SMM reported on June 27: In the Shanghai market, Chihong and Honglu lead were priced at 17,125-17,200 yuan/mt, quoted at discounts of 50-10 yuan/mt against the SHFE lead 2507/2508 contracts. In the Jiangsu-Zhejiang market, Jijin and JCC lead were priced at 17,145-17,190 yuan/mt, quoted at discounts of 30-20 yuan/mt against the SHFE lead 2507/2508 contracts. After SHFE lead prices surged, they pulled back relatively. Suppliers maintained discounts for shipments, but downstream enterprises exhibited strong wait-and-see sentiment, with limited inquiries. Meanwhile, secondary lead enterprises' willingness to resume production increased, leading to more quotations and wider discounts for secondary refined lead, which was quoted at discounts of 170-50 yuan/mt against the SMM 1# lead average price ex-works, diverting limited rigid demand. The primary lead market saw sluggish transactions.
Other markets: Today, the SMM 1# lead price remained unchanged from the previous trading day. In Henan, smelters' quotations were at discounts of 20-0 yuan/mt against the SMM 1# lead average price ex-works, while traders' quotations were at discounts of 220-150 yuan/mt against the SHFE lead 2507/2508 contracts ex-works. In Hunan, smelters of delivery brands intended to transfer to delivery warehouses, with firm quotations at discounts of 20 yuan/mt against the SMM 1# lead average price ex-works. Other smelters' quotations were at discounts of 50-30 yuan/mt against the SMM 1# lead average price, with some as low as 80 yuan/mt discount. Meanwhile, traders' quotations were at discounts of 250-200 yuan/mt against the 2508 contract ex-works. In Anhui and Jiangxi, smelters' quotations were at premiums of 100-130 yuan/mt against the SMM 1# lead average price ex-works. During the day, the spread between futures and spot prices widened, increasing traders' enthusiasm for purchasing and transferring to delivery warehouses. Downstream enterprises maintained strong wait-and-see sentiment, being cautious and observing the market. Overall, spot market transactions were sluggish.
