[may 14 SMM lead internal morning meeting record] Shanghai lead vomiting increase downstream on-demand procurement

Published: May 14, 2020 09:21

Summary of lead Morning meeting:

Futures disk:

Overnight, Lun lead opened at US $1625.5 / tonne. During the Asian session, Lun lead fluctuated in a narrow range around 1625 yuan, entered the European period, and plunged downwards, reaching a low of US $1595 / ton, approaching a previous low, and finally reported at US $1597 / tonne, down 2.05%. Shanghai lead opened at 13760 yuan / ton. During the Asian period, Shanghai lead moved around 13730 yuan. After that, Shanghai lead weakened, and Shanghai lead followed the downward trend, reaching a low of 13595 yuan / ton. Around slightly recovering the decline, it was finally reported at 13700 yuan / ton, a drop of 0.8 percent.

Spot fundamentals:

The price of lead in Shanghai market increased by 280-300 yuan / ton on the contract of lead 2006 in Shanghai market, and 200 yuan / ton in the contract of lead 2006 in Shanghai market, and the price of lead in Shanghai market increased by 280-300 yuan / ton in Shanghai market, and 200 yuan / ton in southern lead contract in Wuxi market. Recycled lead, waste battery mainstream quotation to maintain stability, including tax recycled lead discount slightly narrowed, the mainstream reported to the SMM1# lead average price discount near 200 yuan / ton, some areas have deep water quotation; downstream to maintain on-demand procurement, and tend to the price of better recycled lead, bulk market transaction activity is general.

Today's lead price forecast:

The trend of Lun lead is weak, mainly affected by the worry that there may be a second outbreak of the current epidemic overseas, coupled with its poor fundamentals and short-term attention to the early low support; Shanghai lead gives up the rise, and the upsurge of funds seems to have ended. Short-term focus on lead price platform support;

SMM1# lead prices are expected to fall by 75-125 yuan per tonne today.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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[may 14 SMM lead internal morning meeting record] Shanghai lead vomiting increase downstream on-demand procurement - Shanghai Metals Market (SMM)