SMM December 29:
Last Friday, the LME lead market was closed due to the Christmas holiday. On Friday evening, the most-traded SHFE lead 2602 contract opened at 17,460 yuan/mt. It fluctuated upward at the beginning of the session, experienced a brief pullback during the night, then rose again, reaching a high of 17,585 yuan/mt before the close, and finally settled at 17,585 yuan/mt, up 30 yuan/mt, or 0.17%, forming a small bullish candlestick with a bald head.
Due to the holiday, there were only three trading days for SHFE lead. Coupled with the fact that it was the end of 2025, with upstream and downstream enterprises closing their books and taking inventory, trading activity in the lead spot market was expected to be relatively poor. However, it is worth noting that social lead inventory was at a 16-month low, and smelter inventory was also at low levels. Combined with rising prices of by-products such as silver, these factors were expected to support lead prices to hold up well.
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