SMM September 26:
This week, LME lead opened at $1,999/mt. On Monday, as investors reassessed the US Fed's interest rate cuts and future plans, the US dollar index first rose then fell, and LME lead fluctuated downward. It touched a low of $1,984.5/mt on Tuesday before rebounding, fluctuating rangebound around the $2,002/mt level mid-week. It hit a high of $2,018/mt on Thursday. Subsequently, as the US Q2 GDP was significantly revised up to growth of 3.8%, a two-year high, the US dollar index rose sharply, suppressing lead prices. As of 15:40 Beijing time on September 26, 2025, it finally closed at $2,002/mt, down 0.05%.
This week, the most-traded SHFE lead 2511 contract opened at 17,180 yuan/mt. It briefly touched a high of 17,205 yuan/mt early in the session. As downstream battery producers gradually completed pre-holiday stockpiling, the actual improvement in consumption disappointed bull funds. SHFE lead fluctuated downward, touching a low of 17,035 yuan/mt mid-week. It fluctuated rangebound around the 17,105 yuan/mt level in the latter part of the week, finally closing at 17,110 yuan/mt, down 0.41%.
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