Weekly Review of Lead Futures Prices (2026.3.2-2026.3.6) [SMM Weekly Lead Commentary]

SMM News, March 6:

This week, LME lead opened at around $1,962.0/mt. In early trading, amid a tug-of-war between longs and shorts, it saw wide swings around $1,966/mt, hitting a high of $1,981.5/mt. As overseas geopolitical risks intensified, base metals broadly fell during the European session, and the center of LME lead moved down to around $1,943.5/mt, once dipping to the weekly low of $1,927/mt. Sentiment then recovered, and lead prices fluctuated upward but struggled to rebound, failing to break through resistance. It weakened again toward the close and finally settled at $1,948.5/mt, down $11/mt from the start of the week, a decline of about 0.56%.

This week, the most-traded SHFE lead contract opened at around 16,805 yuan/mt. Boosted by geopolitical factors, broad gains in the base metals sector drove lead prices to strengthen amid fluctuations, reaching a high of 17,020 yuan/mt. Subsequently, affected by weak supply and demand in the spot market, prices lacked support and pulled back amid fluctuations, dipping to 16,710 yuan/mt. Mid-week, it fluctuated rangebound around the daily moving average. It rebounded slightly toward the close but remained at low levels overall, finally settling at around 16,775 yuan/mt, down about 65 yuan/mt WoW, a decline of about 0.39%.

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