SMM, June 15 –
The most-traded SHFE lead 2607 contract opened at 16,115 yuan/mt intraday, fluctuating upward initially to hit a high of 16,290 yuan/mt. Prices moved sideways in a range of 16,230-16,285 yuan/mt during midday, and futures pulled back slightly in the afternoon, trading at 16,210-16,255 yuan/mt, before closing at 16,240 yuan/mt, up 185 yuan/mt or 1.15% from the previous trading day. The US and Iran reached a peace agreement, the Strait of Hormuz reopened for navigation, and the easing of geopolitical risks drove non-ferrous metals higher across the board today. Supply side, domestic primary and secondary lead enterprises saw mixed production changes, with the overall supply landscape relatively unchanged. Inventory side, LME lead inventory and SMM social inventory across five regions continued their pullback trend, though the destocking pace remained slow. Despite higher lead prices intraday, downstream end-use consumption remained weak, market wait-and-see sentiment increased, and enterprises' inquiry and purchase willingness was generally low. Overall, short-term lead prices are expected to maintain a fluctuating trend.
Intraday, the SHFE lead 2606 contract closed at 16,190 yuan/mt, with a settlement price of 16,130 yuan/mt, open interest of 4,360 lots, delivery volume of 21,800 mt, and warrant inventory of 63,201 mt, achieving a smooth delivery.
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