[SMM Lead Morning Meeting Summary: Coexistence of Energy Supply Pressure and Lead Ingot Inventory Buildup May Lead to Continued Price Consolidation] The escalation of geopolitical tensions in the Middle East, obstruction of major shipping routes, and expectations for rising transportation costs are anticipated to increase pressure on Europe's energy supply. After the domestic holiday, the lead market has experienced severe inventory buildup...

[SMM Morning Lead Meeting Summary: Social Inventory of Lead Ingots May Still Have Room to Rise; Focus on Production at Smelters Next Week]...This week, the production of primary lead smelters remained stable with a slight increase, while secondary lead enterprises were generally in a state of production reduction or suspension due to factors such as environmental protection, losses, and insufficient scrap supply, leading to a regional tightening of lead ingot supply. With few sellers from secondary lead enterprises and firm prices, lead consumption shifted towards the primary lead market. However, as the lead consumer market is still in the off-season, the improvement in transactions in the spot lead market has been limited...

SMM June 11: Overnight, LME lead opened at $1,989/mt. During the Asian session, it fluctuated upward. Entering the European session, it rose to a high of $1,995/mt before pulling back under pressure from the rising US dollar. It hit a low of 1,976.5 yuan/mt in the tail end of the session and finally closed at $1,987.5/mt, down 0.03%. Overnight, the most-traded SHFE lead 2507 contract opened lower with a gap at 16,850 yuan/mt. It briefly touched a low of 16,805 yuan/mt at the beginning of the session and fluctuated around 16,830 yuan/mt during the session, with a high of 16,860 yuan/mt. It finally closed at 16,815 yuan/mt, down 0.24%. As the delivery date approaches, quotes for cargoes self-picked up from electrolytic lead smelters remain firm, with few sellers willing to sell at a discount. For secondary lead, due to still tight raw material supply, ongoing loss pressures, and difficulties in closing deals for premium cargoes, smelters' willingness to sell is low. Mainstream secondary refined lead is quoted at parity with the SMM 1# lead average price ex-factory, with a few deals for refined lead at a discount of 100 yuan/mt in some regions. On the demand side, some downstream enterprises are restocking to meet immediate needs, and their willingness to purchase has improved due to concerns about future price increases. Additionally, most downstream enterprises maintain a strong wait-and-see sentiment. Overall, lead prices are likely to maintain a fluctuating trend.

[SMM Shanghai and Other 1# Lead Markets: Discount Quotes for Spot Lead Market Decrease, Downstream Enterprises Adopt a Wait-and-See Approach with Limited Purchases] SMM June 10 Report: In the Shanghai market, Chihong and Honglu primary lead are quoted at 16,800-16,850 yuan/mt, with discounts of 50-0 yuan/mt against the SHFE lead 2507 contract. SHFE lead prices hold up well. The availability of spot cargoes in the Jiangsu, Zhejiang, Shanghai market is limited, and discount quotes remain stable compared to yesterday. During this period, some regional primary lead smelters' cargoes self-picked up from production site are no longer quoted at a discount...

[SMM Morning Lead Meeting Summary: Lead futures rise slightly, with limited rigid demand and thin trading among downstream enterprises] Domestic lead prices have rebounded after testing the bottom support recently, but still remain in the doldrums. Downstream enterprises have conducted limited restocking for rigid demand, with many adopting a wait-and-see attitude.

SMM, May 26, 2025 The most-traded SHFE lead 2507 contract opened at 16,850 yuan/mt during the day, fluctuating rangebound around the 16,830 yuan/mt level. It dipped to a low of 16,785 yuan/mt in the late session before closing at 16,795 yuan/mt, down 0.39%, with open interest at 44,332 lots, recording a small bearish candlestick. Downstream lead-acid battery enterprises had limited procurement demand, preferring primary lead over secondary lead and primary lead (electrolytic lead) after comparison. Social inventory of lead ingots declined slightly. Additionally, smelters faced difficulties in reducing in-plant inventory, with some enterprises still experiencing inventory buildup. Overall, the short-term trend of lead prices is expected to maintain a fluctuating trend. 》Subscribe to view SMM metal spot historical prices