Copper transactions in Shanghai rose, positions fell, zinc prices were under pressure_Sina Finance_Sina.com

Source: Hongye Futures Author: Hongye Futures

Research report text

【copper】

Overnight, Lun Copper bottomed out and recovered, and Xiaoyang basically closed flat at $7,980. US Copper opened basically flat today.

Shanghai CopperThe night market opened higher, and the doji closed in a shock, closing at 64650. Copper transactions in Shanghai rose and positions fell, and the market sentiment tended to wait and see.

The interest rate hike is expected to be stable, but the global economic outlook is weak, and copper prices will return to the range-bound market in the medium term.

The upper pressure of Shanghai copper is 66000, and the lower support is 63000. The premium of international copper to Shanghai copper rose sharply to 483 points, and the trend of the external market was slightly stronger than that of the internal market.

【Zinc】

Lunzinc fluctuated at a low level overnight and closed the small positive line. Shanghai Zinc opened slightly higher and then rebounded to close at the positive line.

Energy prices in Europe have fallen sharply, and some smelters plan to resume production, but it will take time to resume production and effectively restore supply. At present, the LME zinc inventory is at a historically low level.Zinc priceThere is still strong support.

Domestic zinc production rose slightly month-on-month in October, and the increase in production was slightly lower than expected. It is expected that under the loose mine end, output in November will continue to increase month-on-month.

The downstream peak season has passed, and the terminal demand has been affected by the epidemic, and the terminal demand has declined slightly, but the operating rate of galvanizing has remained relatively high.

It is expected that the supply will gradually increase, while the demand will weaken, and the zinc price will be under pressure above 25,000. Investors can rely on the short-selling strategy on the upper edge of the range.

【lead】

Overnight, Lun lead opened slightly lower and then oscillated to close at the cross line.Shanghai leadAfter opening slightly higher, the weak shock narrowed the small negative line of the lower lead. The historically low level of LME lead inventory continues to provide strong support for lead prices.

Domestically, the processing fee of lead ore remains undecided, and the output of primary lead remains relatively high due to loose mining conditions.

The production capacity of secondary lead is relatively large, but due to the epidemic and weakening downstream demand, the release of secondary lead production capacity is limited, and the weekly operating rate fell slightly from the previous month.

The domestic peak season has passed, and the demand for batteries has weakened, and the operating rate of batteries continued to decline during the week.

It is expected that the demand is expected to continue to decline, and the domestic inventory may accumulate, and the weak lead price pattern is difficult to change.

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