[24 April SMM lead internal morning meeting record] spot circulation sparse primary lead to maintain a high level of water

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 24th, there were more than 2.7 million confirmed cases of new crown pneumonia worldwide.

The US House of Representatives has passed a $484 billion epidemic prevention bill, US Treasury Secretary Mnuchin considered providing loans to troubled oil companies, and the US Treasury tightened the next round of small business relief targets.

The Fed's balance sheet has expanded to a record $6.57 trillion, and the Fed will temporarily lift restrictions on credit provided by the Fed and seek to expand the range of lenders in wage protection liquidity instruments.

Overnight US economic data: first-time claims for unemployment benefits reached 4.43 million last week and rose to 26.5 million in five weeks, a shocking figure confirming that all the jobs added during the longest jobs boom in US history have been wiped out by the new crown epidemic. Americans are at their highest level of pessimism about the economic outlook in 11 years. New home sales in March fell by the most since 2013. [bearish]

The IHS Markit's composite purchasing managers' index for the US, UK and eurozone all fell to record lows in April, indicating a record contraction in corporate activity.

The EU summit failed to agree on an economic stimulus package; German Chancellor Angela Merkel said the anti-epidemic measures must be large; and ECB President Christine Lagarde is said to have warned that the outbreak could lead to as much as 15 per cent drop in GDP in the region.

Today, China's 267.4 billion yuan targeted medium-term lending facility (TMLF) will expire, the people's Bank of China may continue to shrink the continuation, the price is expected to follow the MLF and reverse repo rate cut. [bearish]

Fundamentals:

Because the market circulation supply is scarce, the lead price strengthens again, the holder mostly uses the high rising water quotation, among them, the Shanghai market south, the Shuikoushan lead to the Shanghai period lead 2005 contract rises the water 430-480 yuan / ton quotation, the Wuxi market Shuikoushan lead to the Shanghai period lead 2005 contract rises the water 400450 yuan / ton quotation; in the recycled lead aspect, the recycled lead enterprise raises the waste battery quotation will not be high, the recycled lead market transaction is light, the downstream reserve before the festival has not yet reflected; Downstream active inquiry, and the market supply is limited, downstream mainstream transactions concentrated in long orders, bulk market transaction activity to improve.

Lead price:

Lun lead technically into the decline channel, a short-term test of $1630 support; according to the last notice, there will be no night trading from February 3;

SMM1# lead prices are expected to be flat today.