[minutes of SMM Morning meeting] Len lead concussion is light in upstream and downstream trading.

Futures market: overnight, Lun lead opened at US $1788 / ton. In the Asian session, driven by the strength of commodities, Lun lead fluctuated upwards, entering the European period, Lun lead inertia went up, reaching a high of US $1801.5 / ton, and the latter US $1800 was under a lot of pressure. it finally closed at US $1795 / ton, an increase of 0.56%, mainly due to a reduction of about 1800 tons (Lido) in Lun lead inventory. Overnight, Shanghai lead opened at 14710 yuan / ton. at the beginning of trading, Shanghai lead quickly rebounded after exploring low. After reaching 14710 yuan, it fell under pressure and finally closed at 14625 yuan / ton, a decrease of 0.17%. The holder's willingness to deliver positions increased, and the inventory in the previous period increased by 1560 tons (bearish). Spot fundamentals: 50 yuan / ton discount on Shanghai lead 2007 contract in Shanghai market; 50 yuan / ton discount on Shanghai lead 2007 contract in the south of Jiangsu and Zhejiang market. Lead concussion consolidation, while recycled lead to maintain a deep discount, the holder of passive shipments, a large difference in the current price, the holder is willing to deliver, quotation discount has not changed significantly compared with last week, trading continues to be in the doldrums. Henan Jinli quoted SMM1# lead average price flat water (trader); Henan Minshan quoted SMM1# lead average price flat water quotation; waste battery quotation basically maintained stability, reduced lead price decreased slightly with lead price, the discount of tax-included recycled lead quotation in some areas shrank, the downstream procurement demand was insufficient, and the market transaction activity was low. Today's lead price forecast: Lun lead continues to fluctuate at a high level, and the pressure at the $1800 mark is still high, so we are concerned about whether it can effectively break through in the short term. Shanghai lead closed at 5 consecutive overcast, mainly due to the current poor fundamentals. SMM1# lead prices are expected to remain flat or rise by 50 yuan per ton today.