[record of SMM lead Internal Morning meeting on May 26th] Shanghai lead continues its strong trend downstream, waiting to be picked carefully.

Summary of lead Morning meeting:

Futures market:

Overnight, Lunqin was closed.

Shanghai lead opened at 14410 yuan / ton and fluctuated in a narrow range at the beginning of the session, basically running around 14455 yuan. During this period, it tried to break and fall, reaching 14385 yuan / ton, then rebounded, and finally reported at 14455 yuan / ton (Lido yen).

Spot fundamentals:

Shanghai Changchi Honglead quoted price for Shanghai lead 2006 contract 200 yuan per ton, and Wuxi market Southern lead quoted price for Shanghai lead 2006 contract for 100,120 yuan / ton. Lead futures continue to have a strong trend, and there is a new high in the past two months, and the holder is actively shipping and lowering the offer discount, the original lead smelter supply, Jinli to SMM1# lead average price discount 50 yuan / ton to flat quotation, refinery scattered high shipments, recycled lead, waste recycled lead enterprises intend to control smelting costs, waste battery prices are only moderately raised, partially flat, including tax recycled lead market deep discount signs of expansion, the waste recycled lead enterprises intend to control smelting costs, waste battery prices are only moderately increased, some are flat, and there are signs of small expansion in the deep discount in the tax recycled lead market. The average price discounts for SMM1# lead are all above 200 yuan / ton, and the downstream generally hold a wait-and-see attitude, with few inquiries, and it is extremely difficult to trade at a high price in the bulk market.

Lead price forecast today:

Shanghai lead continues the strong trend, the uplink channel is open, short-term inertia has the possibility of hitting the previous high, the current market inventory is still low, from the recent and distant months of the increase in positions, there is a risk of soft forced positions.

SMM1# lead prices are expected to remain flat today.