[SMM Lead Morning Meeting Minutes: Supply-Side Contraction Eases Inventory Buildup Pressure, Lead Prices Expected to Maintain Consolidation Trend] PBOC: Keep the RMB exchange rate basically stable at a reasonable and balanced level. Recently, primary lead and secondary lead enterprises in some regions have undergone maintenance or production cuts, leading to regional supply tightening...

SMM August 10 News: Futures side, the most-traded SHFE lead 2609 contract opened and consolidated on a strong note during the day, breaking above the recent consolidation range. Bears closing positions pushed the price center higher, and it held up well near the close. The high was 15,890 yuan/mt, and it finally settled at 15,870 yuan/mt, up 140 yuan/mt from the previous trading day's closing price of 15,730 yuan/mt, a gain of 0.89%. Intraday trading volume was 60,214 lots, and open interest decreased by 4,006 lots to 60,186 lots. Overall, the most-traded SHFE lead 2609 contract formed small bullish candlesticks on the daily chart for two consecutive days, indicating some short-term strength in futures. However, spot market follow-through was relatively limited, with suppliers actively selling and downstream users cautious and wait-and-see due to high prices. Supply-side tightness in some cargoes and secondary lead cost side provided some support, while insufficient procurement volume on the demand side limited further upside room for prices. Lead prices may continue to consolidate on a strong note in the near term, with attention on inventory changes before delivery, downstream acceptance of higher prices, and the recovery of secondary lead supply.

[Waste Lead-Acid Battery Market Dynamics] Intraday lead prices drifted higher, and sentiment of holding back from selling among waste lead-acid battery recyclers intensified. Some secondary lead smelters plan to raise scrap battery purchase prices to ensure raw material arrivals. It is reported that a company in east China has raised its water battery price by 20 yuan/mt, while its EV battery price remains unchanged, effective tomorrow.

SMM August 10: Today, most market participants suggested keeping online prices stable. Mainstream spot order sources were offered at discounts of 25-50 yuan/mt to the SMM #1 lead average price, and shipments still faced pressure. Downstream purchases were based on demand, with limited willingness to proactively purchase, and overall trading performance was average. Today, the SMM secondary refined lead average price was reported at 15,550 yuan/mt, at a discount of 25 yuan/mt to the SMM #1 lead average price. The supplier selling sentiment was 1.07, and today's secondary refined lead purchasing sentiment was 1.21 (historical data can be accessed in the database).

SMM August 10 News: Scrap battery side, market quotations remained stable overall today. SHFE lead performed relatively strong in the morning, with the price center moving up during the session, which boosted market confidence to a certain extent, but secondary lead smelters remained cautious in adjusting prices. Currently, last week's purchase orders have not yet been fully delivered, and some smelters indicated they are not in a hurry to raise scrap battery purchase prices for the time being, in order to avoid situations where recyclers renege on orders or supply sources are switched after the transition between old and new quotations. The pace of purchasing and selling among traders remained stable overall, with operations still focused on quick buying and selling. However, as lead prices stabilized and expectations for price hikes heated up, the wait-and-see sentiment among some market participants strengthened. If lead prices and supply and demand remain stable this week, some smelters may see a slight increase in their scrap battery purchase quotations in the latter half of the week.

[SMM Lead Morning Meeting Summary: Delivery-Driven Inventory Buildup Puts Pressure on Short-Term Lead Prices, Which Will Consolidate on a Subdued Note] According to US media: Trump has delayed military action against Iran, saying he is "handling the Iran issue quietly." Recently, social inventory of lead ingots has been accumulating, which is a normal phenomenon before the delivery of SHFE lead...