SMM May 27: Overnight, LME lead opened at $2,011.5/mt, briefly touched a low of $2,010/mt during the Asian session before fluctuating upward; entering the European session, it probed a high of $2,022/mt before pulling back slightly, ultimately closing at $2,015.5/mt, up 0.12%. Overnight, the most-traded SHFE lead 2607 contract opened at 16,740 yuan/mt, fluctuating around the intraday moving average, with an intraday low of 16,710 yuan/mt and a high of 16,775 yuan/mt, ultimately closing at 16,745 yuan/mt, down 0.06%. Consumption side, the lead-acid battery market remained in off-season mode, with downstream enterprises' rigid demand still limited. Combined with the fluctuating rebound in lead prices, downstream enterprises became more cautious in procurement. Supply side, production at both primary lead and secondary lead enterprises was stable with a slight increase. Secondary lead losses began to recover, market circulating supplies increased, and spot lead trading gradually shifted to a discount (against SMM #1 lead). Meanwhile, tight supply of high-grade lead ingots in the Southeast Asian market has yet to ease, while Australian lead-zinc smelters ramped up production. With bullish and bearish factors coexisting, lead prices are expected to continue fluctuating at highs. Data source disclaimer: Data other than public 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.

Futures: Overnight, LME lead opened at $2,011.5/mt, briefly touched a low of $2,010/mt during the Asian session before fluctuating upward; during the European session, it probed a high of $2,022/mt before pulling back slightly, ultimately closing at $2,015.5/mt, up 0.12%. Overnight, the most-traded SHFE lead 2607 contract opened at 16,740 yuan/mt, fluctuating around the intraday moving average, with a low of 16,710 yuan/mt and a high of 16,775 yuan/mt, ultimately closing at 16,745 yuan/mt, down 0.06%. On the macro front: Uzbekistan fully resumed gold exports in April. Malaysia reportedly imposed a 10% tariff on imports of certain gold bars. According to Yonhap News Agency, a South Korean court rejected an injunction request to suspend negotiations with Samsung's main union. Micron Technology's total market capitalization reached $1 trillion, setting a new all-time high again. Since the beginning of this year, Micron Technology has accumulated a gain of 210%. Data from the China Academy of Information and Communications Technology showed that in April 2026, mobile phone shipments in the Chinese market reached 25.733 million units, up 2.8% YoY, of which 5G phones accounted for 24.736 million units. : In the Jiangsu, Zhejiang, Shanghai market, warrant quotations were limited, and suppliers continued to offer cargoes self-picked up from primary lead smelter production sites. Meanwhile, as SHFE lead retreated after rapid rise, suppliers had mixed sentiments on shipments — some eased their stance on holding prices firm while others held firm on prices for shipments. Mainstream origin primary lead was quoted at premiums of 0-50 yuan/mt against the SMM #1 lead average price, with a few regions at premiums of 120-200 yuan/mt. Additionally, secondary lead smelters continued to operate at a loss, and their quotations remained relatively firm, with secondary refined lead quoted at premiums of 0-50 yuan/mt against SMM #1 lead on an ex-factory basis. Downstream enterprises had limited rigid demand, especially with lead prices fluctuating at highs, and downstream enterprises made few inquiries, with spot market transactions turning sluggish. Inventory: On May 26, LME lead inventory decreased by 775 mt to 285,700 mt; as of May 25, SMM lead ingot social inventory across five locations decreased by 3,200 mt compared with May 18. Lead Price Forecast for Today: Consumption side, the lead-acid battery market remained in off-season mode, with downstream enterprises' rigid demand still limited. Combined with lead prices rebounding, downstream enterprises became more cautious in procurement. Supply side, primary lead and secondary lead enterprises maintained stable to slightly rising production, with secondary lead losses beginning to recover and market circulating supply increasing, as spot lead trading gradually shifted to discounts (against SMM #1 lead). Meanwhile, tight supply of high-grade lead ingots in the Southeast Asian market has yet to ease, while Australian lead-zinc smelters are ramping up production. With bullish and bearish factors coexisting, lead prices are expected to continue fluctuating at highs. Data Source Statement: All data other than public information is SMM processed data based on public information, market communication, and SMM's internal database model, for reference only and does not constitute decision-making advice.

SMM May 26 News: The most-traded SHFE lead 2607 contract opened at 16,645 yuan/mt intraday. Prices briefly rose at the opening before pulling back under pressure, dipping to a low of 16,610 yuan/mt during the session. In the latter part of the session, prices fluctuated higher, recovering part of the earlier losses, touching a high of 16,715 yuan/mt near the close, and ultimately settled at the high of 16,715 yuan/mt, forming a bullish candlestick with no upper shadow, up 20 yuan/mt or 0.12%. In terms of supply, the lead ingot import arbitrage window is currently closed, reducing the inflow of imported cargoes and tightening the supply side marginally. However, multiple secondary lead enterprises in east China have successively resumed production, and secondary lead production rose WoW last week, with bullish and bearish factors intertwined on the supply side. As of May 25, SMM social inventory of lead ingots across five regions totaled 70,100 mt. Although inventory edged down from the previous period, it remained at elevated levels overall, with a slow destocking pace. Overall, lead prices are expected to maintain a fluctuating trend 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.

