[minutes of SMM lead Internal Morning meeting on May 21] lead technology in Shanghai is in a good trend. Downstream maintenance is just in need of procurement.

Summary of lead Morning meeting:

Futures market:

Overnight, Lun lead opened at US $1679 per tonne. During the Asian session, Lun lead moved around US $1675 with a narrow range of no more than US $10. In the European period, Lun lead rebounded, reaching a high of US $1703 / ton at one point, and then fell slightly. It was finally reported at US $1694 / ton, an increase of 0.77%.

Shanghai lead opened at 14200 yuan / ton. At the beginning of trading, Shanghai lead concussion rose, reaching 14285 yuan / ton at one point, then gave up the increase slightly, and finally reported an increase of 0.81% at 14235 yuan / ton.

Spot fundamentals:

Shanghai Changchi Honglead quotation for Shanghai lead 2006 contract liter water 280mi 300 yuan / ton; Southern lead price for Shanghai lead 2006 contract liter water 180Mel 200 yuan / ton. Lead consolidation to maintain the trend, and as the smelter supply discount narrowed, some traders are also raised warehouse receipt goods quotation rising water, original lead smelter supply, Jinli to SMM1# lead average price flat water quotation, recycled lead, waste battery quotation to maintain stability, due to smelting profit problems, restore lead market supply is limited, lead prices are strong, recycled lead market turnover is light, downstream only needs to purchase, the bulk market transaction is general.

Lead price forecast today:

Lun lead reported three Lianyang, but so far it has not effectively broken through the high level of the platform, focusing on the pressure of US $1730 high in the short term; Shanghai lead has a good technical trend, with a long line of small positive lines, and is concerned about whether it can effectively break through the previous high of 14340 yuan.

It is expected that today's SMM1# lead price trend is flat to rise 50 yuan / ton.