[record of SMM lead internal morning meeting on June 26]

Summary of the lead morning meeting:

Macro:

It is reported that at the G20 summit, Chinese and US leaders may agree to formally resume economic and trade negotiations, and the United States may be willing to postpone the imposition of tariffs on China's $300 billion worth of goods.

Powell, chairman of the Federal Reserve, reiterated that the rising risks to the economic outlook give policymakers more reason to cut interest rates to some extent.

The US president continues to issue a tough threat to Iran, saying that if Iran attacks, the United States will use "overwhelming force" to retaliate;

Us overnight data: consumer confidence fell to its lowest level since September 2017 in June, with Americans less optimistic about the economy and the labour market amid trade tensions between the US, China and Mexico. New home sales fell to a five-month low in May, falling short of economists' expectations, further highlighting the weak trend in the sector.

Fundamentals:

Boosted by the Henan production restriction news, Shanghai lead strong upward, the holder actively shipped, the quotation is more, but the quotation rising water situation did not have the big change compared with yesterday, among them, the Shanghai market gold sand, the southern lead to the 1907 contract water 50 yuan / ton quotation; Jiangsu and Zhejiang area Jijin, Wanyang, copper crown, double Yan lead to 1907 contract water 20 50 yuan / ton quotation, of which the white goods to 1907 contract flat water quotation, and the original lead refinery bulk single mainstream quotation to SMM1# lead average price 50 to 80 yuan / ton; recycled lead, the reduction lead refinery shipping price is also increased with the lead price, but with the rising power is still insufficient, renewable lead mainstream quotation to SMM1# lead average price discount 150 to 100 yuan / ton factory; the renewable lead refinery shipping price is also increased with the lead price, but the rising power is still insufficient, the renewable refined lead mainstream quotation to the SMM1# lead average price discount 150 to 100 yuan / ton factory; the reclaimed lead refinery shipment price also increases with the lead price, but the rising power is still insufficient. At the same time, the downstream battery market consumption has not improved, storage enterprises wait and see carefully, there is little inquiry, bulk market high price transaction is difficult.

Lead price:

Lun lead broke through the platform suppression, re-opened the rising channel, but the overall trading volume has not been effectively released, there is still the possibility of falling back in the short term, the future market is concerned about the pressure of 1950 platform; Shanghai lead low rise, closing Sanlianyang, market sentiment has been alleviated, but the platform pressure still exists, short-term breakthrough needs to have funds to cooperate with the volume of pull up, otherwise cautious inducement;

The price of SMM1# lead is expected to be flat to 25 yuan per ton today.