zinc prices, downstream procurement demand declined, and the overall market trading cooled. Kirin, Mengzi and Huize quoted for the July contract of zinc in Shanghai, the price of rising water is 80murl 110 yuan / ton, and Tiefeng and Feilong Shengshui is 80mur95 yuan / ton. (bullish)

Tianjin: today's Shanghai Zinc low concussion, the spot market raised the discount price, the price is more divergent. The ordinary brand Bering News quoted a price of 220 yuan / ton for the 06 contract, Hongyi quoted a water price of 270 yuan / ton for the 06 contract, Chi Hong quoted a water price of 220 yuan / ton for the 06 contract, the high-priced brand Zijin quoted a premium of 300 yuan / ton for the June contract, and KZ quoted a premium of 230 yuan / ton for the 06 contract. The fourth Ring Road reported a rise of 180 yuan / ton for the 06 contract. Today, zinc prices are low and fluctuating, traders raise their discount quotations, some traders are more willing to raise their prices, and refineries ship fewer goods today, and rising water prices are higher; downstream, spot prices in Tianjin rose slightly today, and downstream enterprises are willing to take goods. Some enterprises just need to replenish the stock. On the whole, today's transaction is the same as last Friday. (lidocaine)

Today's forecast zinc price: overnight, Lun zinc market is closed. Short-term attention to the resumption of work and production in overseas mines, if the tension at the end of the mine is transmitted to the shortage of raw materials in the refinery, it is expected to provide support to lun zinc. Overnight, Shanghai zinc received a long shadow line, the middle rail of Brin Road below to provide support, and the 20-day line above to form a resistance. After the two sessions are held, there is no further favorable policy. It is expected that after landing, the poor willingness to buy in the lower reaches of the superimposed high level will lead to a slowdown in social storage, and Shanghai zinc will return to weak operation. In the future, we need to pay attention to whether the mine end problems will continue to support prices.

Today's forecast: the price of lun zinc is expected to operate in the range of US $1950 to 2000 per ton. It is expected that the contract price of Shanghai Zinc 2007 will run within the range of 16,100Muth16600 yuan / ton, and it is expected that domestic zinc will drop by 80 yuan / ton.