Summary of the lead morning meeting:
Macro:
It is reported that Federal Reserve Chairman Powell will give half-annual testimony to Congress from Wednesday to Thursday, or disclose clearer signals about interest rate cuts;
Trade Representative Lettershitzer and Treasury Secretary Mnuchin spoke by telephone on Tuesday with Chinese Vice Premier Liu he and Commerce Secretary Zhong Shan in their first high-level contact since the two heads of state agreed to a truce last month, according to government officials familiar with the matter. Conway, a Trump adviser, said Mr. Mnuchin and Mr. Letshitzer could visit China soon.
China will release inflation data for June today. CPI growth is expected to be flat from a year earlier, while PPI growth is expected to slow.
Fundamentals:
Shanghai lead fell one after another, the holder more high price shipment, part of the upward price, Shanghai market Jinsha lead to 1907 contract water 90 to 100 yuan / ton quotation, southern lead to 1907 contract water 50 yuan / ton quotation, Mu Leng lead to 1908 contract water 10 yuan / ton quotation, Jiangsu and Zhejiang Jijin, Wanyang, copper crown lead to 1907 contract water 30 50 yuan / ton quotation, and the original lead refinery bulk single mainstream quotation to SMM1# lead average price of 10 yuan / ton, Jiangsu and Zhejiang area Jijin, Wanyang, copper crown lead to 1907 contract liter water 30 50 yuan / ton, and the original lead refinery bulk single mainstream quotation for the average price of lead SMM1#; In terms of recycled lead, the price of recycled lead refineries has warmed up, and the discount has continued to narrow. The mainstream transaction price of regenerated refined lead containing tax has left the factory at an average price of 100yuan per ton of SMM1# lead. Downstream purchase on demand, inquiry is more than the day before, at the same time, recycled lead refineries are sold at a low price, promoting the return of some rigid demand to the original lead, and the transaction activity of the bulk market is getting better.
Lead price:
The amount of lead release opens a new round of upward trend, approaching the high point of the previous band, the main force of bulls at night or try to do high prices; the main force of lead bulls in Shanghai quickly pull up the price overnight, more strong, but need to note that today may not be able to continue to be strong, need to beware of falling back;
The price of SMM1# lead is expected to be flat to 50 yuan per ton today.
