SMM October 31:
This week, LME lead opened at $2,017/mt, fluctuated upward after briefly touching a low of $2,010.5/mt early in the session. Mid-week, LME lead destocking exceeded 10,000 mt. In the latter half of the week, LME lead reached a high of $2,034.5/mt, and finally settled at $2,017/mt as of 15:00 Beijing time on October 31, 2025, up 0.02%.
This week, the most-traded SHFE lead 2512 contract opened high at 17,640 yuan/mt. Early in the week, it fluctuated considerably around 17,540 yuan/mt. As some major domestic battery producers issued shutdown notices and halted lead ingot procurement, SHFE lead fluctuated downward and then maintained a consolidating trend, hitting a low of 17,315 yuan/mt during the period, and finally settled at 17,390 yuan/mt, down 1.17%.
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