Summary of lead morning meeting:

Futures disk:

Overnight, lun lead opened at $1648 / ton, Asia period, Lun lead pressure above the 10-day moving average, and around the daily average shock, into the European period, the outer plate of non-ferrous metals as a whole weakened, lun lead also fell to $1638 / ton, but the bottom 5-day moving average has a strong support, push up to $1647 / ton hovering, and finally reported at $1649 / ton, up $6 / ton, up 0.37%.

Spot fundamentals:

Shanghai market weak consolidation, holders due to the limited supply of circulation, more high price shipment, among them, Shanghai market Jinsha lead to Shanghai lead 2005 contract up 380-400 yuan / ton quotation, Wuxi market south, Shuikoushan lead to Shanghai period lead 2005 contract up 300-350 yuan / ton quotation, the primary lead smelter mainly to deliver long order; Recycled lead, waste battery quotation is basically stable, low-price waste is still difficult to purchase, recycled lead market transaction differentiation, Guizhou, Hubei and Guangdong due to low export prices, hot transactions, while other areas of light transactions, including tax recycled lead overall discount range has not been further expanded; at the same time downstream procurement demand in general, coupled with the expansion of recycled lead price advantage, loose single market supply and demand.

Today's lead price forecast:

However, the upward force is limited and only fluctuates in the range formed by the 5-day and 10-day moving average. due to the uniform distribution of the upper averages, the continuous strength of Lun lead is under great pressure.

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