Bears Were Strong, SHFE Lead Dropped 1.22% [SMM Lead Morning Brief]

Published: Aug 3, 2026 08:05

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SMM News, August 3:

Last Friday, LME lead opened at $1,895/mt, drifted lower and then stabilized in Asian trading hours; during European trading hours, it briefly touched a high of $1,899/mt before weakening, and near the close, dipped to a low of $1,875.5/mt, finally settling at $1,880.5/mt, down 0.69%.

Last Friday night, the most-traded SHFE lead 2609 contract opened at 15,550 yuan/mt, briefly touched a high of 15,565 yuan/mt at the beginning of the session before drifting lower, and near the close, dipped to a low of 15,360 yuan/mt, finally settling at the low of 15,360 yuan/mt, down 1.22%.

In August, lead consumption expectations showed no signs of improvement, with downstream enterprises cautious in procurement, and lead ingot inventory accumulation dragged lead prices into a subdued consolidation. However, increased maintenance and production cuts at primary and secondary lead smelters, along with supply tightening expectations, pushed lead spot discounts to narrow and provided strong support for lead prices.

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