[July 4 SMM lead internal morning meeting record]

Summary of the lead morning meeting:

Macro:

It is reported that the "small non-farm" said that the United States in June ADP employment increased by 102000, expected to 140000, the previous value of 27000, employment growth began to show signs of slowing;

The US trade account deficit widened to US $55.5 billion in May, the highest since December last year. The deficit is expected to be US $54 billion, while the previous deficit of US $50.8 billion was revised to US $51.2 billion.

Lower Treasury yields and expectations of Fed easing pushed gold higher, with COMEX August gold futures hitting their highest close since May 2013.

China's Caixin service industry PMI reported 52.0 in June, with a forecast of 52.6, after a previous value of 52.7, while China's Caixin composite PMI in June was 50.6, with a previous value of 51.5.

Fundamentals:

Shanghai lead fell one after another, the quotation of the holder went with the market, and some of the quotations rose slightly. At the same time, Sands and Southern lead in Shanghai market quoted 50 yuan / ton of water for 1907 contract, Jijin and Tongguan lead in Jiangsu and Zhejiang quoted 30 to 50 yuan / ton for 1907 contract, among which the discount of 10 yuan / ton for 16015 contract was quoted by white goods, and the average price of SMM1# lead was pasted by 50 yuan / ton for the mainstream quotation of bulk bill of original lead refinery. Recycled lead, waste battery price decline is limited, lead factory procurement of reduced lead is not smooth, recycled lead paste generally appear signs of narrowing, the average price of SMM1# lead discount 150-100yuan / ton factory; at the same time downstream purchase on demand, inquiry enthusiasm is slightly better yesterday, bulk market transactions slightly improved.

Lead price:

Lun lead closed for three consecutive negative, the upward trend was interrupted, the internal and external price gradually repaired; Shanghai lead continued interval concussion, low protection funds are more active, short-term expected to break through the lower platform, the pressure is greater;

The price of SMM1# lead is expected to fall by 25 yuan per ton today.