SMM

[SMM Lead Morning Meeting Summary: Refined Lead Supply Gradually Recovers, Downstream Consumption Remains Weak with Cautious Purchasing] The US dollar fell 0.78% overnight, while US initial jobless claims met expectations, and February manufacturing output in the Mid-Atlantic region slowed. These two reports had minimal impact on the forex market and did not alter expectations that the US Fed will keep interest rates unchanged for several months. This week, lead industry chain enterprises upstream and downstream operated normally, especially secondary lead producers, whose production increased. Currently, supply in the two major lead-producing regions, Henan and Anhui, is steadily rising. However, downstream enterprises showed low enthusiasm for production and procurement due to the mediocre performance of end-use consumption in the lead-acid battery market.