SMM November 28:
This week, LME lead opened at $1,993/mt, touched a high of $1,997/mt early in the session, then fluctuated downward. Mid-week, it fluctuated considerably between $1,980/mt and $1,994/mt. In the latter half of the week, it hit a low of 1,973.5 yuan/mt before rebounding. Weak US consumer spending and a slowdown in the job market momentum further strengthened market expectations for a US Fed interest rate cut in December. LME lead maintained a firm upward trend. As of 15:00 Beijing time on November 28, 2025, it finally closed at $1,990/mt, up $1/mt, a gain of 0.05%.
This week, the most-traded SHFE lead 2601 contract opened at 17,195 yuan/mt, lightly touched a high of 17,230 yuan/mt early in the session, then fluctuated downward. On Thursday, the decline in the lead price widened, refreshing a nearly one-year low to 15,885 yuan/mt. Subsequently, due to cost support coupled with new smelter production halts leading to tightened lead ingot supply, it stopped falling and rebounded, finally closing at 17,090 yuan/mt, down 75 yuan/mt, a loss of 0.44%.
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