SMM reported on July 14: In the Shanghai market, Chihong lead was quoted at 17,020-17,030 yuan/mt, with quotations against the SHFE lead 2508 contract at a discount of 10-0 yuan/mt. In the Jiangsu, Zhejiang, and Shanghai markets, Jijin and JCC lead were quoted at 17,010-17,030 yuan/mt, with quotations against the SHFE lead 2508 contract at a discount of 20-10 yuan/mt. The center of SHFE lead prices moved further downward, and with delivery approaching, some suppliers were waiting for delivery, resulting in a slight decrease in their quotation enthusiasm. Meanwhile, some downstream enterprises made purchases as needed, with a preference for cargoes self-picked up from production sites. The mainstream production areas quoted premiums of 0-100 yuan/mt ex-factory, and the spread between futures and spot prices narrowed simultaneously. Additionally, secondary lead smelters refused to budge on prices when shipping goods, but there were regional differences. Secondary refined lead was quoted at a discount of 50-0 yuan/mt ex-factory against the SMM 1# lead average price, with a few quoting premiums of 50-75 yuan/mt. Downstream enterprises either adopted a wait-and-see sentiment, focusing on long-term contract purchases, or made purchases as needed at low prices, preferring cheaper cargoes. The trading of warehouse cargoes in Jiangsu, Zhejiang, and Shanghai was sluggish for both buyers and sellers.
Other markets: Today, the SMM 1# lead price fell by 50 yuan/mt compared to the previous trading day. In Henan, suppliers narrowed their discount quotations, with quotations against the SHFE lead 2508 contract at a discount of 160-130 yuan/mt ex-factory. Additionally, due to narrowed smelter supply, there were more instances of queuing for cargo pick-up. In Hunan, smelters quoted at a discount of 10-0 yuan/mt ex-factory against the SMM 1# lead average price, while small smelters could quote at a discount of 30-0 yuan/mt. In Jiangxi, smelter inventory declined, and quotations were relatively firm, with quotations against the SMM 1# lead at a premium of 120 yuan/mt ex-factory. During the day, SHFE lead prices were in the doldrums, and some suppliers suspended spot quotations due to warehouse transfers for delivery. Downstream enterprises maintained just-in-time procurement, with some having a strong wait-and-see sentiment. Spot market transactions were weaker in the south than in the north.
