The most-traded SHFE lead contract fluctuated rangebound during the day, with a % change of 0% [Lead Futures Brief Review].

SMM April 1, 2025 News

During the day, the most-traded SHFE lead 2505 contract opened at 17,405 yuan/mt, slightly rose after opening, and pulled back slightly at the end of the session, finally closing at 17,410 yuan/mt, with a % change of 0, and an open interest of 49,569. Recently, the lead market has shown weak supply and demand. Supply side, constrained by routine maintenance and difficulties in scrap recycling, the operating rates of both primary lead and secondary lead enterprises declined. Demand side, as the lead-acid battery industry entered the traditional off-season, downstream enterprises generally adopted cautious production strategies, with some enterprises implementing production cuts or entering the Qingming Festival holiday early. After surging last week, lead prices fluctuated and pulled back, leading to low purchase willingness among downstream enterprises, slowing long-term contract purchase pace, and a significant contraction in spot procurement volume. Affected by this, suppliers accelerated the transfer of in-plant inventory lead ingots to social warehouses, pushing social inventory to rebound to over 70,000 mt. In addition, as April began, market focus shifted to the delivery of the SHFE lead 2504 contract, and attention is still needed on the transfer of delivery brand goods to delivery warehouses. Overall, the recent lead price trend may maintain a fluctuating trend.

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