SMM Lead Morning Meeting Minutes: Weak Performance of Lead in the Late Stage Last Friday, Mild Domestic Consumption and Cost Support Re-emerged
Macroscopically, last Friday, the month-on-month growth rate of the US core PCE in January rebounded to 0.4%, in line with market expectations. This alleviated concerns within the industry, and the market still retains the possibility of a rate cut by the Federal Reserve in June. This week, attention still needs to be paid to the release of February ADP employment and non-farm data. On the domestic front, lead consumption has been mild, and rapid destocking conditions have not yet been formed domestically in the short term. End consumption performance is generally average, with major enterprises generally basing production on sales. However, the cost support below lead smelting is evident, and the cost of raw materials such as waste batteries is gradually rising...
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