Sino-US trade war escalates Intraday zinc price might going weak operation

Publication time:2018-08-06

SMM Aug. 6 news: Last Friday U. S. non-farm payrolls less than expected, RMB rose sharply, U. S. bond yields fell, the price of basic metals rose. Lme Zinc opened at $2567.5 / ton on Last Friday, in the Asian market , the direction of market is not clear, Lme Zinc pressure 5-day moving average at $2560 / ton into consolidation. While entering European trading hours, the United States index rose slightly, Lme Zinc involved shock decline, then hit a intraday low of $2539 / ton. After that, Lme Zinc stopped falling upward, along with the appreciation of RMB, Lme Zinc broke through the technical moving average uplink hit a high of $2635.5 / ton, and finishing at $2610 / ton to close. The closing quoted price is $2608 / ton,  rosing $42 / ton, while it increased 1.64 percent. Lme Zinc trend shocks on Last Friday, along with the upward trend of the RMB and rapidly rising, then it had a small fall back in the end.

The Sino-US trade war has gradually escalated, making the trend of Lme Zinc turbulent. In the near future, the focus will be on the impact of macro environment. Lme Zinc may be running around $2570 to $2620 /ton in the next few days. On Last Friday, the 1809 Shanghai Zinc  contract opened at a high of 21595 yuan/ ton at night. Affected by the appreciation of the RMB, the domestic nonferrous metals was red across the board. At the beginning of the session, the Shanghai Zinc rose 21845 yuan per ton. With some bullish positions leaving the market, Shanghai Zinc fell slightly. Then the market gradually concentrated to bullish, Shanghai Zinc once again upward flush 21890 yuan / ton, after that quickly fall back to 21700 yuan / ton near finishing, after a slight setback. It closed higher at 21625 yuan / ton, up 150 yuan / ton, while increased  0.7 percent, with trading volume decreased 21906 hands to 117000 and positions decreased 1984 hands to 160000 hands. Shanghai Zinc opened with a rapid rise on Friday, then fell to the vicinity of the opening, attached a long shadow line, follow-up on the action can be slightly inadequate, intraday trend might going weak operation in around 21300-21800 yuan / ton.

[轉載需保留出處 - 上海有色網] 【SMM鋅早訊】中美貿易戰逐步升級 日內鋅價或偏弱運行 https://news.smm.cn/news/100826502

Watch us

Contact mode

Address: A5 District, Bai Tu Town Economic Development Zone, Qujiang District, Shaoguan City, Guangdong Province

Address: No.34 Jinyi Center, Guangfo Road, Huangqi, Nanhai District, Foshan City, Guangdong Province

Tel:0757-85921801 / 81181809(Foshan)