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[minutes of SMM Morning meeting] Lun lead concussion downward recycled lead trading is light
Jul 17,2020 09:12CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

2020.7.17

Summary of lead Morning meeting:

Futures market:

Overnight, Lun lead opened at 1839.5 US dollars / ton. In the Asian session, the overall metal weakened, Lun lead fluctuated downward, reaching a low of 1824 US dollars / ton. After entering the European period, Lun lead rebounded, recovering its decline, and finally closed at 1839.5 US dollars / ton, down 0.76 per cent. As of yesterday, LME lead stocks were down 25 tonnes. (bullish)

Overnight, Shanghai lead opened at 14950 yuan / ton, Shanghai lead basically around the daily moving average near the shock, light overnight trading, finally reported at 14910 yuan / ton, an increase of 0.13%. (lidocaine)

Spot fundamentals:

The price of Mu Lang lead in Shanghai market is 150 yuan / ton for Shanghai lead 2008 contract; the price of Muleng lead in Jiangsu and Zhejiang market is 50 million yuan / ton for Shanghai lead 2008 contract; the price of imported KZ lead is equal to Shanghai lead 2008 contract; Henan Jinli and Wanyang are quoted at an average discount of 100 yuan / ton for SMM1# lead (trader); and 50 yuan / ton for SMM1# lead in Minshan, Henan Province. Lead is expected to plummet and return to the bottom of the five-thousand-year Plan, and the price of the consignor is higher, and some of them are afraid of falling and selling, and the quotation goes down, while the lower reaches do not hold over-optimistic expectations for future consumption and generally hold a wait-and-see attitude. The bulk order market traded two light. As the supply of waste batteries is still tight, the purchasing demand of smelters is not reduced, and the price of waste batteries is still high to maintain stability. In addition, the price of recycled lead has fallen sharply with the lead price, the profit of the recycled lead smelter is meagre, the willingness to ship goods is weakened, and the transaction in the lower reaches is light.

Lead price forecast today:

Lun lead high decline, the overall trend has not changed the upward trend. There is support near the Shanghai lead 20-day moving average, pay attention to the technical position support strength in the short term.

It is expected that the price of lead in SMM1# will drop by 100,000,150 yuan per ton today.

Lead; lead brief review
price forecast
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