SMM February 27 News:
The most-traded SHFE lead 2604 contract opened at 16,800 yuan/mt. With the pace of downstream resumption accelerating around the Lantern Festival, expectations for demand recovery strengthened, and market sentiment warmed up. After a brief dip, lead prices fluctuated upward, reaching a high of 16,850 yuan/mt, then consolidated sideways towards the end of the session, closing at 16,840 yuan/mt. It recorded a three-day winning streak, rising by 45 yuan/mt, or 0.27%. In the short term, the market is in a state of supply-demand contest, and it is expected that lead prices will continue to move sideways.
Data Source Statement: Apart from publicly available information, other data are derived from public information, market communication, and SMM's internal database model, processed by SMM for reference only and do not constitute decision-making advice.
![Macro Weakness and Divergent Domestic and Overseas Fundamentals: LME Lead Prices Expected to Continue Outperforming SHFE [SMM Weekly Lead Market Forecast]](https://imgqn.smm.cn/usercenter/TmYox20251217171721.jpeg)
![Lead Prices Fluctuated Downward During the Week, Downstream Cautious Amid Fear of Price Decline, Purchase Willingness Low [SMM Refined Lead Spot Market Weekly Review]](https://imgqn.smm.cn/usercenter/lIHfM20251217171721.jpeg)
![SMM Primary Lead Smelter Weekly Operating Rate (May 29, 2026 - June 4, 2026) [SMM Primary Lead Smelting Operating Rate Weekly Review]](https://imgqn.smm.cn/usercenter/mfCMp20251217171721.jpeg)