SMM, June 12: Overnight, the LME lead 3M contract opened at $1,960/mt. Initially, the price briefly fluctuated upward, hitting a high of $1,974/mt. Then the bulls' upward momentum faded and the price fluctuated downward. During the European session, it continued to fluctuate downward, hitting a low of $1,942/mt. At the end of the session, the price rebounded quickly, finally settling at $1,957.5/mt, forming a small bearish candlestick, down $5/mt, or 0.25%. Overnight, the SHFE lead 2607 contract opened lower with a gap at 16,135 yuan/mt. As bears entered, the SHFE lead price fluctuated downward from early to mid-session, hitting a low of 16,000 yuan/mt. Near the end of the session, it rebounded slightly and lifted, finally settling at 16,040 yuan/mt, forming a small bearish candlestick, down 180 yuan/mt, or 1.11%. Middle East geopolitical conflicts weakened overseas consumption and export expectations. LME lead inventories remained at multi-year highs, with ex-China lead prices under pressure, dragging on the Chinese market. Currently, downstream has entered the consumption off-season, battery enterprises are conducting half-year inventory checks, and later-stage procurement tends to contract, making it difficult for the demand side to lift prices. Supply side, some secondary lead smelters plan to cut production due to losses, while some primary lead smelters are in maintenance, coupled with production resumption expectations at some secondary lead smelters. Supply-side bullish and bearish factors are intertwined, and lead prices are expected to fluctuate in the near term.

Futures: Overnight, the LME lead 3M contract opened at $1,960/mt. In early trading, prices briefly fluctuated upward, reaching a high of $1,974/mt before bulls’ upward momentum faded and prices fluctuated downward. During the European session, the downward fluctuation continued, with prices touching a low of $1,942/mt. Near the close, prices rebounded quickly and settled at $1,957.5/mt, recording a small bearish candlestick, down $5/mt or 0.25%. Overnight, the most-traded SHFE lead 2607 contract opened lower with a gap at 16,135 yuan/mt. As bears entered the market, SHFE lead prices fluctuated downward from early to mid-session, touching a low of 16,000 yuan/mt. Near the close, prices rebounded slightly and settled at 16,040 yuan/mt, recording a small bearish candlestick, down 180 yuan/mt or 1.11%. On the macro front: Trump canceled planned strikes on Iran tonight; the US-Iran agreement has entered the final drafting stage and is expected to be signed in Europe this weekend. US media disclosed behind-the-scenes negotiations on the US-Iran deal: three major differences have narrowed under Qatar’s mediation. Iran’s Foreign Ministry stated that no final conclusion has been reached on the US-Iran agreement. US Treasury Secretary Bessent said the US would withdraw funds from Iran’s accounts to compensate Gulf states for losses if necessary. The European Central Bank raised its three key interest rates by 25 basis points as scheduled. The CME Group plans to launch round-the-clock crude oil and gold futures contracts. The State Administration for Market Regulation, together with the Cyberspace Administration of China and the National Railway Administration, held talks with seven third-party platforms involved in train ticket sales. “Ten-billion-yuan subsidies” are not truly 10 billion yuan—Taobao, JD.com, Pinduoduo, Douyin, and Xiaohongshu were summoned for talks. Kweichow Moutai Chairman Chen Hua stated the company has no plan for a stock split. Spot fundamentals: SHFE lead rebounded after stopping its decline, with suppliers selling at prevailing prices. Some quotes were at wider discounts than yesterday, and mainstream primary lead smelters offered ex-works at parity with the SMM #1 lead average price. For secondary lead, smelters’ selling sentiment improved relatively, but quotes remained scarce, with secondary refined lead offered at premiums of 0–25 yuan/mt over the SMM #1 lead price ex-works. Downstream enterprises mainly made just-in-time procurement, with some purchasing under long-term contracts or drawing on inventory; overall purchasing enthusiasm was moderate, and spot market transactions were sluggish. Inventories: As of June 11, LME lead inventories decreased by 575 mt to 306,650 mt. Total social inventories of SMM lead ingots across five regions increased by 700 mt to 65,400 mt. Lead price forecast for today: Geopolitical conflicts in the Middle East are weakening overseas consumption and export expectations. LME lead inventories remain at multi-year highs, and overseas lead prices are under pressure, dragging down the Chinese market. The downstream sector is entering the off-season, with battery enterprises conducting mid-year account settlements and stock takes; procurement is expected to contract going forward, making it difficult for the demand side to support higher prices. Supply side, some secondary lead smelters plan to cut production due to losses, while some primary lead smelters are in maintenance, combined with expectations for production resumptions at some secondary lead smelters, bullish and bearish factors are intertwined on the supply side, and lead prices are expected to show a volatile pattern in the short term.

