SMM, 31 October:
Overnight zinc opened at US $2547 per ton, briefly up and touching US $2552 per ton at the beginning of the day. However, the upper Brindao track has a strong pressure suppression, and the pressure on Len Zinc has dropped, and the overall pressure has fallen around the daily average of US $2545 / tonn. in intraday trading, dragged down by the possible delay in the signing of the trade agreement between China and the United States, Lun Zinc fell precipitously and broke the 5-day moving average support, and the center of gravity of Lun Zinc operation sank to about US $2520 per ton. The end of the day continued its concussion, closing down $2511 a tonne, down $36 a tonne, down 1.41 per cent, trading volume to 7531 hands and positions up 1878 hands to 251000 hands. Overnight after the five Lianyang recorded a long negative line, KDJ index turned upside down, MACD red column also narrowed, indicating that Lun Zinc in the Sino-US trade stalemate under the drag of temporary downward space, but LME zinc inventory recorded a continuous decline makes the Lun Zinc downward space is more limited, day Lun Zinc or slightly downward, the operating range is 2500 to 2550 US dollars / ton or so, the operating range is about US $2500 to US $2550. however, the continuous decline of Len zinc inventory makes the downward space of Len zinc more limited, and the operating range is about US $2500 to US $2550 / ton.
Overnight, the Shanghai zinc main force 1912 contract was dragged down by the possible postponement of the signing of the Sino-US trade agreement. It jumped down to 19050 yuan / ton, fell sharply at the beginning of the session and fell as low as 18985 yuan / ton. Then Shanghai zinc stopped falling and rebounded under the strong support of the Wanjiu pass. It steadily rose to the opening position, and the end of the session was slightly weaker, closing down 19025 yuan / ton, down 80 yuan / ton, down 0.42%, trading volume to 95392 hands, the end of the day was slightly weaker, closing down 19025 yuan / ton, down 80 yuan / ton, down 0.42%, trading volume to 95392 hands. Positions were reduced by 1778 to 186000. Overnight, Shanghai zinc recorded three consecutive negative, supported by the following moving averages, KDJ indicators down to show Shanghai zinc may have a certain downward potential energy, Sino-US agreement or delay to suppress long confidence, overnight warehouse reduction to long mainly make Shanghai zinc pressure, it is expected that Shanghai zinc in the lack of further macro guidance or pressure operation in 18700-19200 yuan / ton line. Today, domestic Shuangyan Zinc rose 50-70 yuan / ton to the 11 contract.
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