Delivery of SHFE Lead 2602 Contract, Lead Ingot Inventory Buildup Weighs on Lead Prices [Lead Futures Brief Review]

Published: Feb 24, 2026 16:34

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SMM February 24 News:

During the day, the SHFE lead current month 2602 contract closed at 16,795 yuan/mt, with a settlement price of 16,665 yuan/mt, open interest of 5,660 lots, delivery volume of 28,300 mt, and warrant inventory of 58,377 mt. The SHFE lead 2602 contract achieved a smooth delivery.

During the day, the most-traded SHFE lead 2604 contract opened at 16,855 yuan/mt, briefly touched a high of 16,980 yuan/mt in early trading before falling to a low of 16,620 yuan/mt. Due to significant inventory accumulation in lead prices both domestically and overseas, coupled with mediocre procurement and sales sentiment in the domestic lead ingot market after the holiday, lead prices were under pressure. It finally closed at 16,670 yuan/mt, down 30 yuan/mt, a decrease of 0.18%, recording a small bearish candlestick. Overnight, focus will be on changes in market sentiment impacting nonferrous metal price trends against the backdrop of US Fed interest rate cuts and escalating geopolitical risks.

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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