SMM November 14:
LME lead opened this week at $2,046/mt. It touched a low of $2,043.0/mt early in the session. Mid-week, support came as LME lead inventory fell to an eight-month low, coupled with an easing US government shutdown risk, pushing LME lead's price center higher to a near nine-month high of $2,097/mt. In the latter half of the week, disappointing US economic data prompted LME lead to give back some gains. As of 15:00 Beijing time on November 14, 2025, it finally settled at $2,068/mt, up $23/mt, or 1.12%.
SHFE lead opened this week at 17,440 yuan/mt. It fluctuated rangebound in the first half, touching a low of 17,435 yuan/mt before a technical breakout drove prices to fluctuate upward. Mid-week, SHFE lead hit a fresh near nine-month high of 17,815 yuan/mt. Entering the latter half, the market's weak demand against strong supply became pronounced, and social inventory continued to increase ahead of the delivery date, leading SHFE lead to retreat after a rapid rise with a sharp decline. As of 15:00 Beijing time on November 14, 2025, it finally settled at 17,495 yuan/mt, up 75 yuan/mt, or 0.43%.
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