Summary of the lead morning meeting:

Macro:

It is reported that the new British Prime Minister Boris Johnson said that if Brexit without an agreement is the only way to leave the European Union on time, he will prepare the country for this "distant" possibility.

Markit released the US manufacturing PMI index 50, the expected value of 51, the previous value of 50.6, falling to the lowest level since 2009. U. S. new home sales in June fell below forecasts, after three months of new home sales figures were revised downward, indicating a weak housing market.

European manufacturing industry had a bad start to the third quarter: eurozone manufacturing PMI 46.4, expected 47.7 in July, services 53.3, expected 53.30, French manufacturing PMI 50, expected 51.60, services 52.2, expected 52.80, German manufacturing PMI 43.10, expected 45.20 in July. Services 55. 40, expected 55. 30, as eurozone manufacturing PMI data fell short of the expected median, most core bond yields fell to record lows.

Fundamentals:

The rise of the domestic market is weak, and the discount quoted by the holder is not much different from that of yesterday. Among them, the 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, Jijin, Wanyang, copper crown lead to 1908 contract discount 60-30 yuan / ton, at the same time, electrolytic lead refineries more than SMM1# electrolytic lead discount 100-50 yuan / ton, Jiangsu and Zhejiang Yuguang, Jijin, Wanyang, copper crown lead to 1908 contract discount 60-30 yuan / ton, at the same time, electrolytic lead refineries more than SMM1# electrolytic lead discount 100-50 yuan / ton; In the aspect of recycled lead, the deep paste quotation of recycled lead brings vitality to the trading of recycled lead market, but the circulation source of reduced lead market is limited, which limits the shipment of some recycled lead refineries to a certain extent. The mainstream transaction price of tax recycled refined lead has been expanded to 200300 yuan / ton to the average price of SMM1# lead. Due to the maintenance of deep discount for recycled refined lead and the expansion of quotation discount for some primary lead refineries, the rigid demand of downstream storage enterprises is still in a state of diversion, and the transaction in the bulk market is still in the doldrums.

Lead price:

The trend of lead in Shanghai is strong, but the trend of lead in Shanghai is slightly weaker than that of the outside market, and the internal and external price is further revised down. In order to judge the trend of lead in Shanghai in the near future, we should pay close attention to whether the lead in Shanghai can continue to be strong or not, although the trend of lead in Shanghai is strong, but it is slightly weaker than that of the outside market, and the internal and external price is further revised down, in order to judge the trend of lead in Shanghai in the near future, it is possible to breakdown in accordance with the rising inertia of US $2100 / ton in the future.

The price of SMM1# lead is expected to rise 125 yuan per ton today.