0920易贸铅锌年会.pdf

GLOBAL China Commodities Call Shanghai Futures Exchange Week on week Takeaways from zinc lead industry Cash price RMB/t % change Copper 65,210 -2.47 conference: market tone neutral; more Aluminium 17,750 -0.34 Zinc 16,610 -1.42 worry about lead demand than zinc Lead 16,130 -1.07 Stocks Tonnes %Change  Last week, we attended the 6th Zinc Lead Summit held by CBI in Zhengzhou Copper 112,061 -1.09 (the capital of Henan province), with approximately 150 domestic industry Aluminium 110,016 -1.20 participants. We have talked to zinc/lead smelters/traders, lead-acid battery Zinc 414,494 -0.03 producers and some officials from the Lead-acid Battery Industry Association. Lead 65,010 0.67  The key takeaways include the “neither good nor bad” tone in the market, and Open interest Contracts change some worries about macroeconomic uncertainty at home and abroad, and Copper 9,670 -4,820 policy risk affecting lead in the short term. Demand-side worries, if any, Aluminium 24,880 -9,100 related more to lead than zinc. Zinc 12,480 -70 Lead 4,232 22 Zinc – more macro concerns than fundamental worries Other prices (from SMM)