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[summary of SMM Morning meeting] the regional supply of lead ingots is tight.
Jul 24,2020 09:28CST
The content below was translated by Tencent automatically for reference.

2020.7.23 lead Morning meeting Abstract: futures market: overnight, Lun lead opened at US $1822 / ton. During the Asian session, Lun lead adjusted horizontally along the daily moving average. Entering the European period, Lun lead fell back to a high of US $1842 / tonne and finally closed at US $1828.5 / tonne, an increase of 0.8%. As of yesterday, it had increased by 10650 tons to 97575 tons. Overnight, Shanghai lead opened at 14840 yuan / ton. At the beginning of trading, Shanghai lead fluctuated upward along the daily average line, reaching a high of 15030 yuan / ton. Later, bulls made profits and gave up some of the gains. Shanghai lead finally reported an increase of 0.77% at 14980 yuan / ton. (lidocaine)

Spot fundamentals: Shanghai market Mulun lead price 50 yuan / ton for Shanghai lead 2008 contract, Jiangsu and Zhejiang market Muleng, Wanyang, Yuteng lead price 50 yuan / ton for Shanghai lead 2008 contract, imported KZ lead to Shanghai lead 2008 contract discount 50 RMB30 / ton, Henan Jinli, Wanyang 50 yuan / ton for SMM1# lead. Lead concussion fell, and the shippers accompanied the shipments. Due to the tight supply of goods in the regional circulation, the price of refinery goods in the northern region rose, while there was no supply problem in Jiangsu, Zhejiang and Shanghai, and the trading market was general. In terms of recycled lead, the price of waste battery is easy to rise and difficult to fall, the price of reduced lead falls with the price of lead, and the discount of recycled refined lead shrinks. The mainstream quotation is a discount of 100,150 yuan / ton for SMM1# lead, and some refineries are quoted at a discount of 200yuan / ton. The supply of recycled lead is tight, and the transaction activity in the lower reaches is OK.

Today's lead price forecast: Lun lead to 20-day moving average as the support pressure 10-day moving average, upward pressure, short-term attention to the impact of the macro environment. Shanghai lead fluctuates at a high level between the 5-day moving average and the 10-day moving average. During the day, attention is paid to whether the bulls can continue to break through the resistance of the 10-day moving average above. The price of lead in SMM1# is expected to rise by 100,150 yuan per ton today.

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