Smelter Maintenance and Production Resumptions Coexist, SHFE Lead Moves Sideways Amid Mixed Signals [Lead Futures Commentary]

SMM June 24 News:

The most-traded SHFE lead 2608 contract opened at 16,355 yuan/mt intraday. In the morning session, bulls exerted slight force, driving the price to briefly surge to an intraday high of 16,385 yuan/mt, then it fluctuated downward, dipping to 16,310 yuan/mt during the session before rebounding slightly to recover. Near the close, it pulled back again, finally settling at 16,330 yuan/mt, down 20 yuan/mt or 0.12%. Domestic smelters have both maintenance and production resumptions underway, and the raw material supply shortage remains difficult to resolve in the short term. Off-season consumption suppresses demand, but the market expects policy support in H2. Bullish and bearish forces offset each other, and lead prices are expected to mostly move sideways in the short term.

Data Source Statement: All data other than publicly available information are processed by SMM based on public data, market communication, and SMM’s internal database models, and are provided for reference only and do not constitute any decision-making advice.