Summary of the lead morning meeting:

Macro:

The Fed decided to leave interest rates unchanged, removing the statement of "patience" with interest rate policy in its policy statement and lowering its forecast for inflation this year, suggesting that the Fed is preparing to cut interest rates for the first time in more than a decade.

Us Trade Representative Lettershitzer said he would negotiate with Chinese Vice Premier Liu he in preparation for a summit between the two countries later this month. Lettershitzer said it was not clear whether formal trade negotiations would resume.

China's central bank yesterday launched a MLF operation of 240 billion yuan, winning the bid interest rate of 3.3%;

Chinese President Xi Jinping today paid a state visit to the DPRK.

Fundamentals:

Shanghai lead continues to strengthen, coupled with a small supply of circulation after delivery, and the holders ship at a high price. Among them, the southern lead in Shanghai market quoted 30 yuan / ton of 1907 contract water, imported Harbin lead quoted 100 yuan / ton of 1907 contract discount, Zhejiang copper crown lead quoted from 1907 contract flat water to 30 yuan / ton, while the mainstream quotation of the bulk order of the original lead refinery pasted 70 / 100yuan / ton to SMM1# lead average price. In terms of recycled lead, due to the meagre profits of reductive lead refineries, the price of waste batteries lacks the power to rise. In addition, the transaction price of recycled lead does not show any signs of following up. The average price of SMM1# lead is maintained at 100 yuan / t. The consumption of lead has not improved for the time being, coupled with the maintenance of discount shipment of recycled refined lead, the trading volume in the bulk market is light.

Lead price:

The barrier of US $1900 / ton of lead has become a short-term pressure level, but due to the loosening of Fed interest rate expectations, the power of the US dollar to continue to strengthen is limited, to a certain extent, the pressure of weakening of lead has been alleviated to a certain extent; the recent trend of lead in Shanghai has obviously narrowed, but the overall operation has been slowly upward, testing the 16300 pressure platform above the post-market test, and the low price of lead has not yet seen the supply of renewable raw materials loosened, and the lead price still maintains a concussive point of view.

The price of SMM1# lead is expected to fall by 50 to 75 yuan per ton today.