Skip to main content

LIVE ZINC NEWS UPDATE @

LIVE FUTURES REPORT 24/04: SHFE zinc tumbles 1% on rising availability, firm dollar; rest fall

Zinc led the rest of the base metals traded on the Shanghai Futures Exchange downward during morning trading on Wednesday April 24, with stock inflows and a firm dollar weighing on the galvanizing metal’s prices.A strong performance by the US dollar on Tuesday has dampened investors’ appetite for commodity investment, in turn pressuring base metals prices on the SHFE this morning.The dollar index, which gauges the strength of the US dollar against a basket of foreign currencies, hit a high of 97.78 on Tuesday – a fresh high for the year. The index was at 97.66 as at 12.07pm Shanghai time on Wednesday, which compares with a low of 96.74 on April 12.With the dollar surging, SHFE base metals prices were all down this morning. 

Zinc gave the worst performance of its peers as the galvanizing metal contends with the additional headwind of rising availability. 
Zinc’s most-traded June contract on the SHFE slid to 21,455 yuan ($3,192) per tonne as at 10.11am Shanghai time, down by 1% or 225 yuan per tonne compared with Tuesday’s close of 21,680 yuan per tonne.“From a fundamental point of view, zinc concentrate processing fees are high and smelters’ resumption of production is expected to affect investor sentiment thus zinc prices will be under pressure,” Chinese brokerage Guotai Junan Futures said in a morning note. 
The International Lead & Zinc Study Group (ILZSG) reported that the refined zinc market has run a surplus of 63,000 tonnes in the first two months of 2019, significantly higher than the 28,000-tonne surplus in the previous year. 
Fresh inflows of zinc into London Metal Exchange warehouses have added to the bearish spin surrounding the metal.
“Recent inflows of stock into LME-approved sheds may well suggest that zinc smelters have started to increase production and more inflows could be expected in the coming months, thus helping alleviate previous concerns of tightening global refined supply,” Fastmarkets analyst Andy Farida said.
Going forward, refined output could continue to rise in 2019, supported by strong mine output early in the year. Total zinc ore and concentrate production has risen to 2.041 million tonnes, up 0.64% year on year over the January-February 2019 period,” Farida added.Other highlights 
  • The Shanghai Composite Index was down by 0.92% to 3,169.20 as at 11.51am, with news of further US-China trade talks next week failing to provide support.
  • In data on Tuesday, euro zone consumer confidence unexpectedly decreased to -7.9 in April from -7.2 in March.
  • The US house price index was similarly weak on Tuesday with an increase of 0.3% in February versus the 0.6% gain that had been forecast. The Richmond manufacturing index fell to 3 in April from 10 in March.
  • Data of note due for release on Wednesday includes German Ifo business climate, a European Central Bank economic bulletin, the United Kingdom’s public sector net borrowing and China’s CB leading index.



LIVE SUPER HNI ZINC & GOLD  TARGET HIT  YAHOO!!!!
JOIN FAST @12000 FOR 120 DAYS 
 Missed Call @:8533828881/8057046270

Comments

Popular posts from this blog

LIVE PRICE BY DELTAMCX UPDATE WEDNESDAY OF JUNE 19/6/2019 (11:30)am Call Or Whatsapp At 7900407979/8218995523 www.deltamcx.com

LIVE PRICE BY DELTAMCX  UPDATE WEDNESDAY OF JUNE 19/6/2019 (11:30)am Call Or Whatsapp At 7900407979/ 8218995523 www.deltamcx.com Maximum Accuracy Best Returns https://api.whatsapp.com/send?phone=917900407979

LIVE CRUDE NEWS UPDATE BY DELTA RESEARCH

  Missed Call Or WhatsApp  Arushi Pathak 7900407979 www.deltamcx.com  Maximum Accuracy Best Returns Oil prices traded lower on Monday in Asia. Sino -U.S. trade war developments were in focus.U.S.  Crude Oil WTI Futures  fell 1.1% to $55.04 by 12:35 AM ET (04:35 GMT.). International  Brent Oil Futures  were down 1.2% to $61.16.Concerns that the U.S.-China trade war may further intensify eased somewhat after President Donald Trump reportedly said that proposed tariffs on China could be delayed or halted if Beijing “takes positive action.”During an interview with CNBC, Trump said that his administration could delay or halt the imposition of tariffs if China " takes positive action." The comments came on Friday, a day after Trump announced that the U.S. would impose new levies on $300 billion worth of Chinese goods, raising fresh fears about oil demand growth, sending oil prices tumbling 8% - their biggest one-day drop in more than four years.The t...

MID MONTH SPECIAL WITH ROYALTRADERS

RoyalTraders Call@9719026661 www.RoyalTraders.co Best Accuracy For Royal Traders Mid Month Special: Join Today Bullion+ Energy+Basemetal Pack @ Rs.10001 For 100 Days With 98% Royal Accuracy Monthly Guaranteed Profit Rs.1.5 -2Lacs Valid Till 2 PM Call-9719036174 www.RoyalTraders.co