[10 October SMM lead internal morning meeting record] Primary lead refinery multi-discount water shipment regenerated refined lead refinery expanded water delivery

Summary of lead morning meeting:

Macro:

It is reported that the minutes of the Fed's September policy meeting showed that most policymakers supported the need to cut interest rates at the September meeting, but views on the future monetary policy path remained divided, and the minutes also showed that policymakers agree that in the wake of the turmoil in the short-term money markets, the Fed will soon need to discuss expanding its balance sheet.

The number of job vacancies in the United States fell by 123000 in August to a seasonally adjusted 7.05 million, a one-and-a-half-year low, and hiring activity fell, suggesting that employment growth was slowing, mainly due to a loss of momentum in the economy and reduced demand for labor.

Turkish President Recep Tayyip Erdogan has officially announced the start of a military offensive against northeastern Syria, Kurdish forces have stopped counter-terrorism operations, the President of the United States said the United States does not recognize the Turkish attack on Syria, and has made it clear to Turkey that this action is a bad idea, in addition, the 28 member states of the European Union will urge Turkey to stop unilateral military action.

Fundamentals:

Shanghai period lead twist trend falls, the holder low price cherishes the sale, the quotation discount narrows, among them, the Shanghai market Jinsha, the south, the Ambrose lead to the 1910 contract flat water to the rising water 20 yuan / ton quotation, the Jiangsu and Zhejiang market Jinli, the bronze crown, the gold precious lead to the 1910 contract flat water quotation, the white goods may discount 20-10 yuan / ton, but the primary lead refinery shipment maintains the discount water, the mainstream transaction to the SMM1# lead average price level water to the discount 1910 yuan / ton; In the aspect of recycled lead, considerable smelting profits and concerns about the future market have pushed up the shipping enthusiasm of recycled lead factories, and the mainstream transaction price of recycled refined lead including tax has expanded to 200-300 yuan / ton of SMM1# lead; downstream storage enterprises are careful to mine as needed, and tend to refinery supply, and the trading market is limited.

Lead price:

Lun lead newspaper closed long shadow line, 10-day moving average obtained short-term support, the future focus on Lun lead 2100 US dollars / ton support level; Shanghai lead high fall, the current price is in the shock level, short-term attention to the lower 60-day moving average support;

SMM1# lead prices are expected to fall 50-100 yuan per tonne today.