Summary of the lead morning meeting:

Macro:

It has been learned that the China Central Office and the State Office: special bonds are allowed to be used as capital for major projects that meet the requirements, and for major projects that are supported by special bonds, are in line with the major decisions and arrangements of the central authorities, and have a greater demonstration and driving effect, The State Council requests to do a good job in the issuance of special bonds of local governments and the financing of supporting projects;

According to the China Monetary Network, the central bank to Jinzhou Bank and other small and medium-sized banks to issue interbank certificates of deposit to provide private enterprise bond financing support tools to provide credit to support the issuance of interbank certificates of deposit by small and medium-sized banks;

In order to improve the yield curve of RMB bonds in Hong Kong, the people's Bank of China will issue RMB central bank bills in Hong Kong in late June.

Customs data show that in the first five months, the United States was China's third largest trading partner, with the total value of trade between China and the United States falling 9.6 percent to 1.42 trillion yuan, accounting for 11.7 percent of the total value of our foreign trade. Of this total, exports to the United States were 1.09 trillion yuan, down 3.2 percent, imports from the United States were 335.27 billion yuan, down 25.7 percent, and the trade surplus with the United States was 750.62 billion yuan, an increase of 11.9 percent. China's trade surplus in May was 279.12 billion yuan, an increase of 88.8 per cent. In dollar terms, the trade surplus widened by 77.9 per cent to $41.65 billion in May.

Fundamentals:

The Shanghai period lead quickly ascended, and the shippers actively shipped the goods. Among them, the southern lead in the Shanghai market quoted 30 to 60 yuan per ton of water for the 1906 contract, Muron lead quoted for 50 yuan per ton for the 1906 contract, and Jinsha lead quoted for 80 yuan per ton for the 1906 contract. Changxing market copper crown lead to 1906 contract water 30 yuan / ton quotation, in the early stage due to the short opening of the import ratio, a small amount of imported refined lead into the Shanghai market, Harbin lead to 1906 contract discount 115yuan / ton, at the same time, The main quotation of the bulk sheet of the primary lead refinery is 30 yuan / ton for the average price of SMM1# lead. In terms of recycled lead, there are no signs of improvement in the shipment of recycled refined lead. The mainstream quotation of recycled refined lead maintains a 50 yuan discount on the average price of SMM1# lead per ton to the flat water factory; the consumption of the downstream market is low, some storage enterprises wait and see carefully, and there are few transactions in the bulk market.

Lead price:

Lun lead closed against the positive line, maintaining an upward trend, short-term test above the $1900 barrier pressure; There is obvious throwing pressure when Shanghai lead touches the high level of box platform. In the short term, if we want to break through, we need to cooperate with the effective release of trading volume, otherwise, Shanghai lead or high level will fall back, and at the same time, we should be careful that the external market will continue to strengthen.

The price of SMM1# lead is expected to be flat to 50 yuan per ton today.