PPI to ease inflation concerns the dollar fell during the day, overnight London zinc closed up 0.58%; The central finance and local governments jointly implement the old for new work, strong demand is expected to support the Shanghai zinc sentiment, and zinc is expected to rise.
Overnight Lun zinc first down after the trend of wide volatility, the opening of $2750.5 / ton, the high of $2788, the low of $2720, the end of the day to close at $2767, up $16, or 0.58%; The volume of 16,082 lots decreased by 4,287 lots, and the open position increased by 147,064 lots by 1,428 lots. The evening Shanghai zinc main 2406 contract opened high and then rose, closing at 22715 yuan/ton, up 70 yuan, or 0.31%.
Today’s spot zinc price forecast: The Federal Reserve PPI in March increased 2.1% year-on-year, a new high level in a year, reducing the market’s concern about inflation, the dollar index fell to boost the nonferrous market, but a number of Federal Reserve officials did not cut interest rates in the near future is a foregone conclusion, and some officials did not have hawkish positions, there are contradictions within the Federal Reserve, the market expects a significant decline in interest rate cuts. The zinc market is still affected by the bullish sentiment more, the overnight London zinc trend fluctuated first and then rose 0.58% to $2,767. Central finance and local government linkage to implement the old for new work, automobiles, household appliances, home and other durable consumer goods consumption is expected to grow, is expected to drive the marginal improvement in zinc demand support Shanghai zinc sentiment, zinc prices continue to rise sharply, downstream fear of high cautious mining continued, shipment is not smooth inventory accumulation, spot to maintain a discount market, limit zinc prices, but the downstream psychological price increased significantly. The new production capacity is still expected to be replenished, and the spot zinc is expected to rise today.