Daily Report 200617 2017-06-20

Overnight copper continued yesterday slightly increase tendency. LME inventory decreased 3275 tons to 265175 tons. Shanghai bonded area inventory last week decreased 30000-40000 tons. In the short term, with decreasing inventory, coper price slightly increased, but Shanghai copper trading volume continued decreased. Capital is not interested in copper. If this week inventory continued decrease, copper price has the possibility of recover to $5800. Considering increasing smelting starts operation, copper supply is relatively stable. Entering July, downstream supply released, maintain short view in mid-term.
Zinc and Lead

Overnight LME Zinc and Lead continued rally. LME Zinc closed at $2562; LME Lead closed at $2136. Shanghai Zinc and Lead night section was strong following overseas section. Holding position increased. LME Zinc inventory decreased 2125 tons to 311925 tons. LME Lead inventory decreased 925 tons to 174650 tons. LME Zinc discount narrowed to $11.25. LME Lead actuals discount is $21.5. As for operation, Shanghai Zinc ended dropped and was stable; still has the possibility of rally. Shanghai Lead continued upward tendency. Maintain long point of view at low position.

                                                                      Dong LV (Investment Certificate NO. TZ008452)