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[April 16 SMM lead Internal Morning meeting record] Terminal consumption weakening spot rise downward
Apr 16,2020 09:38CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

Summary of lead morning meeting:

Macro:

It is reported that real-time statistics from Hopkins University show that so far, nearly 2.05 million cases of new crown pneumonia have been confirmed worldwide.

Us retail sales fell by $46.2 billion in March, almost in line with the $49.1 billion decline in retail sales in the 16 months from peak to trough during the Great Recession, while US manufacturing output fell 6.3 per cent in March, the biggest drop since February 1946.

Us companies have been hit by a new coronavirus epidemic as economic activity "shrinks sharply in all regions", according to the Fed's brown book report.

The Group of 20 finance officials agreed to suspend debt payments by the world's poorest countries until the end of the year, followed by similar measures by hundreds of private creditors.

The Bank of Canada said the coronavirus outbreak would trigger the worst short-term recession in Canadian history, but was optimistic that the economy could start to restart by June. Preliminary estimates from Statistics Canada show that Canada's economy shrank by a record 9% in March from February, when economic activity shut down because of the coronavirus outbreak.

The people's Bank of China announced that the 100 billion medium-term lending facilitates MLF operation, and cut the winning interest rate by 20 basis points to 2.95%, up from 3.15%. Before that, the central bank had already taken the lead in cutting the reverse repurchase rate by 20 basis points on March 31. This round of central bank interest rate cuts usually start with a reduction in the open market reverse repurchase rate, followed by MLF, and then LPR;. On the 20th, the one-year interest rate of LPR will also be cut by 20 basis points along with MLF, while the five-year LPR, which is closely related to real estate, will also be reduced, but by a smaller margin.

On Friday, China's National Bureau of Statistics will release a series of blockbuster economic data, including GDP growth in the first quarter and a breakdown of investment and consumption in March.

Fundamentals:

Recycled lead supply continues to rise, downstream consumption is weak, lead price rising momentum is insufficient, at the same time, the supply of goods in circulation in the trade market has increased slightly, and the holders have lowered the price one after another. Shanghai market Jinsha lead to Shanghai lead 2005 contract rose 400-430 yuan / ton quotation, southern, white silver lead to Shanghai lead 2005 contract rose 430-450 yuan / ton quotation, Wuxi market Shuikoushan lead to Shanghai lead 2005 contract rose 450 yuan / ton quotation, but the transaction situation still did not improve.

Lead price:

Lun lead continues the concussion situation, the short-term operation has no direction for the time being; according to the last notice, there will be no night trading from February 3;

SMM1# lead prices are expected to fall flat to 50 yuan / tonne today.

Lead; lead brief review
price forecast
output

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