[October 30 SMM lead internal morning meeting record] Primary lead maintenance discount quotation regenerated lead sticker slightly narrowed

Summary of lead morning meeting:

Macro:

The US consumer confidence index fell to 125.9 in October, the third consecutive month of decline, as the market worried about business conditions and employment prospects, but remained in line with the continued growth in consumer spending. The US index of completed homes in September rose 1.5 per cent to 108.7 from the previous month, the highest level since December 2017, with low interest rates providing some support for the struggling housing market.

The British Prime Minister has won many defeats in Parliament, and his brief bill to hold a general election on December 12 passed the House of Commons by a vote of 438 to 20. The bill has now been submitted to the House of Lords. Britain's first Christmas election since 1923 will be highly unpredictable, and the results will be announced in the early hours of Friday the 13th. If no political party wins by a landslide, the British retreat stalemate will continue.

Fundamentals:

Shanghai period lead high diving, the holder maintains the discount quotation, among them, the Shanghai market Jinsha lead to the 1911 contract discount 20 yuan / ton quotation, the south, Mulun lead to the 1911 contract discount 30 to 20 yuan / ton quotation, among them the white goods can discount 50 to 40 yuan / ton; the renewable lead market supply is limited, the refinery firm price mood thickens day by day, the price also rises the boat; Under the influence of the strong price performance of reduced lead, the reclaimed refined lead sticker seems to have some signs of narrowing; the demand in the downstream market is low, coupled with the large price difference between recycled lead and primary lead, and the trading activity in the trade market is poor.

Lead price:

Lun lead continues to break through the previous high, continue the strong trend, continue to pay attention to the internal and external price comparison; the pattern of external strength and internal weakness is persistent, still continuing yesterday's point of view, waiting for overseas inventory replenishment, structural stability;

SMM1# lead prices are expected to be flat to 50 yuan / ton today.