Summary of the lead morning meeting:
Macro:
It is reported that next week, China and the United States will hold their first high-level face-to-face economic and trade consultations since the collapse of the talks in May. The US team will stay in Shanghai until Wednesday, and the talks are expected to hold extensive discussions on outstanding issues, but no major breakthrough is expected.
Boris Johnson, who won the Conservative leadership election and is expected to become prime minister on Wednesday, is expected to appoint a new cabinet within the next few hours and brief parliament on his plan to leave the European Union on Thursday. Johnson told Conservative members that October 31 is the deadline for Brexit and that there will be no early elections.
The International Monetary Fund (IMF) has again downgraded its global growth forecast, fearing that "mistakes" in trade and Brexit could undermine the expected recovery. The global economy is now expected to grow by 3.2 per cent and 3.5 per cent this year and next, down 0.1 per cent from April.
Yesterday, the central bank carried out targeted medium-term lending convenience (TMLF) operation 297.7 billion yuan, operating interest rate 3.15%; and medium-term lending convenience (MLF) operation 200 billion yuan, operating interest rate 3.3%, the two operations totaled 497.7 billion yuan, which is basically the same as the mid-term loan convenience (MLF) maturity volume of 502 billion yuan, no reverse repurchase operation.
Fundamentals:
Shanghai lead shock consolidation, the holder shipped with the price rise discount situation is basically stable compared with yesterday, among them, Shanghai market double Yan lead to 1908 contract flat water quotation, Jinsha lead to 1908 contract water 50 yuan / ton quotation, Jiangsu and Zhejiang Yuguang, Ji Jin lead to 1908 contract discount 60-30 yuan / ton, at the same time electrolytic lead refinery goods more than SMM1# electrolytic lead discount 100-50 yuan / ton, Jiangsu and Zhejiang Yuguang, Ji Jin lead to 1908 contract discount 60-30 yuan / ton, at the same time electrolytic lead refinery goods more than SMM1# electrolytic lead discount 100-50 yuan / ton; Recycled lead, recycled lead continued deep paste quotation, so that part of the terminal demand backflow, renewable refined lead market trading slightly improved, including tax renewable refined lead mainstream transaction price expanded to the SMM1# lead average price discount 200300 yuan / ton factory, some even appear discount 400yuan / ton; and downstream basic rigid demand procurement, some large enterprises to long single procurement, bulk market transactions show no sign of improvement.
Lead price:
Lun lead closing anti-bag positive line, technical rejection of deep callback, there is still a short-term momentum to continue to strengthen, the top pressure to pay attention to the long film line; Shanghai lead position increased again overnight, indicating that bulls still have higher expectations in the current position, bulls buy up or look at expectations, short sell or look at the present, short-term 16500 yuan / ton line long short differences or larger, need to be cautious of large fluctuations;
SMM1# lead prices are expected to be flat today.
