[summary of SMM Morning meeting] Lun lead high-level consolidation downstream afraid of high and careful mining

Summary of lead Morning meeting:

Futures market:

Overnight, Lun lead opened at US $1779.5 / tonne. In the Asian session, Lun lead rose slightly and fell back, with limited intra-day time-sharing support. Entering the European period, Lun lead continued to explore low, reaching 1758.5 US dollars / ton, and then the main force recovered the decline. Finally reported at 1776 US dollars / ton, a decline of 0.14% (bearish);

Overnight, Shanghai lead opened at 14795 yuan / ton. At the beginning of the session, Shanghai lead quickly raised the price, reached a high of 14940 yuan / ton, then fell back, and then basically around the daily moving average, finally reported at 14885 yuan / ton, an increase of 0.4%.

Spot fundamentals:

The price of Mu Lang lead in Shanghai market is 70 Mu 50 yuan / ton for Shanghai lead 2007 contract; the discount of Jiangsu and Zhejiang market, Jiang Copper lead to Shanghai lead 2007 contract is 70 Mu 50 yuan / ton to level water; the price of imported KZ lead to Shanghai lead 2007 contract is 100 yuan / ton. Lead futures continue to break upstream, the holder quotes more; primary lead source, Henan Jinli, Wanyang to SMM1# lead average price discount 25mur50 yuan / ton (trader); recycled lead market, waste battery market circulation supply is limited, lead price rises, waste battery price rises again, reduction lead price also rises slightly along with lead price, including tax recycled fine lead sticker expands, to SMM1# lead sticker 200rel 250 yuan / ton; Downstream storage enterprises afraid of high careful mining, and more bargaining, the spot market transaction has not been greatly improved (bearish). Lead price forecast today:

Lun lead suspended the upward trend, is currently in the stage of high consolidation, short-term attention to overseas inventory; Shanghai lead continues to be strong, the early gap recovery ends, pay attention to the overall trend after short-term replenishment.

SMM1# lead prices are expected to be flat today.