Weekly Review of Lead Futures Prices (January 26–30, 2026) [SMM Lead Weekly Review]

SMM January 30:

This week, LME lead opened at $2,034/mt. At the beginning of the week, due to bears exiting the market and a weakening US dollar index, LME lead rose to a high of $2,067.5/mt; it then gradually pulled back and moved sideways in the range of $2,010-2,040/mt. In late trading, the US dollar index fell again, and SHFE lead followed with a slight increase. However, approaching the close, bulls exited the market, putting LME lead under pressure and causing it to fall below the $2,000 mark, hitting a low of $1,995/mt. As of 15:00 Beijing time on January 30, 2026, it finally closed at $2,009.5/mt, down $25.5/mt, a decrease of 1.25%.

This week, the most-traded SHFE lead 2603 contract opened at 17,170 yuan/mt. From the beginning of the week to mid-week, lead prices showed stable movement, mainly fluctuating within the range of 16,920-17,220 yuan/mt. In the late trading phase, driven by a broad rise in the nonferrous metals sector, SHFE lead moved unilaterally upward, once surging to a high of 17,370 yuan/mt, setting a new high in nearly half a month. Subsequently, due to mixed factors from bulls and bears in the spot market, lead prices came under pressure and pulled back, touching a low of 16,850 yuan/mt. It finally closed at 16,865 yuan/mt, down 230 yuan/mt, a decrease of 1.35%.

》Order to View SMM Metal Spot Historical Prices