[record of Morning meeting inside SMM lead on May 18th] the inflection point of lead ingot community bank appeared in the downstream according to the need.

Summary of lead Morning meeting:

Futures market:

Last Friday, Lun lead opened at US $1622 / tonne. During the Asian session, Lun lead fluctuated upward, reaching a high of US $1631 / tonne, entering the European session, Lun lead dived down, reached a low of US $1592.5 / tonne, and then stabilized and finally closed at US $1601 / tonne, down 1.11%. The Shanghai lead 2006 contract opened at 13895 yuan / ton. At the beginning of trading, Shanghai lead briefly consolidated and weakened, reaching a low of 13835 yuan / ton, and then the low Shanghai lead rose to 13850 yuan / ton, an increase of 0.11%.

Spot fundamentals:

Last week, lead prices fluctuated, refinery inventory low rose, market bulk order sales pressure increased, bulk order quotations increased one after another, and the discount began to expand. As of last Friday, the mainstream market reported that the average price of SMM1# lead rose to 50 yuan / ton out of the factory. In the trade market, the supply and circulation of goods in the market has increased one after another, and the price of more shippers has been cut in half compared with that of last week. As of last Friday, it was reported that the price of 2006 contracts rose by 200 yuan / ton. The circulation of recycled lead in the market this week was stable. As of last Friday, the mainstream quotation of recycled lead, including tax, discounted the average price of SMM1# lead at an average discount of 100 yuan / ton to leave the factory. In addition, as of last Friday, the total inventory of SMM lead ingots reached 9300 tons, up 1400 tons from last week.

Lead price forecast today:

Lun lead trend is likely to weaken, and then focus on the early low platform support; Shanghai lead continued to weaken, intraday amplitude slowed down, focusing on the specific direction of Shanghai lead operation. The price of SMM1# lead is expected to rise by 50 million yuan per ton today.