SMM, June 9: In the day's session, the most-traded SHFE lead 2607 contract opened at 16,205 yuan/mt, came under overall pressure and weakened after the open, fluctuated downward in morning trading to hit a low of 16,055 yuan/mt, then moved sideways at low levels around the 16,055–16,100 yuan/mt range. In the afternoon, it rebounded slightly with small fluctuations and closed at 16,170 yuan/mt at the end of the session, down 170 yuan/mt, or 1.04%, for the day. The current decline in lead prices is mainly under dual pressure from increased supply from secondary and primary lead smelters and the off-season for lead-acid battery consumption. Downstream participants maintain a strong wait-and-see sentiment, mostly purchasing as needed at lower prices. Meanwhile, social inventory of lead ingots shows a slight destocking trend, and coupled with tightening inventory of scrap battery raw materials for secondary lead, the cost side provides some support for prices. Lead prices are expected to remain in the doldrums in the near term. Data source statement: All data other than public information are processed by SMM based on public information, market communication, and SMM's internal database models, for reference only and do not constitute decision-making advice.

SMM Jun 8: The most-traded SHFE lead 2607 contract opened at 16,392 yuan/mt intraday. It edged down slightly early in the session, then moved sideways below the average price line. The tug-of-war between longs and shorts intensified, and lead prices came under pressure in the afternoon, quickly sliding to a low of 16,305 yuan/mt. In late trading, although there was a slight recovery, the rebound was limited. It finally closed at 16,340 yuan/mt, posting a three-day winning streak, down 65 yuan/mt or 0.40%. This week, operating rates at secondary lead smelters rebounded somewhat, driving the release of incremental market supply. Meanwhile, as the delivery date approached, current lead ingot inventory also rose compared to early June. Against the backdrop of continuously weakening lead prices, secondary lead enterprises actively lowered scrap battery procurement prices, further weakening the support from raw material costs. Combined with sluggish downstream consumption, lead prices are expected to be under pressure in the short term. Data Source Statement: All data other than publicly available information are processed by SMM based on public information, market communication, and SMM's internal database models, for reference only, and do not constitute decision-making advice.

[SMM Stainless Steel Daily Review] Bullish and Bearish News Alternately Drive SS to Retreat After Rapid Rise; Stainless Steel Spot Prices Stay Stable, Transactions Mediocre SMM, June 8: SS futures showed an advance-then-decline trend. In the morning, due to an earthquake in the Philippines, the market feared that nickel ore supply would be impacted, driving SHFE nickel and SS futures higher together. However, in the afternoon, news emerged from Indonesia that nickel ore quotas were expected to be relaxed, causing SS futures to decline once again. As of the close, the most-traded SS contract was quoted at 14,665 yuan/mt. On the spot market, although SS futures showed strength in the morning, some stainless steel spot offers edged up, but market acceptance of higher prices was limited, and transactions were mediocre. The most-traded SS futures contract pulled back. At 10:15 a.m., SS2607 was quoted at 14,725 yuan/mt, up 90 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 345-945 yuan/mt. In the spot market, the average price of Wuxi cold-rolled 201/2B coil was flat; for cold-rolled raw edge 304/2B coil, average prices in Wuxi and Foshan were both flat; cold-rolled 316L/2B coil in Wuxi was flat; hot-rolled 316L/NO.1 coil offers in Wuxi held steady; and cold-rolled 430/2B coil in both Wuxi and Foshan remained stable. Stainless steel futures and spot markets experienced heightened volatility. Futures, swayed by overseas macro news, rose first and then fell, fully revealing the off-season character of the market. The industry's outlook for the near-term market is ambiguous, wait-and-see sentiment is strong, transactions see sporadic recovery but lack sustainability, traders are under rising shipment pressure, and many are boosting sales by offering price concessions. Overall, macro...

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Maintained a Sideways Trend During the Night Session, with Overall Subdued Trading Volume and Market Sentiment]

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,948.5/mt, touched a high of $13,952/mt early in the session, then the copper price center moved downward throughout the session, touching a low of $13,785/mt near the close, and finally settled at $13,785.5/mt, down 1.42%, with trading volume at 21,000 lots and open interest at 272,000 lots, a decrease of 370 lots from the previous trading day, mainly reflecting bulls reducing positions. Overnight, the most-traded SHFE copper 2607 contract opened at 106,360 yuan/mt, touched a high of 106,540 yuan/mt right at the open, then the copper price center fluctuated downward, touching a low of 105,730 yuan/mt near the close, and finally settled at 105,860 yuan/mt, down 0.49%, with trading volume at 38,000 lots and open interest at 185,000 lots, a decrease of 3,142 lots from the previous trading day, reflecting bulls reducing positions.

SMM June 2 News: During the session, the SHFE lead 2607 contract opened at 16,560 yuan/mt, briefly surged to 16,610 yuan/mt at the start before encountering resistance and failing to break through the overhead pressure, then fluctuated downward, dipping to a low of 16,535 yuan/mt. In the afternoon, funds gradually entered the market to support futures, and prices steadily recovered from the lows. Toward the close, prices moved sideways within the 16,570-16,600 yuan/mt range, ultimately settling at 16,600 yuan/mt, up slightly by 40 yuan/mt or 0.24%, recording a small bullish candlestick. Currently, secondary lead smelters have resumed production with increased output, but some primary lead enterprises remain under maintenance, with supply still tight in certain regions. On the demand side, the battery industry is deep in the traditional off-season, with end-use consumption lacking momentum. Downstream producers mostly restocked on an as-needed basis, with limited willingness for large-volume stockpiling. On the cost front, scrap battery supply remained tight with quotes staying high, providing strong floor support for lead prices from the raw material side. With bullish and bearish factors intertwined across supply-demand and cost dynamics, lead prices are highly likely to move sideways within a range in the short term. Data Source Disclaimer: Data other than publicly available information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.