Summary of the lead morning meeting:

Macro:

It is reported that the Federal Reserve's monetary policy decision-making body, the Federal Open Market Committee (FOMC), will hold a two-day monetary policy meeting on Tuesday, waiting for the Fed to discuss interest rates.

The Bank of Japan is expected to hold its monetary policy meeting today and is expected to wait and assess the impact of the Fed's policy decisions before considering policy measures.

The risk of no agreement to leave the European Union intensified, Prime Minister Johnson issued an ultimatum on the Brexit negotiations; as the risk of no agreement to leave the European Union rose, the pound fell to its lowest level since March 2017 and the yield on 10-year bonds fell to its lowest level since August 2016.

Fundamentals:

Shanghai stock market high decline, coupled with the narrowing of renewable refined lead discount, the holder quotation discount is also slightly narrowed, among them, Shanghai market Jinsha lead to 1908 contract water 20 to 50 yuan / ton quotation, Jiangsu and Zhejiang Jijin, Wanyang, Yuguang, Minshan lead to 1908 contract discount 40 to 20 yuan / ton, at the same time, electrolytic lead refineries mostly to SMM1# electrolytic lead discount 100 to 50 yuan / ton, Jiangsu and Zhejiang area Jijin, Wanyang, Yuguang, Minshan lead to 1908 contract discount 40 to 20 yuan / ton, at the same time, electrolytic lead refineries more than SMM1# electrolytic lead discount 100 to 50 yuan / ton; In terms of recycled lead, there are no signs of loosening the supply of reduced lead market, the quotation of recycled refined lead discount is narrowed, and the mainstream transaction price of tax recycled refined lead is 150 to 250 yuan / ton of SMM1# lead. The downstream basically maintains on-demand procurement, and the transaction of bulk order market is limited.

Lead price:

There is temporary support near the 10-day moving average, and the possibility of maintaining a high shock in the short term is greater. Shanghai lead received short-term support near the 10-day moving average, and the internal and external reverse logic mentioned in the previous period has been reflected on the disk. Continue to pay attention to the basic expectations of the domestic situation;

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