SMM Shanghai and other No.1 lead markets: Lead prices fall, downstream players adopt a wait-and-see attitude and make cautious purchases, spot cargo transactions weaken [SMM Midday Review]

        SMM News on June 18: In the Shanghai market, Chihong and Honglu lead were quoted at 16,780-16,860 yuan/mt, with quotations at discounts of 50-0 yuan/mt against the SHFE lead 2507 contract. SHFE lead prices fluctuated and pulled back, with suppliers maintaining discounted quotations. Among them, quotations for primary lead cargoes self-picked up from production sites were at discounts of 30 yuan/mt to premiums of 50 yuan/mt against the SMM 1# lead average price. Secondary lead enterprises, however, showed reluctance to sell at low prices, with limited quotations. Secondary refined lead quotations were at discounts of 75-0 yuan/mt against the SMM 1# lead average price, with some at premiums of 25-75 yuan/mt. As lead prices pulled back, downstream enterprises exhibited strong wait-and-see sentiment, with reduced inquiry enthusiasm compared to the previous day. Only some made just-in-time procurement, and spot market transactions turned sluggish.

        Other markets: Today, the SMM 1# lead price fell by 25 yuan/mt from the previous trading day. Smelters in Henan province quoted ex-works at discounts of 30-0 yuan/mt against the SMM 1# lead price, while traders quoted ex-works at discounts of 180-140 yuan/mt against the SHFE lead 2507 contract. Smelters in Hunan province quoted ex-works at premiums of 0-30 yuan/mt against the SMM 1# lead price, while traders quoted ex-works at discounts of 50-0 yuan/mt against the SMM 1# lead price or at discounts of 200-180 yuan/mt against the SHFE lead 2507 contract. Suppliers in Jiangxi province quoted ex-works at premiums of 50-100 yuan/mt against the SMM 1# lead price. As SHFE lead prices weakened during the day, downstream enterprises adopted a cautious wait-and-see approach. Some suppliers slightly expanded their discounts to sell off, and overall spot market transactions remained sluggish.