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[minutes of SMM Morning meeting] Lun lead has a strong trend and is afraid of heights and less mining in the lower reaches.
Jul 30,2020 09:24CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

2020.7.30

Summary of lead Morning meeting:

Futures market:

Overnight, Lun lead opened at US $1859 / ton. During the Asian session, Lun lead fluctuated down to a low of US $1853.5 / ton at the beginning of the session, then stabilized, entered the European market, and was boosted by market bullish sentiment. Lun lead oscillated higher to US $1878 / ton in the later period, then fell back, and finally closed at a high of US $1878 / ton, up 0.91%. (lidocaine)

Overnight, Shanghai lead opened at 15515 yuan / ton. At the beginning of trading, Shanghai lead briefly climbed to a high of 15650 yuan / ton. Later, affected by the overall decline of non-ferrous metals, Shanghai lead fell rapidly, and then the selling pressure slowed down. Shanghai lead stopped falling and rebounded. During the period, the low reached 15485 yuan / ton, and finally reported at 15605 yuan / ton, an increase of 0.84%. (lidocaine)

Spot fundamentals:

Shanghai market southern lead price 50 yuan / ton for Shanghai lead 2008 contract price; Jiangsu and Zhejiang market Muleng, southern lead price price for Shanghai lead 2008 contract 50-70 yuan / ton. The price quoted by the holder follows the market, and the price has not changed much from yesterday. At the same time, the downstream is afraid of heights and less mining, mainly wait-and-see, and it is difficult to trade at a high price in the bulk market. The waste battery supply is tight, the refinery procurement demand is exuberant, the waste battery price continues to rise, the original lead price rises slightly with the lead price, the recycled refined lead discount turns to expand, the mainstream quotation is in the SMM1# lead average price discount of 100,150yuan / ton, except for some areas with tight supply, downstream more on-demand procurement.

Lead price forecast today:

The United States continues to maintain monetary easing, the technical level of lun lead is still relatively strong, the overall upward channel. In the domestic market, fundamentals are expected to improve, and the supply of goods in the spot market is slightly tight, supporting the high-level oscillation of the market. The price of lead in SMM1# is expected to rise by 75-125 yuan per ton today.

Lead; lead brief review
price forecast
output

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