SMM, May 13, 2025
The most-traded SHFE lead 2506 contract opened at 16,900 yuan/mt during the day, initially touching a low of 16,895 yuan/mt. As the Sino-US tariff dispute eased, market macro sentiment was boosted, and non-ferrous metals generally rebounded and rose. After catching up with the gains, SHFE lead oscillated around the 16,950 yuan/mt level, eventually closing at 16,970 yuan/mt, down 0.15%, with an open interest of 30,495. The SHFE lead 2505 contract is expected to enter delivery this week, but suppliers are mainly focusing on spot cargo sales, with low intentions to transfer to delivery warehouse or relocate inventory, leading to a slight decline in social inventory. Recently, secondary lead smelters have suffered severe losses, compounded by insufficient scrap battery supply. Secondary lead smelters in regions such as Anhui, Jiangsu, and Jiangxi have generally experienced production cuts or suspensions. Boosted by the macro atmosphere, lead prices have rebounded and risen. The losses of secondary lead smelters have slightly improved compared to last week. Moving forward, it is still necessary to continue monitoring the dynamics of production cuts by secondary lead smelters and the transfer to delivery warehouse and delivery of delivery brands.
