[July 5 SMM lead internal morning meeting record]

Summary of the lead morning meeting:

Macro:

It is reported that a spokesman for the Ministry of Commerce said at a news conference on the 4th that the economic and trade teams of China and the United States have been maintaining communication, and that the unilateral levying of tariffs on Chinese products is the starting point of Sino-US economic and trade friction.If the two sides can reach an agreement, the additional tariffs must be completely abolished. He also said that China is implementing the relevant procedures of the unreliable entity list system in accordance with the established pace. The US side should implement its promise to allow US companies to sell products to Huawei as soon as possible and stop cracking down on Chinese companies.

The contractor bank will replace the stock interbank certificates of deposit on July 8, and the principal and interest of the new interbank certificates of deposit will be fully protected.

Today's focus is on U. S. non-farm payrolls data for June.

Fundamentals:

The weakness of lead in Shanghai is volatile, and some holders have slightly increased their quotations due to a slight drop in inventory pressure. Among them, southern lead in Shanghai market quoted 40 to 50 yuan per ton of water for 1907 contracts, Jinsha lead for 50 to 80 yuan per ton for 1907 contracts, Jijin, Wanyang, and Tongguan lead for 1907 contracts for 30 to 50 yuan per ton in Jiangsu and Zhejiang, and a discount of 10 yuan per ton for 1907 contracts. On the other hand, the mainstream quotation of the bulk order of the original lead refinery pastes the average price of SMM1# lead to 50 yuan / ton; In terms of recycled lead, the trading of recycled refined lead market has not improved, and the mainstream quotation of regenerated refined lead has left the factory with an average price of 100,150 yuan / ton for SMM1# lead; however, due to the fact that the consumption of downstream battery market has not improved for the time being, storage enterprises only purchase with rigid demand, most holders continue to actively quote goods, a few discount quotations still exist, and the overall market trading volume is still relatively limited.

Lead price:

Lun lead closed for four consecutive negative, but the smooth degree of decline slowed down, mainly because the upward trend still exists, there are part of the technical bottom of the funds; the overall trend of Shanghai lead is basically in line with our view of interval concussion, but with the gradual narrowing of volatility, we need to be careful to break the inherent thinking trend.

SMM1# lead prices are expected to be flat today.