[summary of SMM Morning meeting] Shanghai lead still needs to be cautious in shorting the high price of bulk order market in the short term.

Published: Jul 1, 2020 09:21

Summary of lead Morning meeting:

Futures market:

Overnight, Lun lead opened at US $1796 / ton. During the Asian session, Lun lead moved around the daily moving average, the overall center of gravity slowly moved up, entering the European period, Lun lead continued to rise, reaching a high of US $1807 / ton, and then the overall non-ferrous metal dived. Lun lead gave up the rise, reaching 1771 US dollars / ton below and finally trading at 1778.5 US dollars / ton, down 1.06 per cent (negative).

Overnight, Shanghai lead opened at 14840 yuan / ton. At the beginning of the day, Shanghai lead fluctuated upwards, reaching 14915 yuan / ton. After that, Shanghai lead gave up the increase, and finally reported an increase of 0.65% at 14800 yuan.

Spot fundamentals:

Shanghai market Mulun lead to Shanghai lead 2007 contract discount 30 yuan / ton to flat water price; Jiangsu and Zhejiang market south, Shuikoushan lead to Shanghai lead 2007 contract discount 40 yuan / ton to flat water quotation; imported KZ lead to Shanghai lead 2007 contract discount 70LV 50 yuan / ton price. Lead futures maintain a strong trend, the price of the holder follows the market; the source of primary lead, Henan Jinli quoted the average price of SMM1# lead (trader); Minshan, Henan quoted an average price of 50 yuan / ton for SMM1# lead; in the recycled lead market, the price of waste battery fluctuated with lead price, moderately increased, including tax recycled refined lead to SMM1# lead discount 200yuan / ton factory; Because it is the end of the month, the procurement of downstream power storage enterprises is limited, and it is difficult to close transactions at high prices in the bulk market. Lead price forecast today:

Lun lead reported negative line, suspended the upward speed, and paid attention to the fermentation of overseas epidemic situation in the short term; the high level of lead in Shanghai fell, but the overall technical trend was strong, so we still need to be cautious to go short in the short term.

The price of lead in SMM1# is expected to rise by 100,150 yuan per ton today.

 

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