Daily Report 120517 2017-05-12
Copper
Thursday Copper market is difficult to rush high. Copper price reached 20 days average line, then difficult to maintain. LME inventory yesterday decreased 2475 tons to 337000 tons. LME actuals discount narrowed $3.5 to discount $21.75. Overall, global macro economy is relatively gentle. But tighten capital still stress on copper price. Mid-term keeps short tendency.
 
Zinc and Lead
Overnight LME Zinc and Lead rushed high and rolled back. LME Zinc closed at $2585/ton. LME Lead closed at $2177/ton. Shanghai Zinc and Lead night section rushed high and dropped. LME Zinc inventory increased 475 tons to 347200 tons. LME Lead inventory decreased 650 tons to 178325 tons. LME Zinc actuals discount is $6, Lead actuals discount is $7. Short-term recommend rally tendency.
 
Macro Economy
China's central bank will carry out medium-term lending convenience (MLF) operation today, in line with yesterday's national debt report on the market rebound, although the realization does not know the existence of MLF, but from the recent regulatory agencies and the official financial media, even if there is no MLF, there will be incremental reverse repurchase and other means to put the fund into the market. But we also mentioned earlier, the general direction of the bond market is falling to a more clear reversal of economic data.      
                                                                      Dong LV (Investment Certificate NO. TZ008452)