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Zinc weekly review: lack of momentum down risk ( 9. 19 - 9. 23)

by:Deyuan      2020-12-23
Core tip: Aaron zinc on interval 2200 - next week $2330 / ton, Shanghai zinc main 1611 contract 1. 71 - 1. 830000 yuan/ton, in operation, on the sidelines.

a, market review


figure 1: zinc rich treasure 0 #, Shanghai zinc, zinc LME charts

week helped by a lower dollar rates and the fed is not expected, the two cities of zinc rebounded sharply, with the market to digest beauty not to raise interest rates information and profit-taking period zinc range-bound, weakening. Weeks Aaron zinc top hit 2309 dollars/tons, is now near $2285 / ton, weeks or more than 3%, Shanghai zinc main 1611 contract up to 18160 yuan/ton, now near 17900 yuan/ton, the 1 week. 5%, at present the two cities of zinc are confined to 20 day moving average. Inventory, zinc LME inventories weeks fell by nearly 3000 tons, is 44. About 350000 tons. Zinc concentrate market

figure 2: zinc concentrate on charts

domestic zinc concentrate ( 50%, tax included) Price weeks following zinc prices rise, as of Friday's 12950 - yunnan zinc concentrate 13150 yuan/tons of metal, zinc concentrate in hunan - 13250 13450 yuan/tons of metal, gansu province, 13050 - 13250 yuan/tons of metal, 13250 - in guangxi 13450 yuan/tons of metal, raised 300 yuan/tons of metal from last week. It is understood that the current domestic market supply remains tense, zinc concentrate region of guangdong domestic zinc concentrate processing fee down to 4600 yuan/tons of metal, but import zinc concentrate processing fee and domestic zinc concentrate processing hangs, limit the zinc ore imports. In August, according to customs data import 92718 tons of zinc ore in our country, dipping 43. 74%, year-on-year fall 68. 17%. The spot market


table 1: the spot price ( Unit: yuan/ton)

this week spot zinc prices rose more fall less, as of Friday in Shanghai mainstream newspaper 17960-0 # zinc 18060 yuan/ton, up from last week 260 yuan/ton, smelters to maintain high utilization, but the market supply of goods is still a bit tight, trader's price will is strong, the zinc to maintain in Shanghai main of zinc premium - 40 litres of water Litres, 140 yuan/ton high, clinch a deal market as a whole is less than last week. Guangdong area, south store now offer 17580-0 # zinc 17880 yuan/ton, compared with last week raised 220 yuan/ton, weeks zinc prices rebound, stimulate traders delivery enthusiasm, but the downstream procurement hesitation, watching. Tianjin region, reported 18060-0 # zinc 18160 yuan/ton, up from last week 260 yuan/ton, the market trading atmosphere.

3, afternoon to predict

in September the fed has not raising interest rates, the market focused on meeting in December, and hike expectations is strong, short-term market digestion rates not good information, but does not rule out the two cities of zinc fell back, the zinc prices are high, the momentum up less than the early investors lock in profits will strongly, and from the technical side, of zinc next downside risk is big, focus on the early pressure. Aaron zinc on interval 2200 - next week $2330 / ton, Shanghai zinc main 1611 contract 1. 71 - 1. 830000 yuan/ton, in operation, on the sidelines.
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