[Primary Lead Smelter Updates] It was learned that a primary lead smelter in north-east China planned to enter routine maintenance this week as scheduled. The maintenance is planned to last one month, and is expected to affect lead ingot production by 5,000-6,000 mt.

SMM May 26: The London Metal Exchange was closed on May 25 for a UK bank holiday and resumed trading on May 26. Overnight, the most-traded SHFE lead 2607 contract opened at 16,755 yuan/mt, briefly touched a high of 16,775 yuan/mt at the start of the session before pulling back, and moved sideways around the 16,700 yuan/mt level, ultimately closing at 16,710 yuan/mt, down 0.27%. Recently, apart from a few social warehouses where lead ingot inventory declined due to downstream enterprises picking up goods, other social warehouses saw slight increases due to suppliers' inventory transfers and arrivals of imported lead. After concentrated dip-buying by downstream enterprises during the lead price pullback last week, lead prices have rebounded in recent days, and downstream enterprises' enthusiasm for purchases has weakened notably. In addition, with secondary lead losses repaired, smelters actively offered shipments at discounts. Secondary refined lead was quoted at premiums of -50~0 yuan/mt against the SMM #1 lead price on an ex-factory basis, while primary lead was quoted at premiums of 0~+75 yuan/mt against the SMM #1 lead price on an ex-factory basis. Some downstream enterprises' rigid demand leaned toward secondary lead. Going forward, social inventory destocking of lead ingots will continue to slow down, and resistance above lead prices remains evident. Data source disclaimer: Data other than public 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.

Futures: The London Metal Exchange was closed on May 25 for a UK bank holiday and resumed trading on May 26. Overnight, the most-traded SHFE lead 2607 contract opened at 16,755 yuan/mt, briefly touched a high of 16,775 yuan/mt before pulling back, then moved sideways around the 16,700 yuan/mt level, and finally closed at 16,710 yuan/mt, down 0.27%. On the macro front: Guinea, the world's largest bauxite-producing country, will announce export control measures in June. China responded to the fact that no heavy rare earth had been exported to Japan for four months: China prohibits the export of dual-use items to Japanese military users and for military purposes in accordance with laws and regulations, aiming to stop Japan's "remilitarization" and nuclear ambitions. China responded to the prospect of a US-Iran deal: since the door to dialogue has been opened, it should not be closed again; the momentum of easing should be maintained, the general direction of political settlement should be upheld, and a solution that addresses the concerns of all parties should be reached through dialogue and consultation. : In the Jiangsu, Zhejiang, Shanghai market, a small volume of warrant-based cargoes were quoted. Suppliers mainly shipped cargoes self-picked up from primary lead smelter production sites. Due to supply differences between northern and southern markets, quotations in the northern market were firmer. On the secondary lead front, smelter losses were repaired and shipment enthusiasm increased, with secondary refined lead quoted at premiums of -50~0 yuan/mt ex-works against SMM #1 lead. As lead prices strengthened, downstream enterprises showed weakened purchasing enthusiasm. Some continued to purchase warrant-based cargoes from nearby warehouses, while those with rigid demand leaned toward lower-priced secondary lead cargoes. In terms of inventory: on May 25, LME lead was closed; LME lead inventory stood at 286,475 mt as of May 22. SMM lead ingot social inventory across five regions totaled 70,100 mt, down 3,200 mt from May 18 and down 3,200 mt from May 21. Lead price forecast for today: Recently, apart from individual social warehouses where lead ingot inventory declined due to downstream enterprises picking up goods, other social warehouses saw slight increases due to inventory transfers by suppliers and arrivals of imported lead. After concentrated dip-buying by downstream enterprises during the lead price pullback last week, lead prices rebounded in recent days, and downstream enterprises' purchasing enthusiasm weakened notably. In addition, as secondary lead smelter losses were repaired, smelters actively shipped at discounts. Secondary refined lead was quoted at premiums of -50~0 yuan/mt ex-works against SMM #1 lead price, while in contrast, primary lead was quoted at premiums of +0~+75 yuan/mt ex-works against SMM #1 lead price. Some downstream enterprises with rigid demand leaned toward secondary lead. Going forward, the destocking of lead ingot social inventory is expected to continue to slow down, and resistance above lead prices remains evident. Data source disclaimer: Data other than public 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.