LME Lead Inventory Declined, Overnight LME Lead Edged Higher [SMM Lead Morning Briefing]

Published: Jun 16, 2026 08:45

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SMM June 16 news:

Overnight, LME lead opened at a low of $1,965/mt and fluctuated upward during the Asian session. After entering the European session, due to a decline in LME lead inventory, it touched a high of $1,981/mt, then gave back some gains toward the close, and finally closed at $1,968.5/mt, up 0.08%.

Overnight, the most-traded SHFE lead 2607 contract opened at 16,240 yuan/mt, briefly touched a low of 16,210 yuan/mt early in the session, then edged up to touch a high of 16,315 yuan/mt, and finally closed at 16,265 yuan/mt, up 0.15%.

Last week, lead prices declined, and downstream buying interest on dips picked up. Influenced by secondary lead smelters holding back from selling and their relatively high quotes, purchasing demand shifted significantly to EXW cargoes from primary lead smelters, and currently, smelters in Henan are still shipping goods based on order schedules. Yesterday, the SHFE lead 2606 contract was settled, with suppliers concentrating shipments to delivery warehouses, and social inventory increased as expected. At present, both primary and secondary lead enterprises face maintenance and raw material shortages, and supply remains tight with uncertainties. SMM believes that after the delivery is completed, the pressure of lead ingot inventory buildup will gradually ease, and the upward resistance to lead prices is expected to weaken.

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