[April 23 SMM lead internal morning meeting record] Shanghai lead continuous consolidation downstream mostly long order purchase

Summary of lead morning meeting:

Macro:

It is reported that real-time statistics from Johns Hopkins University in the United States show that as of about 7:00 Beijing time on the 23rd, the total number of confirmed cases of the global epidemic has exceeded 2.64 million.

Italy and France reported the highest number of new confirmed cases in four days, and Spain extended the blockade. With the surge in the number of infections among foreign workers, Singapore has more than 10,000 new confirmed cases.

The European Union will hold a summit of leaders on Thursday, and it is reported that the European Commission is considering a 2 trillion euro economic recovery plan to try to bridge the differences in recent weeks, but in the absence of specific road map guidance, the video summit may once again end in vain.

The Treasury Secretary expects most of the US economy to reopen by the end of August, and New York plans to step up tracking of the source of infection in preparation for a return to openness.

Retail sales averaged 31100 vehicles a day in the first three weeks of April, down 7 per cent from a year earlier, compared with 47 per cent year-on-year in the first three weeks of March, and the recovery was evident in April, according to data released by the China Federation of passengers. [Lido]

Fundamentals:

Shanghai lead weak consolidation, because the market circulation supply is less, the quotation maintains the high rising water state, among them, the Shanghai market south, the Shuikoushan lead to the Shanghai period lead 2005 contract rises the water 430-480 yuan / ton quotation, Wuxi market Shuikoushan lead to Shanghai period lead 2005 contract rises 400-450 yuan / ton quotation, the primary lead smelter mainly takes the delivery bill as the main price. In the aspect of recycled lead, the purchase of low-price waste battery is still not smooth, the supply and demand of reducing lead market is still weak, the refined lead containing tax basically maintains the small discount water, and some areas have heard the quotation of large discount water out of the factory; the downstream is still dominated by long single procurement, some bulk orders are supplemented on demand, the transaction volume in the spot market is not large, the circulation supply of lead ingots is less, and the performance of spot rising water is strong.

Lead price:

Lun lead trend weakened, low test $1630 platform support; according to the last notice, there will be no night trading from February 3;

SMM1# lead prices are expected to rise 125-175 yuan per ton today.