[summary of SMM Morning meeting] lead in Shanghai continues to fluctuate and has a strong trend. Downstream, it is just in need of purchasing.

Summary of lead Morning meeting:

Futures market:

Lun lead opened at US $1643 / tonne. In the Asian session, Lun lead rushes higher and falls back, but the momentum to move higher is not strong. Entering the European period, Lunqin lead reached a low of US $1625 / ton, then stabilized, and then fluctuated in a narrow range, and finally closed at US $1637 / tonne, a decline of 0.3% (bearish).

Shanghai lead opened at 14215 yuan / ton. At the beginning of the session, Shanghai lead tried to rise, then fell back to 14295 yuan / ton, and then basically maintained a concussive trend, finally reported at 14235 yuan / ton, a decline of 0.49% (negative).

Spot fundamentals:

Shanghai Changchi Honglead quoted price for Shanghai lead 2006 contract rising water 180 million RMB / ton; Wuxi market Southern lead quoted price for Shanghai lead 2006 contract rising water 100yuan / ton; and imported KZ lead quoted price for Shanghai lead 2006 contract flat water price. Lead consolidation to maintain the trend, the holder quotation has not changed significantly, the original lead smelter supply, Jinli to SMM1# lead average price discount 50 yuan / ton to level water quotation, the original lead factory shipping price advantage is obvious, just need; recycled lead, waste battery quotation is mainly to maintain stability, recycled lead market to maintain deep discount quotation, downstream procurement demand is limited, the overall market transaction is general. (bad news).

Lead price forecast today:

Lun lead has continued the volatile market, and has not walked out of the domestic upward trend, coupled with the recent tension between China and the United States, there is the possibility of concussion downside in the short term; Shanghai lead continues the trend of shock is strong, and the uplink channel has not changed for the time being. there is a possibility of going higher in the short term.

SMM1# lead prices are expected to be flat today to fall by 50 yuan per ton.