SMM, July 2, 2025
The most-traded SHFE lead 2508 contract opened at 17,165 yuan/mt today. It first declined and then rose during the day, reaching a high near 17,210 yuan/mt in the afternoon. It pulled back slightly at the end of the day and finally closed at 17,175 yuan/mt, up 0.44%, with an open interest of 51,254 lots. The operating rate of downstream battery producers is expected to improve, and the market sentiment is gradually turning bullish. However, as imported crude lead supplements the domestic market and there are expectations of further arrivals, we need to observe the changes in the upward pressure on lead prices.
