SHFE Lead Extended Decline, Recording a Four-Day Losing Streak [Lead Futures Brief Review]

Published: Jan 28, 2026 15:30

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SMM January 28:

The most-traded SHFE lead 2603 contract opened at 17,015 yuan/mt. Early in the session, due to long position reductions and weak spot trading activity, SHFE lead fell to a low of 16,955 yuan/mt. It rebounded in the afternoon to a high of 17,080 yuan/mt. However, weighed down by sluggish spot trading towards the close, SHFE lead gave up all gains, finally settling at 16,915 yuan/mt, down 5 yuan/mt or 0.03%, marking a four-day losing streak.

Lead prices recently maintained a sideways movement at low levels, significantly impacting market sentiment. Suppliers of primary lead showed a strong willingness to sell, often proactively adjusting prices to accelerate capital turnover. The secondary lead market displayed a divergent trend: some smelters widened discounts under sales pressure to boost transactions, while others chose to hold back cargoes and adopt a wait-and-see approach. Affected by factors such as air pollution control, several large secondary lead smelters in east China halted production, with additional output cuts expected this week. Overall, the SHFE lead trend is likely to maintain a fluctuating pattern in the short term.

Data Source Statement: Except for publicly available information, other data are derived by SMM based on public information, market communication, and SMM's internal database model, for reference only and not as decision-making advice.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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