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[summary of SMM Morning meeting] LME inventory continues to decline, including tax, recycled lead discount expands.
Jul 8,2020 09:33CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

Futures market:

Overnight, Lun lead opened at 1796 US dollars / ton. In the Asian session, Lun lead showed a weak trend, and at the beginning of the session, Lun lead fluctuated downwards, entering the European period, Lun lead habitually went down, reaching a low of 1781.5 US dollars / ton, then non-ferrous lead strengthened, Lun lead explored low and rebounded, and continued to rise, reaching a high of 1833 US dollars / ton. at the end of the day, short entry, Lun lead gave up the increase, and finally reported at 1811 US dollars / ton, an increase of 0.89%. Lun lead stocks have maintained a downward trend in the past two months, falling by 500 tonnes to 61800 tonnes yesterday. (lidocaine)

Overnight, Shanghai lead opened at 14700 yuan / ton. Shanghai lead rose rapidly at the beginning of trading, then ran at 14700 yuan, then broke through, and then basically ran at 14740 yuan / ton, finally reported at 14750 yuan / ton, an increase of 0.75%. 07 contract holdings remained at more than 8000 hands, while warehouse receipt growth slowed, rising 172 tonnes to 18824 tonnes (bearish) yesterday.

Spot fundamentals:

Shanghai market Mu Lang lead to Shanghai lead 2007 contract discount 50 yuan / ton price, Jiangsu and Zhejiang market south, copper crown lead to Shanghai lead 2007 contract discount 50 Mu 30 yuan / ton price. Lead futures trend is strong, the monthly contract once broke through the Wanwu mark, while downstream procurement cautious, some holders tend to deliver positions, bulk market trading two light. Jinli in Henan quoted the average price of SMM1# lead in flat water (trader), and Minshan in Henan quoted the average price of SMM1# lead in flat water. The supply of waste batteries is still tight, the enthusiasm of smelters to receive goods is still on the high side, the purchase price of waste batteries in some areas has been raised, the tax-covered recycled refined lead discount has been expanded, and the mainstream price discount has been 250 won 350 yuan / ton. In some areas, the tax-included recycled refined lead discount has been quoted to 400 yuan / ton, and the enthusiasm for downstream procurement of deep-water supply has increased.

Lead price forecast today:

Lun lead continued to be strong, closing three Lianyang, overseas lme inventory continued to decline, reflecting the recovery of consumption, short-term or continue to rise. Shanghai lead closed Xiaoyang line, temporarily stopped falling and stabilized, short-term is expected to be mainly shock.

The price of SMM1# lead is expected to rise by 50 million yuan per ton today.

Lead; lead brief review
price forecast
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