Summary of the lead morning meeting:

Macro:

It is reported that US consumer debt continued the pace of growth in April in May, mainly the biggest increase in revolving credit since October, indicating that Americans' good expectations of the economic outlook supported sustained consumer spending.

The US Department of Commerce has found that exporters of prefabricated structural steel from China and Mexico have received subsidies, so it plans to impose tariffs on structural steel made in China and Mexico, and the final decision will be announced on or around November 19.

Iran says it has begun enriching uranium and has threatened to increase its enrichment abundance to 20%. Iran stated that unless Europe finds a way to ensure that it can continue to trade oil, it will take more measures to reduce compliance by one level every 60 days;

Passenger car sales in China rose 4.9 per cent in June from a year earlier to 1.8 million vehicles, the first increase in a year. Dealers offer discounts to clear inventory before the new emission regulations come out of Taiwan;

China's foreign exchange reserves in June were US $3.11923 trillion, expected to be US $3.11 trillion, compared with a previous value of US $3.101 trillion.

The people's Bank of China released credit data for June as soon as possible today, with growth in social finance and new renminbi loans expected to be higher than in May.

Fundamentals:

Shanghai lead in the vicinity of Wanliu consolidation, holders with the offer, and as delivery is approaching, some began to quote the 1908 contract, of which, Shanghai market sands, southern lead to 1907 contract water 50 yuan / ton quotation, Muron lead to 1908 contract water 10 yuan / ton quotation, Jiangsu and Zhejiang Jijin, Wanyang, Minshan, copper crown lead to 1907 contract water 20 to 50 yuan / ton quotation, and the original lead refinery bulk single mainstream quotation to SMM1# lead average price of 20 to 50 yuan / ton, Jiangsu and Zhejiang area Jijin, Wanyang, Minshan, copper crown lead to 1907 contract liter water 20 to 50 yuan / ton; In terms of recycled lead, reducing lead smelting continues to be difficult to make a profit, and the impact of environmental protection inspection that begins one after another makes the production of a few small refineries deadlocked again. Henan, Anhui and other places show signs of tension in the supply of reduced lead. The mainstream quotation of recycled refined lead is 150 to 100 yuan per ton of SMM1# lead average price. However, the demand of the downstream battery market has not improved obviously for the time being, most enterprises only purchase with rigid demand, and the negotiation price is more, the transaction of bulk order market is general.

Lead price:

After weakening for many days in a row, Lun lead finally stopped falling and stabilized, and during the period he tried to break back at the $1900 mark, but in the end, it was ineffective. Shanghai lead is relatively short for a short period of time, but the short momentum is strong in the past two days, but at present, due to the attack of environmental protection, some renewable enterprises in Guizhou have reduced production to deal with it. If the lead price continues to weaken, the primary price gap of regeneration may be further narrowed. In addition, the traditional peak season of consumption in August is coming, so if the lead price does not break down, it is still recommended to buy in the low position of the box.

The price of SMM1# lead is expected to fall by 50 to 100 yuan per ton today.