[July 23, SMM lead internal morning meeting record]

Summary of the lead morning meeting:

Macro:

Britain's new prime minister will be announced on Tuesday, if expected, Boris Johnson will be elected leader of the Conservative Party and become the new prime minister;

In the run-up to the Fed's meeting next week, the US president again urged a rate cut, tweeting that the Fed had raised interest rates and tightened policy too quickly.

The Chinese government on Friday discussed with state and private soybean buyers plans to increase US soyabean purchases, which could include waiving retaliatory tariffs on US soybeans; the government is seeking feedback from companies, the plan could change as trade negotiations progress.

Fundamentals:

Shanghai lead rush fell back, the holder actively shipped, and some of the price discount expanded, among them, Shanghai market Shuangyan lead to 1908 contract flat water quotation, Jinsha lead to 1908 contract water 50 yuan / ton quotation, Jiangsu and Zhejiang Yuguang, Ji Jin lead to 1908 contract discount 50 to 30 yuan / ton to Pingshui quotation, at the same time, electrolytic lead refineries more to SMM1# electrolytic lead discount 100 to 50 yuan / ton, Jiangsu and Zhejiang Yuguang, Ji Jin lead to 1908 contract discount 50 to 30 yuan / ton, at the same time, electrolytic lead refineries more than 100 to 50 yuan / ton of electrolytic lead. In terms of recycled lead, the profits of recycled lead refineries are considerable, and the mainstream transaction price of recycled refined lead with tax has been expanded to 200300 yuan / ton of SMM1# lead average price discount, and some even appear 400 yuan / ton of discount; and the downstream demand is limited, coupled with the re-expansion of recycled refined lead discount, the transaction of bulk single market continues to be weak.

Lead price:

Lun lead since reported on the film, announced into the correction trend, short-term if there is no news stimulation, below look at the 20-day EMA support strength; Shanghai lead close to the small positive line, the trend of the day is more critical, if continue to explore, Shanghai lead graphics basically went bad, Shanghai lead long or temporarily left the market to wait and see;

The price of SMM1# lead is expected to fall by 50 to 75 yuan per ton today.