[5.12 minutes of Zinc Internal Morning meeting] the trend of zinc price is strong and the willingness to buy in the lower reaches is lower.

Summary of Zinc Morning meeting in SMM on May 12th

Spot fundamentals

Shanghai: the zinc price is high in the day, the smelter shipments are normal, the traders are mainly shipping, the domestic price in the morning market is about 100-110 yuan / ton, or the average price / average price is-5, the transaction activity is higher on the basis of the net average price, and then some traders report that the water 80 shipment is better, other cardholders follow the adjustment, and the domestic quotation is lowered to 90-100 yuan / ton. And in the second trading session to further adjust to 80-100 yuan / ton, mainly by traders. While the downstream continues to be afraid of heights and wait-and-see, even passive buying only needs purchasing. Affected by this, Shuangyan, whose main audience is Shuangyan, continues to lower its import quotation than last Friday, but the transaction is still flat. Overall trading during the day was broadly flat compared with last Friday.

Ningbo: today's zinc price correction, Shanghai rising water gradually lower, Ningbo market slightly followed, but the willingness of traders to ship has weakened. In the first trading session in the morning, the holders quoted a price of about 120 yuan per ton for the May contract, while Kirin reported a rise of about 150 yuan per ton for the May contract, such as Huize, Tiefeng, Hualian and West Mine. Entering the second trading session, transactions continued to be weak, some holders suspended shipments, and the supply quotations of most brands gradually lowered by 20 yuan / ton. Kirin reported a rise of 130 yuan / ton in May, while the rest of the brands reported around 100 Mel 110 yuan / ton. Overall, today's market transaction atmosphere compared with last Friday, the transaction situation is very light.

Guangdong: the first trading period, futures prices are still strong, but Guangdong inventory changes little, the initial holder is still quoted higher, but heard that the Guangdong bonded area has imported zinc inflow, the market active shipment, spot rising water has also been reduced. Kirin, Mengzi, Huize and Tiefeng quoted 10-40 yuan / ton for Shanghai zinc June contract and 100 yuan / ton for flying dragon. In the second trading session, prices are still high and volatility, downstream procurement volume is still limited, individual holders continue to lower prices for shipment, spot water pressure, but near delivery, the margin of discount to futures that month is limited, the holder continues to adjust the price is insufficient. Kirin, Mengzi, Huize and Tiefeng offer 20 yuan / ton for the June contract.

Tianjin: today, Shanghai zinc fluctuates at a high level, and the spot market maintains a rising discount price, which is relatively uniform. The ordinary brand Bering News quoted a price of 120 yuan / ton for the 05 contract, Hongyi quoted a price of 170 yuan / ton for the 05 contract, Chi Hong quoted a price of 100 yuan / ton for the 05 contract, the fourth Ring Road quoted a price of 120 yuan / ton for the 05 contract, and the imported KZ quoted a premium of 100 yuan / ton for the 05 contract. High-priced brand Zijin on the May contract rose 220 yuan / ton near. Today, the high price of zinc fluctuated, and some traders initially offered for shipment, but the transaction was not good. The volume of goods in the superposition market is now significantly higher than before, rising and falling to a low price before noon. Downstream, the spot price in Tianjin today remained high, and the mood of receiving goods downstream was general, maintaining the need for procurement. On the whole, deals have been done today.

Today's prediction of zinc prices: overnight zinc recorded a small positive line, standing at $2000 / ton integer level, below Brin Road on the track to provide support. Overnight lme inventories fell 50 tonnes, or 0.05 per cent, to 100125 tonnes, while LME inventories fell by a limited and still high level. In anticipation of a recovery in global demand, the market bulls took the lead. Overnight Shanghai zinc received a small Yang line, close to Brin Road on the track, the lower 5 lines to provide support. Demand is expected to be flat in May compared with April, but it is necessary to guard against a weaker downstream receiving hospital after a larger increase in zinc prices, resulting in a slowdown in the removal of social banks to the bank.

Today, the price of zinc is expected to run in the range of US $2000-2050 / ton, and the main zinc contract in Shanghai is expected to be 2007 yuan / ton or around 16600-17100 yuan / ton. Domestic zinc rose 20 yuan per ton.