SMM June 23: The most-traded SHFE lead 2608 contract opened at 16,420 yuan/mt during the day. In the morning session, prices fluctuated slightly around the intraday moving average, then weakened and fluctuated downward, dipping to an intraday low of 16,315 yuan/mt. In the afternoon, futures gradually recovered and rebounded, with prices steadily approaching the average line. Near the end of the session, the contract moved sideways in a narrow range of 16,370–16,400 yuan/mt and finally settled at 16,385 yuan/mt, recording a small bearish candlestick, down 65 yuan/mt or 0.4%. The SHFE lead 2607 contract recorded a trading volume of 29,824 lots and open interest of 43,541 lots. The SHFE lead 2608 contract recorded a trading volume of 31,280 lots and open interest of 69,530 lots. The most-traded SHFE lead contract officially rolled over to the 2608 contract. Currently, primary and secondary lead smelters in China are entering a concentrated maintenance period, creating strong market expectations of a contraction in lead raw material supply, which provides upward support to the futures market. After the Dragon Boat Festival holiday, downstream battery factories have gradually resumed production, generating short-term restocking demand driven by rigid needs. However, at the mid-year period, large downstream battery enterprises are entering the semi-annual financial closing and inventory check phase, which will temporarily slow down their concentrated procurement of lead ingots. The bullish impetus from rigid demand is relatively limited. The weak supply-demand situation makes it difficult to persistently boost lead prices upward. Lead prices are expected to remain in the doldrums in the short term. Data source statement: All data, except publicly available information, are processed by SMM based on public information, market communications, and SMM's internal database models. They are for reference only and do not constitute investment advice.

[SMM Lead Morning Meeting Summary: Macro and Fundamental Bullish and Bearish Factors Coexist, Lead Prices Expected to Consolidate] On Monday, the first round of high-level talks between the US and Iran concluded, and a joint statement released by Qatar and Pakistan showed that all parties reached a roadmap. After the Dragon Boat Festival holiday, lead ingot social inventory accumulated as expected, putting lead prices under pressure. Currently, in the mid-year period, upstream and downstream enterprises are facing...

SMM, June 22 – The most-traded SHFE lead 2608 contract opened at 16,420 yuan/mt during the day. The morning session saw small fluctuations around the intraday moving average before the futures fluctuated downward, touching a low of 16,315 yuan/mt. In the afternoon, the futures gradually recovered and rebounded, steadily approaching the moving average. Near the close, it moved sideways within the 16,370–16,400 yuan/mt range, eventually settling at 16,385 yuan/mt, forming a small bearish candlestick, down 65 yuan/mt, or 0.4%. Trading volume for the SHFE lead 2607 contract reached 29,824 lots, with open interest of 43,541 lots; the 2608 contract saw volume of 31,280 lots and open interest of 69,530 lots. The contract rollover of the most-traded SHFE lead contract was formally completed for the 2608 contract. Currently in China, primary and secondary lead smelters are entering a concentrated maintenance period, generating strong expectations of tightening lead raw material supply and providing upward support for the futures. Following the Dragon Boat Festival holiday, downstream battery factories have gradually resumed production, creating short-term rigid restocking demand. However, at the mid-year point, large downstream battery enterprises are entering their semi-annual accounting and inventory review period, which will temporarily slow down concentrated procurement of lead ingots. The bullish impetus from rigid demand is relatively limited. With both supply and demand remaining weak, it is difficult for the supply-demand dynamics to consistently boost lead prices. Lead prices are expected to remain in the doldrums in the near term. Data source declaration: Data not originating from publicly available information has been processed by SMM based on publicly available information, market communication, and internal SMM database models and is for reference only. It does not constitute any decision-making advice.

[Secondary Lead Market Update] A secondary lead smelter in east China planned to resume production in mid-June, but suspended material feeding due to equipment failure discovered during furnace drying. It currently plans to resume material feeding and production in early to mid-July.

[SMM Lead Morning Meeting Minutes: Fundamentals Moderate While Macro Conditions Complex, Short-term Lead Prices to Retrace Some Gains] Recently, the macroeconomic situation outside China has been complex, market risk-averse sentiment has been relatively strong, and maintenance at China's primary lead and secondary lead enterprises has increased...

This week (June 12, 2026 – June 18, 2026), the average operating rate of primary lead smelters across three provinces was 65.19%, down 1.01 percentage points WoW. This week, production at smelters in Henan and Yunnan remained stable, with overall operating rates basically flat WoW. A medium-sized smelter in Hunan began equipment maintenance early in the week, with production expected to resume after maintenance concludes in mid-July, leading to a slight pullback in the regional operating rate. In other regions, a smelter in Jiangxi slightly ramped up production this week following the completion of maintenance, driving the operating rate in east China higher.