Summary of lead morning meeting:
Macro:
It is reported that senior officials of both parties in the United States have repeatedly said that "an economic stimulus agreement is close to being reached." the three major stock indexes collectively soared, with the Dow up 11.37%, the largest one-day gain since 1933, the fifth largest one-day gain in history. The Nasdaq closed up 8.12%, while the S & P 500 rose 9.38%.
A spokesman for the World Health Organization said the number of cases in the United States is growing at a very rapid rate and could become the "epicenter" of a new outbreak. The governor of New York says the number of new cases in the state doubles about every three days. The White House recommends that anyone who has been to New York be quarantined for 14 days.
The Bank of England launched a special repo operation on Tuesday in the face of a surge in liquidity demand. The central bank will conduct contingent repo facilities for (CTRF) operations on March 26 and April 2. CTRF will lend reserves for a period of three months.
As companies shut down, the global PMI index tumbled in March, US manufacturing and services PMI fell by an all-time low, the eurozone, UK and Australian PMI fell to record lows, and Japan's composite index fell to its lowest level since 2011.
Overnight U. S. economic data: the Bloomberg Consumer comfort Index fell last week to its biggest weekly decline since August 2007, with new home sales near their highest level in 13 years in February, suggesting that the real estate market was still in momentum before the outbreak hit; [bearish]
Japanese Prime Minister Shinzo Abe said at a press conference on the 24th that a consensus was reached in talks with Bach to host the Tokyo Olympic Games no later than the summer of 2021.
The government faces the toughest fiscal pressure since 2009, with general public budget revenues of central and local governments falling 9.9 per cent in the first two months of this year from a year earlier, the biggest drop since February 2009, and tax revenues falling by more than 11 per cent. [bearish]
Fundamentals:
Shanghai period lead strong upward, the holder price mood relaxed, and one after another lowered the quotation rising water, among them, the Shanghai market Jinsha lead to the Shanghai period lead 2004 contract rises 100 yuan / ton quotation, Jiangsu and Zhejiang market Yuguang, Jiangtong lead to Shanghai period lead 2004 contract rises 100-150 yuan / ton quotation, the primary lead smelter mainly takes the long order as the main price. In the aspect of recycled lead, the supply of low-price waste batteries is difficult to buy, the circulation of reduced lead market continues to be tight, recycled refined lead is mostly traded without tax, the source of goods including tax is maintained, and the quotation is firm; at the same time, many downstream do not hold optimistic expectations for the future, hold a wait-and-see attitude, and the high prices in the bulk market turn weak.
Lead price:
Overseas is stimulated by FED unlimited QE, the short-term market dollar liquidity problem alleviates, the US stock repairs the decline, but in essence the epidemic situation prevention and control has not solved temporarily, the later market weakens the probability is larger, according to the previous issue notice, February 3 has not the night market;
SMM1# lead prices are expected to be flat to 50 yuan / ton today.
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