Weak Macro Conditions and Mediocre Fundamentals; Lead Prices Remained Range-Bound [SMM Lead Morning Brief]

Published: Mar 6, 2026 09:01

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[SMM Lead Morning Update: Weak Macro Conditions and Mediocre Fundamentals; Lead Prices Remain Range-Bound] SMM, March 6: Overnight, LME lead opened at $1,960.5/mt. With bearish macro factors continuing to weigh on the market, LME lead fluctuated downward throughout the day......

SMM, March 6:

Overnight, LME lead opened at $1,960.5/mt. With macro bearish factors continuing to weigh, LME lead fluctuated downward throughout the day, giving back the previous day’s gains and overall remaining in a rangebound pattern. In the latter half of the session, it mostly traded at $1,938–1,948/mt, and finally closed at $1,943.5/mt, down 0.94%.

Overnight, the most-traded SHFE lead 2604 contract opened at 16,775 yuan/mt. After the open, SHFE lead was in the doldrums and gradually moved to around 16,700 yuan/mt. In the latter half of the session, bulls and bears were in a stalemate. SHFE lead finally closed at 16,715 yuan/mt, down 0.62%; its open interest stood at 59,341 lots, down 24 lots from the previous trading day.

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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