SMM September 23:
Overnight, LME lead opened at $1,999/mt, fluctuated downward during the Asian session to a low of $1,991.5/mt, rebounded during the European session to a high of $2,003.5/mt, and gave up some gains before closing at $1,999.5/mt, down 0.17%.
Overnight, the most-traded SHFE lead 2511 contract opened high at 17,190 yuan/mt, pulled back and fluctuated around 17,165 yuan/mt, hitting a low of 17,145 yuan/mt, and finally closed at 17,165 yuan/mt, up 0.03%.
As the National Day holiday approaches, downstream lead-acid battery enterprises have been conducting routine pre-holiday stockpiling of lead ingots, with medium and large enterprises showing relatively improved procurement enthusiasm. Currently, most secondary lead smelters are under maintenance or have cut production, leading to tight regional supply of lead ingots in east China. Downstream enterprises prefer primary lead, including cargoes self-picked up from production site and social warehouses. As of last week, primary lead enterprises' self-picked up cargoes had significantly decreased after downstream stockpiling, and social warehouse inventory also saw a substantial reduction this week. With only one week left before the National Day holiday, some downstream enterprises still have certain stocking demand. Meanwhile, primary and secondary lead enterprises have gradually started to resume production, but their contribution to current market supply is limited. It is expected that lead ingot inventory will continue to decline before the holiday, and lead prices may hover at highs.
Data source statement: Except for public information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and not constituting decision-making advice.
