Summary of the lead morning meeting:

Macro:

Tensions between the United States and Iran have escalated, with Trump imposing sanctions on Iran's supreme leader, Ali Khamenei, and eight senior military commanders in the country, which Iran says are in defiance of international law.

Trump once again criticized the Fed for being too tight, accusing the Fed of refusing to cut interest rates like a "stubborn child";

The dollar and US bond yields weakened, the global central bank interest rate cut expectations and other factors superimposed, gold futures hit a new high in nearly six years;

The central bank and the China Insurance Regulatory Commission issued a white paper on financial services for small and micro enterprises in China for the first time. The white paper mentioned the development of multi-level capital markets, widening the channels for capital replenishment of small and micro enterprises, speeding up the construction of Science and Technology Innovation Board, and steadily promoting the reform of the new third board issuance and trading system.

Focus today on what Federal Reserve Chairman Powell will say on Tuesday.

Fundamentals:

During the Shanghai period, the low level of money was consolidated, and the quotations of the holders were in line with the market, while the demand downstream was weak, and there were few inquirers. In addition, after the shipment of recycled lead maintained deep water delivery, some of the holders reduced their quotations. Among them, southern lead in Shanghai market quoted 30 to 50 yuan / ton of water for 1907 contracts, and Jinsha lead offered 50 to 80 yuan per ton of water for 1907 contracts. Jijin, Wanyang, Tongguan and Shuangyan lead in Jiangsu and Zhejiang areas quoted 20 to 50 yuan / ton of 1907 contract water, while the mainstream quotation of the original lead refinery posted 50 to 100 yuan / ton to the average price of SMM1# lead. Recycled lead, waste battery prices up to half a month of the deadlock period finally appeared downward performance, recycled lead market trading has not improved significantly, renewable refined lead mainstream quotation of SMM1# lead discount 150 to 100 yuan / ton factory; downstream consumption has not improved, storage enterprises procurement to wait and see, the transaction is very light.

Lead price:

Lun lead still maintains a strong high concussion pattern, there is the possibility of breakthrough upward in the short term, and pay attention to the amount of breakthrough of 1950 US dollars / ton platform; the pressure on the top of Shanghai lead box is great, and many attempts to break down are suppressed to a certain extent, which suppresses the confidence of bulls to a certain extent. At the same time, because there is no fundamental change in fundamentals, there is the possibility of a pullback in the short term.

The price of SMM1# lead is expected to rise 150 to 200 yuan per ton today.