SMM, June 10: The most-traded SHFE lead 2607 contract opened at 16,090 yuan/mt on the day. In early trading, SHFE lead prices moved sideways within 16,055-16,095 yuan/mt, dipping to a low of 16,055 yuan/mt. The price then fluctuated higher from mid-session to the close, ending at 16,130 yuan/mt, forming a bearish candlestick, down 40 yuan/mt, or 0.25%. Secondary lead smelters, weighed down by losses, chose to hold prices firm and delay shipments, while the cost of scrap battery raw materials provided bottom-level cost support. Overall end-use market consumption was sluggish; the recovery in consumption during the traditional peak season fell short of market expectations, and downstream enterprises took a conservative approach to procurement and stockpiling. With the Dragon Boat Festival holiday approaching, lead ingot procurement demand from battery plants remained sluggish, the pace of lead ingot inventory destocking was slow, inventory levels tended to stabilize, and the likelihood of inventory shifting into accumulation later on increased. Lead prices are expected to remain in the doldrums. Data source statement: Except for publicly available information, other data are based on public information, market communication, and SMM’s internal database models, and are processed by SMM. They are for reference only and do not constitute decision-making advice.

SMM, June 4: The most-traded SHFE lead 2607 contract opened at 16,500 yuan/mt during the session. The market was in the doldrums throughout the day, with prices persistently under pressure below the intraday moving average. Prices dipped to a low of 16,390 yuan/mt during the session before rebounding slightly near the close, ultimately settling at 16,435 yuan/mt, down 210 yuan/mt or 1.26% for the day, forming a bearish candlestick. Dragged down by the collective weakness across non-ferrous metals, SHFE lead futures were under pressure and trended weak during the session. Currently, both primary lead and secondary lead supply continued to increase, suppressing lead prices from the supply side. Coupled with sluggish recovery in end-use demand, SHFE lead prices were under pressure. However, scrap battery raw material costs provided bottom support, effectively limiting the room for deeper declines. In the short term, lead prices are expected to remain in the doldrums. Data source disclaimer: Data other than publicly available information was derived by SMM through processing based on public information, market communication, and SMM's internal database models. It is for reference only and does not constitute decision-making advice.

SMM May 29 News: During the day, the most-traded SHFE lead 2607 contract opened at 16,570 yuan/mt. At the beginning of the session, SHFE lead prices briefly moved higher, touching a high of 16,645 yuan/mt, before pulling back in a fluctuating manner. In the later part of the session, prices moved sideways within 16,520-16,540 yuan/mt, then rebounded slightly near the close, ultimately settling at 16,560 yuan/mt, down 35 yuan/mt or 0.21%. In June, secondary lead smelters in multiple regions including east China, north China, and south China showed increased intentions to resume production, with regional supply expected to rebound. Meanwhile, some primary lead enterprises in Henan and Hunan remained under maintenance, and combined with reduced arrivals of imported lead, regional lead ingot supply remained tight. Overall, bullish and bearish factors were intertwined on the supply side. Demand side, consumption in June was expected to recover compared to May, but the strength of recovery remained to be observed. In the short term, lead prices were expected to maintain a fluctuating trend. 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 news: The most-traded SHFE lead 2607 contract opened at 16,745 yuan/mt intraday. Prices fluctuated higher in early trading, touching a high of 16,810 yuan/mt, then moved sideways within the 16,770-16,810 yuan/mt range. During this period, the contract tested the 16,800 yuan/mt resistance level multiple times but failed to break through effectively. In the later session, it turned to fluctuate downward, probing a low of 16,705 yuan/mt. It rebounded slightly near the close, ultimately settling at 16,730 yuan/mt, down 25 yuan/mt or 0.15%. The lead-acid battery industry is currently in the 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; supply and demand outside China 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 25: During the session, the most-traded SHFE lead 2607 contract opened at 16,770 yuan/mt. SHFE lead prices fluctuated upward in early trading, touching a high of 16,820 yuan/mt, before pulling back under pressure mid-session, dipping to a low of 16,705 yuan/mt, then moving sideways within the 16,715-16,745 yuan/mt range. Prices rebounded slightly near the close but with limited gains, ultimately settling at 16,755 yuan/mt, marking a four-day winning streak, up 20 yuan/mt or 0.12%. Currently, imported lead supplies have shrunk and domestic lead ingot inventory has pulled back, providing fundamental support for lead prices. However, multiple secondary lead enterprises resumed production in late May, with market supply becoming looser MoM from early May, exerting bearish pressure on prices. Overall, lead prices are expected to maintain a fluctuating trend with limited upside momentum. Data source disclaimer: Data other than publicly available information is derived from publicly available information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.

