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.

[SMM Lead Morning Meeting Summary: Coexistence of Energy Supply Pressure and Lead Ingot Inventory Buildup May Lead to Continued Price Consolidation] The escalation of geopolitical tensions in the Middle East, obstruction of major shipping routes, and expectations for rising transportation costs are anticipated to increase pressure on Europe's energy supply. After the domestic holiday, the lead market has experienced severe inventory buildup...

[SMM Shanghai and Other 1# Lead Markets: Lead Prices Fall, Downstream Buyers Adopt Wait-and-See Approach, Spot Transactions Weaken] SMM News on June 18: In the Shanghai market, Chihong and Honglu lead were quoted at 16,780-16,860 yuan/mt, with quotations at discounts of 50-0 yuan/mt against the SHFE lead 2507 contract. SHFE lead prices fluctuated and pulled back, with suppliers maintaining discounted quotations. Among them, cargoes self-picked up from primary lead smelters were quoted at discounts of 30 yuan/mt to premiums of 50 yuan/mt against the SMM 1# lead average price...

[SMM Shanghai and Other #1 Lead Markets: Secondary Lead and Primary Lead Prices Inverted, Some Downstream Players Purchase on Dips as Needed] SMM May 30 Report: In the Shanghai market, Chihong and Honglu lead were priced at 16,535-16,565 yuan/mt, quoted at a discount of 20-0 yuan/mt against the SHFE lead 2506/2507 contracts. In the early trading session, SHFE lead prices plummeted, prompting suppliers to quote cautiously, with some narrowing their discounts...

[SMM Lead Morning Meeting Summary: Weak Consumption Before the Holiday Drags Down Lead Prices, Follow-Up Focus on Production Trends in the Ingot Sector] Trump Met with Powell, Their First Meeting Since November 2019, with Trump Demanding an Interest Rate Cut and Powell Insisting on Policy Independence. As the Traditional Dragon Boat Festival Holiday Approached, Suppliers Were Generally Active in Selling Their Cargoes, and the Spot Market Generally Conducted Transactions at a Discount. The Spread Between Futures and Spot Prices Widened to Around 200 Yuan/mt, Prompting Some Traders to Transfer Their Cargoes to Delivery Warehouses...

[SMM Shanghai and Other #1 Lead Markets: Lead Price Center Moves Lower, Some Suppliers Expand Discount for Sales] SMM May 28 Report: In the Shanghai market, Chihong and Honglu lead are priced at 16,700-16,760 yuan/mt, quoted at a discount of 20-0 yuan/mt against the SHFE lead 2506 contract. In the Jiangsu-Zhejiang region, JCC lead is priced at 16,700-16,760 yuan/mt, quoted at a discount of 30-0 yuan/mt against the 2506/2507 contracts. SHFE lead continues to be in the doldrums, with suppliers selling at market prices...

[SMM Shanghai and Other 1# Lead Markets: Price Center Moves Lower, Downstream Enterprises Purchase as Needed] SMM May 27 Report: In the Shanghai market, Chihong and Honglu lead are priced at 16,760-16,785 yuan/mt, quoted at a discount of 10-0 yuan/mt against the SHFE lead 2506 contract. In the Jiangsu-Zhejiang region, JCC lead is priced at 16,760-16,785 yuan/mt, quoted at a discount of 10-0 yuan/mt against the 2506 contract. The price center of SHFE lead has moved slightly lower, and there have been no significant changes in the discounts quoted by suppliers...

[SMM Shanghai and Other 1# Lead Markets: Lead Prices Consolidate, Downstream Enterprises Make Just-in-Time Procurement Only] SMM May 26 report: In the Shanghai market, Chihong and Honglu lead were quoted at 16,790-16,825 yuan/mt, with a discount of 20-0 yuan/mt against the SHFE lead 2506 contract. In the Jiangsu-Zhejiang region, JCC lead was quoted at 16,790-16,825 yuan/mt, with a discount of 20-0 yuan/mt against the 2506 contract. SHFE lead maintained a consolidation trend, with suppliers quoting prices in line with the market, and the discounts in quotes remained largely unchanged...

[SMM Lead Morning Meeting Summary: Lead Futures - Macro Boost vs. Off-Season Lead Prices] The off-season trend in lead consumption remains unchanged, coupled with export obstacles, resulting in limited demand for lead ingots from downstream enterprises. Consumption remains a drag on lead price movements. From mid-to-late May to June, there is an expected increase in routine spring maintenance for primary lead production, and secondary lead enterprises, facing expanding losses, also plan to cut production and conduct maintenance. This has led to expectations of tightening lead ingot supply, which may alleviate the bearish impact on lead prices from subsequent inventory buildup pressure and consumption gaps. The cost support from secondary refined lead is prominent, and in the short term, lead prices may continue to be in the doldrums...

【SMM Shanghai and Other #1 Lead Markets: SHFE Lead Consolidates at High Levels, Spot Market Generally Trades at Discounts】 SMM, April 22: In the Shanghai market, Chihong lead was quoted at 16,990-17,045 yuan/mt, with a premium of 50-80 yuan/mt against the SHFE lead 2505 contract. Jijin lead was quoted at 16,940-16,995 yuan/mt, with a premium of 0-30 yuan/mt against the SHFE lead 2505 contract. In the Jiangsu and Zhejiang regions, JCC lead was quoted at 16,940-16,995 yuan/mt, with a premium of 0-30 yuan/mt against the SHFE lead 2505 contract. SHFE lead showed a consolidation trend at high levels, with suppliers actively quoting and selling...