Summary of lead morning meeting:

Macro:

It is reported that British Prime Minister Johnson reached a Brexit agreement with the European Union, which may pave the way for Britain to finally leave the European Union this month, but the Democratic Unification Party in Northern Ireland refused to support the agreement, which faces a severe test in Parliament on Saturday. If he is to pass a vote, he must also persuade his own opposition members, or enough Labour MPs;

Overnight US economic data: manufacturing output fell the most in five months in September, driven by factors such as workers' strikes; new housing starts fell from a 12-year high in September; and consumer sentiment last week hit a record high.

Turkey has agreed to a 120-hour ceasefire in Syria, which can be extended if Kurdish militants previously allied with the United States leave the border area. The United States says it will not impose more sanctions on Turkey. If the ceasefire takes effect permanently after 120 hours, the United States will lift all current sanctions against Turkey.

China will release blockbuster economic data today, with GDP growth expected to slow to 6.1 per cent in the third quarter and year-on-year growth in industrial production and retail sales expected to accelerate in September.

Fundamentals:

Shanghai lead strong upward, holders actively quoted shipment, mostly partial discount water shipment, among them, Shanghai market Jinsha, South, Mu Ron lead to 1911 contract discount 30 yuan / ton to flat water quotation, white goods can be discounted 50-40 yuan / ton, primary lead refineries are mainly long orders, some loose orders to the SMM1# lead average price discount 70150 yuan / ton out of the factory; the price of lead in Shanghai market is 30 yuan / ton, white goods can be discounted 50-40 yuan / ton, and most of the primary lead refineries are mainly long orders, some of which are quoted to the average discount price of 70150 yuan / ton. In the aspect of recycled lead, the market supply of reduced lead is very abundant, especially in Jiangxi region, the price of reduced lead shows no sign of rising. At the same time, the discount of recycled refined lead is expanded, and the average price of electrolytic lead is 500-300 yuan / ton. Downstream battery enterprises do not hold optimistic expectations for the future market, and hold a wait-and-see attitude.

Lead price:

Lun lead closed at three Lianyang, gradually repair the decline, and try to break through the previous high, recently pay attention to 2200 US dollars / ton gate pressure; Shanghai lead main company contract continued to increase positions, contract price spread gradually widened, the future needs to be cautious speculative funds soft position;

SMM1# lead prices are expected to be flat to 50 yuan / ton today.