SMM October 31 Zinc Morning meeting:
Zinc Morning meeting: macroscopically: it is reported that the Federal Reserve (Fed) announced its third interest rate cut of the year, lowering the target range of policy interest rates to 1.50% to 1.75% to help maintain economic growth in the United States at a time of economic slowdown in the rest of the world. However, the Fed hinted that it would not cut interest rates further unless the economic situation worsens. In a statement released at the same time as the rate cut, the Fed deleted the phrase "appropriate action will be taken" to maintain economic expansion, which was seen as a sign of future interest rate cuts. Us economic growth slowed less than expected in the third quarter as business investment was further offset by the resilience of consumer spending, further easing fears of recession in financial markets. Us gross domestic product (GDP) grew at an initial annualised rate of 1.9 per cent in the third quarter, as corporate inventories grew at a steady pace and exports grew; the housing market rebounded after six consecutive quarters of contraction; and consumer spending, which accounts for more than 2/3 of US economic activity, slowed to 2.9 per cent in the third quarter, still solid.
Fundamentals: yesterday's spot review: downstream fear of high careful mining market transaction weakening
Shanghai: in the first trading session, some holders quoted 60 yuan / ton on the 1911 contract, while the mainstream quoted price on the SMM net was 5-10 yuan / ton, but the transaction was very few, the spot rising water was reduced to 60 yuan / ton to 1911 liters, and some holders quoted 5-10 yuan / ton on the average price of SMM net. In the second trading session, the low price of zinc fluctuated, and a small number of holders quoted up to 50 yuan / ton for the 1911 contract. However, the market actively closed down the source of rising water, stabilized the rise and fall of spot water, and finally reported 60 yuan / ton to the 1911 contract. Zinc price high shock, downstream is still afraid of high cautious mining, spot water is still in the doldrums, but the current spot water of 50 yuan / ton receiving situation is still good.
Guangdong: refinery shipments are normal, the market supply circulation is more abundant. In the morning, the quotation of the holder focused on the discount of 30 yuan / ton to the 12 contract, and some of the holders were willing to offer a strong offer, which was reported near 10 yuan / ton for the 12 contract, but few transactions were concluded. Entering the second trading period, the consignee is willing to receive about 40 yuan / ton on the 12 contract, and most of them are traders, and the shippers are still willing to offer 30 yuan / ton to the 12 contract. Due to the gradual dilution of orders in the downstream, the willingness to receive the goods is obviously worse, and the trading between traders is relatively deadlocked.
Tianjin: refinery shipments are normal today. In the market, the circulation of goods still tends to be loose. The quotation of the high-priced brand source is concentrated in the vicinity of 0-80 yuan / ton to the 11 contract, and the quotation for the ordinary brand source is about 0-30 yuan / ton to the 11-liter water. Today, the disk is still continuing high volatility, the downstream willingness to buy is very weak, there are few transactions in the market, holders have no choice but to lower the rising water one after another, the supply of high-priced brands is gradually reduced from 80 yuan / ton to flat water for the 11 contract at the beginning of the session, and the ordinary brand is also down to about 50 yuan / ton for the 11 contract from the beginning of the market to even a small discount. Although the rise and decline is obvious, but in the disk high and environmental protection production restrictions continue to affect, the downstream buy Xing is still in the doldrums, the market transaction is extremely light. On the whole, the transaction today is once again worse than yesterday.
Zinc price: overnight after the five Lianyang recorded a long negative line, KDJ indicators turn upside down, MACD red column also narrowed, indicating that Lun Zinc in the Sino-US trade stalemate under the drag of temporary downward exploration space, however, LME zinc inventory recorded a continuous decline makes Lun Zinc downward space is more limited, day Lun Zinc or slightly downward. Yesterday's LME zinc 0-3 liter discount was $43 a tonne. Overnight Shanghai zinc recorded three consecutive yin, supported by the lower EMA operation, KDJ indicators turn down to show that Shanghai zinc or certain downward potential energy, Sino-US agreement or delay to suppress bulls confidence, overnight warehouse reduction mainly to make Shanghai zinc pressure, it is expected that Shanghai zinc in the lack of further macro guidance or pressure operation.
Today is expected: Lun zinc or range is expected to run at 2500-2550 US dollars / ton, Shanghai zinc main force 1912 contract or run at 18700-19200 yuan / ton. Domestic zinc fell by 50 yuan / ton
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