**SMM Lead Morning Meeting Minutes: Supply Factors Fully Played Out; Subsequent Lead Prices Need to Focus on Consumption Rebound**
Three Chinese departments have issued a new policy on tax incentives for the real estate market: The current area standard for enjoying a 1% low tax rate has been increased from 90 square meters to 140 square meters. On the fundamentals front, with the delivery of the Shanghai Lead 2411 contract approaching, the inventory of lead warehouse receipts at the Shanghai Futures Exchange has been increasing daily, and the increase in visible inventory is压制 (suppressing) the upside potential for lead prices. Meanwhile, after a substantial increase in lead prices, downstream enterprises...
