Summary of lead morning meeting:
It is reported that the latest data show that the total number of confirmed cases of new crown pneumonia in the world has reached 1.53 million.
Saudi Arabia and Russia have reached a deep consensus to cut production by ending the oil price war. According to delegates, all members of the OPEC+ will implement production cuts of about 10 million barrels per day in May and June, during which Saudi Arabia and Russia will reduce their respective production to about 8.5 million barrels per day. G20 energy ministers will hold an online meeting at 3 p.m. Riyadh time on Friday, and OPEC+ is understood to want G20 countries other than OPEC+ to cut production by an additional 5 million barrels a day. [Lido]
The Fed launched a new $2.3 trillion stimulus package, announcing that it would buy junk bonds to support small businesses and lend up to $500 billion to state and municipal authorities. The chairman said the Fed would use all its power "forcefully, proactively and proactively" to drive the recovery; the Fed's balance sheet rose to a record $6.08 trillion in the week to April 8.
The finance ministers of EU member states have agreed on a $590 billion anti-epidemic relief plan, but it still needs final approval from EU leaders, and the summit could be held as soon as next week.
Overnight U. S. economic data: 6.61 million first-time jobless claims last week, a cumulative total of about 16.8 million in three weeks, and the University of Michigan consumer confidence index fell by an all-time low in April, the lowest since 2011. [bearish]
Figures released by the passenger association showed that sales of generalized passenger cars in march were 1.08 million, down 40 per cent from a year earlier and up 320.5 per cent from the previous month. [bearish]
Shanghai period lead maintains consolidation situation, at the same time the market circulation supply is still few, the holder makes more offer to ship, the quotation rises compared with yesterday, among them, the Shanghai market electrolytic lead circulation supply is scarce, the market has few quotation, Jiangsu and Zhejiang market Shuikoushan, the southern lead to the Shanghai period lead 2005 contract rises the water 430450 yuan / ton quotation, the primary lead smelter mainly by the long single; In the aspect of recycled lead, the circulation of waste battery market is still limited, especially in Guizhou and other individual areas, the procurement of recycled lead enterprises is more difficult, the supply of reduced lead market is more relaxed than in the early stage, the amount of refined lead containing tax continues to loosen, and the discount quotation increases, while the consignees are still concentrated in traders, and the downstream demand is gradually flowing to recycled lead. There are obvious regional differences between Jiangsu, Zhejiang and Shanghai and other regions.
As a whole, the technical support below Lunlead is effective, and it is possible to break through the high position of the box, but the fundamentals of overseas lead are weak, and it is expected to rely on its own power to break through the pressure. According to the last notice, there will be no night trading since February 3.
SMM1# lead prices are expected to rise 25-75 yuan per ton today.