SMM October 23:
Overnight, LME lead opened at $1,991/mt, fluctuating upward during the Asian session; it weakened after touching a high of $1,998/mt in the European session, dipped to a low of $1,987.5/mt before closing, and finally settled at $1,995/mt, up 0.1%.
Overnight, the most-traded SHFE lead 2511 contract opened low at 17,160 yuan/mt, fluctuated upward after opening to touch a high of 17,225 yuan/mt, pulled back slightly before closing, and finally settled at 17,185 yuan/mt, up 0.17%.
Currently, the import window is open, and overseas lead ingots are flowing in to supplement the domestic market, putting pressure on lead prices. As heating begins in north China, air quality conditions warrant attention, along with the impact of smog on transportation and lead smelter production. Downstream battery producers maintained just-in-time procurement, with order performance in south China (especially the southwest) lagging behind the north, resulting in weaker transactions. Overall, short-term lead prices may maintain a fluctuating trend.
Data source statement: Except for publicly available information, other data are derived by SMM based on public information, market communication, and SMM's internal database model, and are for reference only, not constituting decision-making advice.
