[SMM Lead Morning Meeting Summary: Lead Ingot Supply Side Expected to Tighten Further, Monitor Price Changes of Mainstream Brand Lead-acid Batteries]...On the supply side, there are currently no signs of further expansion in the production cuts and suspensions by secondary lead smelters. Attention should be paid to the impact of maintenance work on primary lead for delivery brands in the middle and late of the month on supply and lead prices. On the consumption side, mainstream lead-acid battery brands have recently announced plans to raise prices, while other lead-acid battery producers are adopting a wait-and-see attitude. If the market accepts the price hikes by mainstream brands, there is a possibility of a slight price increase in tandem...

[SMM Shanghai and Other 1# Lead Markets: Production Cuts in Secondary Lead Force Demand Toward Primary Lead, Regional Improvement in Spot Market Transactions] SMM June 11 Report: In the Shanghai market, Chihong and Honglu lead are priced at 16,800-16,850 yuan/mt, with quotes at a discount of 50-0 yuan/mt against the SHFE lead 2507 contract. SHFE lead remains consolidating at a high level, and with delivery approaching, some suppliers are waiting for delivery, with quotes at discounts unchanged from yesterday. However, there are differences in transactions for cargoes self-picked up from primary lead smelters...

SMM May 21: Overnight, LME lead opened at $1,965/mt, touching a low of $1,961.5/mt in the Asian session. As the US dollar index plunged, pressure on non-ferrous metals eased, and LME lead fluctuated upward in the European session, reaching a high of $1,994.5/mt before the close and eventually closing at $1,986.5/mt, up 1.12%. Overnight, the most-traded SHFE lead 2506 contract opened higher with a gap at 16,900 yuan/mt, touching a high of 16,935 yuan/mt in the early session. Due to concerns about the lead demand outlook, some short funds entered the market, causing SHFE lead to briefly dip to 16,830 yuan/mt. It slightly rebounded before the close, eventually closing at 16,905 yuan/mt, up 0.57%. As the consumption of downstream lead-acid batteries has yet to improve, trading activity in the spot lead ingot market remains sluggish. Lead ingots are generally being sold at parity or at a small discount, and downstream purchase willingness remains poor. Such market conditions are suppressing the production enthusiasm of smelters, especially as the operating rate of secondary lead has yet to show a significant recovery. Market expectations for the traditional peak season have declined, with short funds staying on the sidelines and some longs exiting the market. Despite the weak spot performance dragging down lead prices, attention should still be paid to the impact of macro sentiment on lead prices in the near term.

[SMM Morning Lead Meeting Summary: Weak Spot Performance Drags Down Lead Prices, Focus on the Impact of Macro Sentiment on Lead Prices] As the consumption of downstream lead-acid batteries has not yet improved, the trading activity in the spot lead ingot market remains sluggish. Lead ingots are generally shipped at parity or at a small discount, and downstream purchase willingness remains poor. Such market conditions have suppressed the production enthusiasm of smelters, especially as the operating rate of secondary lead has not yet shown a significant recovery...

[SMM Analysis: Tariff Incident Continues to Impact Non-Ferrous Metals; May Lead Ingot Consumption Capacity May Limit Its Imports] SMM reported on May 20: In April 2025, the global lead market was influenced by multiple factors, including the macroeconomic situation, trade policies, and the supply-demand relationship. According to customs data, in April 2025, China's refined lead exports reached 3,368 mt, up 19.09% MoM and 15.54% YoY. From January to April, the total exports of refined lead and lead products amounted to 22,286 mt, with a cumulative year-on-year increase of 7.88%. On the import side, in April, China's refined lead imports were 4,734 mt, and lead alloy imports were 8,576 mt. From January to April, the total imports of refined lead and lead products reached 47,207 mt, with a cumulative year-on-year increase of 207.89%.

On April 25 (Friday), the International Lead and Zinc Study Group (ILZSG) stated that the global markets for refined zinc and refined lead would face a supply surplus in 2025. The group estimated that global refined lead supply would exceed demand by 82,000 mt, while global refined zinc supply would exceed demand by 93,000 mt in 2025. ILZSG reported that global refined lead demand was expected to increase by 1.5% to 13.19 million mt in 2025. Global lead mine production was expected to increase by 2.3% to 4.62 million mt. Global refined lead production was expected to increase by 1.9% to 13.27 million mt, driven by increased production in China, India, Mexico, and the US. Global refined zinc demand was expected to increase by 1% to 13.64 million mt in 2025. Global refined zinc production was expected to increase by 1.8% to 13.73 million mt, benefiting from increased concentrate supply. ILZSG stated that zinc mine production had declined over the past three years due to planned and unforeseen mine closures, but production was expected to increase by 4.3% to 12.43 million mt in 2025.

【SMM Lead Futures Review】During the day, the most-traded SHFE lead 2505 contract opened at 17,635 yuan/mt. After opening, it fluctuated downward. In the afternoon, shorts reduced their positions, and SHFE lead rebounded to make up for losses, finally closing at 17,615 yuan/mt, up 0.48%, with an open interest of 58,096.

SMM Lead Morning Meeting Minutes: Supply Tightens vs. Off-Season Expectations, Short-Term Lead Prices May Continue to Fluctuate at High Levels. Trump is considering a "two-step" tariff plan. Before "April 2," the UK and India are considering reducing taxes on the US. From March to April, the lead-acid battery market is expected to enter the traditional consumption off-season, and the market generally holds concerns about subsequent lead demand. Meanwhile, provinces and cities continue to promote the trade-in policy for e-bikes and cars...

Understanding the factors influencing the price of lead is crucial for industries and investors alike. The unique properties and diverse applications of lead make it a vital component in various sectors. This article delves into the various elements that contribute to the fluctuating price of lead, from market demand to technological advancements.

LME lead prices rose in April and reached a high of $2,245/mt near the end of the month, a monthly increase of 7.83%. In China, due to the transition for the new national delivery standards for lead ingots, the market was concerned about insufficient supply for delivery.