Summary of lead morning meeting:

Macro:

It is reported that the number of new crown virus cases in the world is more than 1.3 million, the infection rate in the United States is more than 1/1000, and the number of confirmed cases accounts for about 1/4 (355000 people) in the world. Globally, the number of new crown epidemic cases remains high, and there are no signs of entering the plateau. [bearish]

Kudlow, the president's economic adviser, said the White House was considering issuing "war bonds" to fund the fight against the new crown. Kudlow said it was still under discussion and he thought it was a good idea to issue "war bonds".

The Fed has adopted an operational push for a new small business lending program that allows banks to use these loans as collateral to obtain cash from the Fed to ease banking concerns about the difficulty of realising such low-interest loans; the plan is somewhat similar to the US government's arrangements for mortgage lenders Fannie Mae and Freddie Mac, with "Shuangmei" lending permits making banks more willing to lend.

The Federal Reserve announced that Chairman Powell will release the latest economic assessment live on Thursday at 10:00 local time in a webcast supported by the Brookings Institution, a Washington think-tank.

The British prime minister was transferred to the intensive care unit after symptoms of coronavirus infection worsened, but his Downing Street office said he was still conscious. British Foreign Secretary Rab said the government would continue to ensure that his anti-epidemic plan was carried out during the treatment of Prime Minister Johnson in intensive care. Rabe said he had been asked to do Johnson's duties "if necessary";

There are early signs of improvement in France, and the number of new cases appears to be stabilizing; Italy has announced the lowest number of new cases in nearly three weeks; Germany plans to gradually relax the blockade after April 19, and the government has put in place a series of measures, including forcing the wearing of masks in public and rapid tracking of the infection chain to help the country gradually return to normal life after ending its coronavirus blockade. [Lido]

Japan will declare a state of emergency in Tokyo and six other prefectures and cities as early as Tuesday to curb the spread of the new crown virus. At the same time, the Japanese government is preparing to launch a $990 billion stimulus package to mitigate the impact of the epidemic on the economy. The Prime Minister said the state of emergency will last for about a month, which will give the authorities the right to require people to stay at home and close their businesses.

As the OPEC+ urged a joint global cut in production and guaranteed oil prices, there was a "new rift" between Saudi Arabia and Russia, with the OPEC+ meeting aimed at ending the oil price war postponed from April 6 to April 9.

China's central bank announced on Friday that it would cut the target rate of small and medium-sized banks by 1 percentage point on April 15 and May 15, releasing a total of about 400 billion yuan in long-term funds. At the same time, since April 7, the interest rate on excess deposit reserves has been cut from 0.72 per cent to 0.35 per cent for the first time since 2008. [Lido]

Fundamentals:

Last week, lead prices continued to pick up, primary lead refineries shipped actively, quotation rose slightly, as of last Friday, bulk orders mainstream market reported to SMM1# lead average price rose 50-150 yuan / ton, while in the trade market, due to the limited supply of warehouse orders, traders also offered to ship goods, as of last Friday, reported to the 2004 contract rose 100-150 yuan / ton; Recycled lead enterprises began to return to work this week, the source of recycled goods gradually increased, the mainstream SMM1# lead average price flat water quoted out of the factory, consumer side, battery enterprises mostly bargain on demand procurement (just before the Qingming Festival), the market as a whole can be traded;

In addition, as of Friday (April 3), SMM five lead ingot stocks totaled 11400 tons, down nearly 6500 tons from the previous period.

Lead price:

Lun lead low positive line, to the top pressure on each moving average, pay attention to the trend after the opening of the market; according to the last notice, there will be no night trading from February 3;

SMM1# lead prices are expected to rise by 100-150 yuan per ton today.