SMM, May 22: The most-traded SHFE lead 2607 contract opened at 16,700 yuan/mt. During the session, SHFE lead prices fluctuated at highs within a narrow range around the daily moving average, touching a high of 16,770 yuan/mt in the later session, recording a three-day winning streak, up 90 yuan/mt, a gain of 0.54%. This week, regional inventory performance diverged. Smelters in east China delayed shipments and retained stock due to weakening lead prices, while finished product inventories in other regions edged down, and overall industry inventory increased slightly. After delivery completion, lead ingot social inventory pulled back slowly, with a weak degree of destocking. As multiple smelters resumed production, secondary lead output edged up, constraining price increases. On the capital front, bears reducing positions drove the market to recover, and lead prices were expected to move sideways in the short term with a fluctuating trend. 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.

Futures: Overnight, LME lead opened at $1,962/mt. During the Asian session, LME lead prices moved sideways within the $1,961-1,965/mt range before edging higher. Entering the European session, LME lead prices briefly dipped before rising on fund-driven momentum, touching a high of $1,981/mt. Prices pulled back slightly toward the end of the session, ultimately closing at $1,977.5/mt, posting a bullish candlestick with a gain of $16/mt, or 0.82%. Overnight, the most-traded SHFE lead 2606 contract opened at 16,506 yuan/mt. After the open, it dipped slightly, touching a low of 16,525 yuan/mt, before fluctuating upward driven by a broad rally across non-ferrous metals, reaching a high of 16,640 yuan/mt. It ultimately closed at 16,630 yuan/mt, posting a bullish candlestick with a gain of 90 yuan/mt, or 0.54%. On the macro front: Trump said US-Iran negotiations had entered the final stage. Foreign media reported that Trump insisted on a diplomatic solution to the Iran issue, while Netanyahu strongly opposed it. NVIDIA's Q1 revenue and Q2 outlook both exceeded expectations, yet US stocks remained flat in after-hours trading. Foreign media reported that OpenAI would submit its IPO filing as early as Friday. SpaceX officially submitted its IPO filing, with Q1 revenue of $4.7 billion. The Ministry of Commerce stated that both China and the US agreed in principle to discuss a framework arrangement for reciprocal tariff reductions on products of equivalent scale under the Trade Council. The Ministry of Finance reported that securities transaction stamp tax in the first four months was up 74.8% YoY. Spot fundamentals: Yesterday, the SHFE lead price center shifted lower again, approaching previous lows. Suppliers became less willing to ship, with fewer offers, and some suppliers narrowed their discount quotes. Secondary lead smelters shipped along with the market, with secondary refined lead quoted at a premium of 0-50 yuan/mt over SMM #1 lead on an ex-factory basis. Apart from lead smelters with consumption location advantages that had rigid demand transactions, trades at premiums were difficult. Downstream enterprises showed strong wait-and-see sentiment, with some having already made purchases yesterday. Inquiries decreased today, and spot market transactions were moderate. Inventory: On May 20, LME lead inventory increased by 22,275 mt to 286,475 mt. On May 18, SMM social inventory of lead ingots across five regions pulled back WoW. Lead price forecast for today: Overnight, the broad rally across the non-ferrous metals sector drove SHFE lead higher. In late May, lead prices fell to low levels, spot trades in the market recovered, and smelter and social inventory continued to decline, serving as the main support for lead prices to stop falling. However, secondary lead enterprises gradually resumed production, limiting the overall destocking pace, and the upside for lead prices will also be constrained by the pace of production resumptions. Currently, the off-season pattern in the lead market remains unchanged, with downstream lead-acid battery enterprises generally maintaining production cuts. Lead prices are expected to maintain a fluctuating trend in the short term.

SMM, May 20: During the session, the most-traded SHFE lead 2606 contract opened at 16,430 yuan/mt. In early trading, SHFE lead prices moved sideways within the range of 16,395-16,430 yuan/mt, then dipped slightly during mid-session to a low of 16,370 yuan/mt. Prices subsequently fluctuated upward, touching a high of 16,540 yuan/mt near the close, and ultimately settled at 16,530 yuan/mt, posting a small bullish candlestick with a gain of 40 yuan/mt, or 0.24%. Fundamentals side, the momentum of lead ingot social inventory buildup gradually slowed down after the delivery date, and overall operating rates at secondary lead producers remained low, providing some fundamental support. However, bearish factors were also prominent at this stage, as end-use demand recovery at downstream end-users remained sluggish with an overall subdued procurement atmosphere. Additionally, major smelters successively lowered their scrap battery purchase prices, weakening raw material cost support for lead prices and further suppressing upside room. Considering multiple market factors, the current tug-of-war between longs and shorts was relatively balanced, and lead prices are expected to maintain a slightly weak consolidation trend in the short term. 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.