SMM May 28 News: During the session, the most-traded SHFE lead 2607 contract opened at 16,594 yuan/mt, fluctuated downward throughout the day with the price center continuously shifting lower, dipping to a low of 16,490 yuan/mt in the later part of the session, before moving sideways within the 16,500-16,530 yuan/mt range, and finally closed at 16,505 yuan/mt, posting a bearish candlestick with no lower shadow, down 165 yuan/mt or 0.99%. This week, some smelters in North China and South China ended shutdowns and resumed production, and the operating rate of secondary lead smelters rebounded. Affected by weak downstream purchasing enthusiasm, finished product inventories at secondary lead smelters saw a slight inventory buildup this week, exerting some pressure on lead prices. In June, the pace of production resumptions at secondary lead smelters will accelerate, and it is necessary to continuously track the progress of production resumptions and the impact of production release on lead prices. Data source statement: 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.

SMM May 28: Overnight, LME lead opened at $2,016/mt, rising first then falling during the Asian session with a high of $2,021/mt. It then fluctuated downward after entering the European session, dipping to $2,000/mt near the close, and finally settled at $2,001/mt, down 0.72%. Overnight, the most-traded SHFE lead 2607 contract opened lower with a gap at 16,690 yuan/mt, briefly touching a high of 16,710 yuan/mt at the start of the session. After bulls reduced positions, it fluctuated downward to a low of 16,580 yuan/mt, and finally settled at 16,615 yuan/mt, down 0.69%. End-use demand for lead-acid batteries weakened, with retail stores seeing new battery inventory buildup and low scrap battery recycling volumes. Sales promotions were frequent in the market, and manufacturers' willingness to purchase lead ingots remained subdued. Additionally, multiple secondary lead enterprises plan to resume production after maintenance ends in early to mid-June, concentrating short-term bearish factors on lead prices. Subsequent focus should be on scrap battery supply and its impact on enterprises' production resumption progress. 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 $2,016/mt, rising first then falling during the Asian session with a high of $2,021/mt. It then fluctuated downward during the European session, dipping to $2,000/mt near the close, and finally settled at $2,001/mt, down 0.72%. Overnight, the most-traded SHFE lead 2607 contract opened lower with a gap at 16,690 yuan/mt, briefly touching a high of 16,710 yuan/mt early in the session. After bulls reduced positions, it fluctuated downward to a low of 16,580 yuan/mt, and finally settled at 16,615 yuan/mt, down 0.69%. On the macro front: Samsung's union approved a wage agreement, averting strike risks. Reports indicated that TSMC will raise 3nm prices by 15% in H2, with a potential further 10% increase next year. The Reserve Bank of New Zealand kept interest rates unchanged for the third consecutive time, signaling that earlier and larger rate hikes may be needed. EU sources: EU member state governments have approved legislation to implement tariff reductions on US goods imports. China's State Administration for Market Regulation deployed local market regulators to carry out a special campaign on credit-empowered rectification of "involution" competition, May-December. ChangXin Technology's STAR Market IPO was approved by the listing committee. HKEX: launched a full-market trading fee waiver for gold futures. NBS: From January to April, total profits of China's above-scale industrial enterprises reached 2,435.84 billion yuan, up 18.2% YoY. From January to April, rapid development of semiconductor-related industries drove profit growth in electronic specialty materials manufacturing, optical fiber manufacturing, and optoelectronic device manufacturing by 601.7%, 347.6%, and 51.0%, respectively. : Circulating cargoes in the Jiangsu, Zhejiang, Shanghai market were limited, with few quotations from suppliers. SHFE lead continued to hold up well yesterday, and suppliers showed moderate willingness to ship, though mainly cargoes self-picked up from production site of primary lead smelters, with relatively firm quotations. Secondary lead smelters shipped along with the market, with some quotations turning to discounts. Secondary refined lead was quoted at premiums of -25~0 yuan/mt against SMM #1 lead, while a few regions quoted at premiums of +50 yuan/mt. As lead prices rebounded, downstream enterprises were cautious about purchasing at high prices, with some enterprises negotiating more. Only cargoes at large discounts (against the most-traded SHFE lead contract) saw transactions. On the inventory front: On May 27, LME lead inventory decreased by 1,350 mt to 284,350 mt. As of May 25, total SMM lead ingot social inventory across five locations decreased by 3,200 mt compared with May 18. Lead price forecast for today: End-use demand for lead-acid batteries weakened, with new battery inventory accumulating at stores and scrap battery recycling volume remaining low. Frequent market sales promotions have dampened manufacturers' willingness to purchase lead ingots. Coupled with several secondary lead enterprises planning to resume production after maintenance in early-to-mid June, factors pressuring lead prices have converged in the short term. Going forward, focus should be placed on scrap battery supply and its impact on the pace of enterprise production resumptions. Data source disclaimer: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and SMM's internal database models. The data are for reference only and do not constitute decision-making advice.

SMM May 27 News: The most-traded SHFE lead 2607 contract opened at 16,670 yuan/mt intraday. Prices fluctuated higher in early trading, reaching a high of 16,745 yuan/mt, then moved sideways in the 16,710-16,740 yuan/mt range, touching the 16,740 yuan/mt resistance level multiple times without an effective breakout. In the later session, prices turned to fluctuate downward, hitting a low of 16,640 yuan/mt, before rebounding slightly near the close, ultimately settling at 16,670 yuan/mt, down 45 yuan/mt or 0.27%. The lead-acid battery industry is currently in its traditional off-season, with weak downstream demand. Combined with the rebound in lead prices, battery manufacturers remained cautious in procurement. Supply side, domestic primary and secondary lead production rebounded slightly; outside China, supply and demand diverged, with tight supply of high-grade lead ingots in Southeast Asia, while Australian smelters gradually ramped up production. With bullish and bearish factors intertwined, SHFE lead prices are expected to fluctuate at highs in the short term. Data source statement: 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.

SMM May 27: Dealers in Shandong reported that replacement demand in the e-bike lead-acid battery market remained sluggish, with poor battery sales. Current battery inventories exceeded one month. The battery wholesale market had a strong clearance atmosphere, with the main model 48V20Ah quoted at 400 yuan/set. Dealers in Shanxi reported that the off-season trend in the e-bike market intensified. Multiple brands in the battery wholesale market successively implemented sales promotions on batteries, with the main model 48V12Ah dropping to 275 yuan/set. Manufacturers in Zhejiang reported that consumption in the e-bike lead-acid battery market was weak. Dealers were cautious in purchasing, and finished product inventories stayed high. The current factory operating rate was maintained at around 80%. In addition, lead prices pulled back today, and they purchased lead ingots as needed.

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.

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.