SMM lead morning meeting minutes: Fundamentals weaken with both supply

Published: Feb 6, 2024 08:49

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SMM lead morning meeting minutes: Fundamentals weaken with both supply and demand declining, lead prices remain weak and volatile. On the macro level, non-manufacturing PMI exceeded expectations, the expectations for a Fed interest rate cut declined again, and the strengthening trend of the US dollar and weakened demand expectations led to a general decline in non-ferrous metals. Yesterday, LME Singapore lead inventories increased by 4575 tons, continuing the trend of cumulative increases in London lead inventories. Most lead-acid battery enterprises have entered a holiday state this week, and some recycled lead enterprises have also synchronized their holidays. Although most primary lead smelting enterprises are maintaining normal production, logistics stagnation in many areas has limited actual transactions. In addition...

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