[April 3 SMM lead Internal Morning meeting record] the downstream shift to the primary lead refinery recycled lead market is light.

Summary of lead morning meeting:

Macro:

Initial claims for unemployment benefits in the US soared to a record high of more than 6.6 million last week for the second consecutive week, with a total of about 10 million in the past two weeks as more jurisdictions implemented home measures to curb the coronavirus epidemic. Bloomberg's consumer comfort index recorded its biggest two-week decline since records began. The trade deficit narrowed to a three-year low in February and the deficit with Chinese goods fell to its lowest level since 2009. [bearish]

According to the (CBO) forecast of the Congressional Budget Office, the unemployment rate in the United States will exceed 10% in the second quarter, and (GDP) will fall by more than 7% because of the severe impact of the coronavirus crisis on the US economy.

The Fed's balance sheet has expanded to an unprecedented $5.81 trillion. House Speaker Pelosi wants Federal Reserve Chairman Powell to do everything he can to help cities and states from the "big picture."

The Bank of England said it doubled its corporate bond purchase programme to at least 20 billion pounds ($24.7 billion) as part of a previously announced stimulus package to support the economy during the coronavirus crisis.

According to John of the United States. According to Hopkins University, with the further intensification of the epidemic in the United States and the rise in deaths in Spain and Italy, there were more than 1 million new confirmed cases and more than 51000 deaths in the world on Thursday. New crown deaths in Spain have reached a record high, and deaths in France and Italy are also accelerating, indicating that there is no room for relaxation of the European blockade measures.

China's domestic bond market is expected to usher in the biggest supply boom in history, with net financing expected to exceed 15 trillion yuan for the first time this year; people concerned are expected to cut the benchmark deposit rate 2-3 times this year, and the benchmark deposit rate is expected to fall in April under economic pressure. [Lido]

Fundamentals:

The price of lead fluctuated and fell back, but the supply of warehouse orders in the market was less, and more shippers offered goods. Among them, Shanghai market Jinsha lead to Shanghai lead 2004 contract rose 130-160 yuan / ton quotation, Jiangsu and Zhejiang market Shuikoushan lead to Shanghai lead 2004 contract rose 150-160 yuan / ton quotation, the primary lead smelter mainly to long single; In the aspect of recycled lead, the quotation of waste battery is limited. Recycled lead enterprises say that low-cost waste is difficult to purchase, downstream orders are poor, and the overall trading of recycled lead is light. At the same time, downstream procurement has turned to refinery sources one after another, and transactions in the bulk order market are limited.

Lead price:

Lun lead high consolidation, but the upward pressure is still large, short-term attention to the fermentation of the overseas epidemic; according to the last notice, there will be no night plate since February 3;

SMM1# lead prices are expected to rise 50-100 yuan per ton today.