[SMM Tin Morning Brief: The most-traded SHFE tin contract regained the 410,000 mark, spot market trading was sluggish.]

SMM, June 15: Last Friday, LME lead opened at $1,953/mt, swung wildly during the Asian session, hitting a low of $1,947.5/mt; after entering the European session, LME lead fluctuated upward, touched a high of $1,968.5/mt near the close, and finally settled at $1,967/mt, up 0.49%. Last Friday evening, the most-traded SHFE lead 2607 contract opened at 16,055 yuan/mt, briefly touched a low of 16,035 yuan/mt at the start of the session, then moved sideways, touched a high of 16,125 yuan/mt near the close, and finally settled at 16,100 yuan/mt, up 0.28%. Demand side, production at lead-acid battery enterprises was relatively stable; after lead prices fell, downstream enterprises bought the dip on demand; and, considering the potential mid-year book closing and inventory check in late June, some downstream enterprises bought in advance. Supply side, production at primary and secondary lead enterprises saw both increases and decreases, and supply differences are expected to be relatively small. In-factory inventories at both declined, easing smelters' shipment pressure. In particular, secondary lead smelters, suffering severe losses, showed limited willingness to sell. Spot lead is expected to continue selling at a small premium (over SMM #1 lead). If SHFE lead falls again, the possibility of spot lead trading above futures cannot be ruled out.

SMM, June 10 – Overnight, the LME lead 3M contract opened at $1,991/mt. During the Asian session, the price edged down slightly then fluctuated and recovered. In the European session, it touched a high of $2,001.5/mt. After hitting the high, selling pressure from above was released, and the market quickly turned downward. During the session, it dipped to $1,975/mt. At the close, the price underwent a slight correction and finally settled at $1,981/mt, down $7.5/mt, a decline of 0.38%. Overnight, the SHFE lead 2607 contract opened at 16,190 yuan/mt. Initially after opening, the price slightly corrected. Then, short-term buying pushed the price slightly higher, reaching a high of 16,195 yuan/mt for this session. After the high, bulls lacked momentum to sustain, bears gradually took control, and the futures fluctuated downward. The price declined step by step, touching a low of 16,075 yuan/mt, and finally settled at 16,095 yuan/mt, recording a five-day losing streak, down 75 yuan/mt, a decline of 0.46%. Demand side, end-use consumption is weak, the peak season recovery has fallen short of expectations, and downstream stockpiling is cautious. Lead ingot inventory side, destocking is weak, inventories are gradually stabilizing, and expectations of inventory buildup are rising. Sentiment side, the most-traded SHFE lead contract has recorded a five-day losing streak, short positions are gradually increasing, and bearish sentiment is dominating in the short term. However, amid the sustained decline in lead prices, secondary lead smelters are holding prices firm and holding back from selling due to losses, coupled with cost support from scrap batteries below, providing some phased support to limit the downside room for lead prices.

SMM, June 9 – Overnight, the LME lead 3M contract opened at $1,991/mt, briefly rallied to $1,992/mt (highest price) during the Asian session, then came under pressure and pulled back. In the European session, prices staged a modest recovery but faced notable resistance, fluctuating downward again to a low of $1,987.5/mt before closing at $1,988/mt, edging down $0.5/mt, or 0.03%, from the previous trading day. Overnight, the most-traded SHFE lead 2607 contract opened at 16,300 yuan/mt, then fluctuated downward under pressure, falling to a low of 16,155 yuan/mt. It subsequently rebounded slightly and moved sideways in a range of 16,170-16,205 yuan/mt, eventually closing at 16,180 yuan/mt, posting a four-day losing streak, down 160 yuan/mt, or 0.98%. Recently, the operating rate at secondary lead smelters has rebounded, and as primary lead producers resume production after maintenance, the supply of lead ingots has continued to expand, with June production expected to turn from a decline to an increase. However, the downstream lead-acid battery market is in its traditional off-season, with enterprises mainly making just-in-time procurement, and consumption remains sluggish. Meanwhile, as the delivery date approaches, invisible inventory is shifting to visible inventory, making inventory buildup pressure more evident. From the cost side, against the backdrop of weakening lead prices, secondary lead enterprises have proactively lowered their procurement prices for scrap batteries, weakening the level of support somewhat. Still, scrap battery raw materials provide a floor of support, and together with smelters’ strong reluctance to sell at low prices amid expanding secondary lead losses, this continues to offer a degree of underpinning for lead prices, limiting room for deep price declines.

[SMM Tin Morning Brief: The most-traded SHFE tin contract traded sideways around the 400,000 mark during the night session, with moderate trading sentiment in the spot market]

[SMM Tin Morning Brief: The most-traded SHFE tin contract maintains a downward trend in the night session, and the spot market has essentially come to a standstill]

[SMM Tin Morning News: The most-traded SHFE tin contract consolidated at highs during the night session; spot market transactions recovered slightly]

[SMM Tin Morning News: The Most-Traded SHFE Tin Contract Maintained a Fluctuating Trend Around the 400,000 Mark in the Night Session, with Downstream Enterprises Mostly Digesting Inventories for Operations]

[SMM Tin Morning Brief: Macro Sentiment and Spot Trades in a Tug-of-War; Tin Prices Retreat After Rapid Rise and Enter Consolidation]

SMM News on March 9: Last Friday, LME lead opened at $1,945/mt and fluctuated upward during the Asian session. Entering the European session, it continued to rise and hit a high of $1,955/mt before weakening and dipping to $1,937/mt. Before the close, it recovered part of the losses and finally closed at $1,946/mt, up $2.5/mt, a gain of 0.13%. Last Friday night, the most-traded SHFE lead contract opened at 16,780 yuan/mt. Early in the session, it rose to a high of 16,815 yuan/mt before turning lower and weakening. After touching 16,730 yuan/mt at the low, it rebounded to near the intraday moving average and moved sideways in consolidation, finally closing at 16,765 yuan/mt, up 0 yuan/mt from the previous day’s settlement price, with a % change of 0%.