Lead Futures Both Close Higher Overnight, Boosted by Broad Gains in Nonferrous Metals [SMM Lead Morning Brief]

Published: Aug 5, 2026 08:06

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SMM August 5 News:

Overnight, LME lead opened at a low of $1,869/mt, then rose along with a broad rally in nonferrous metals, touched a high of $1,898/mt in the European session, and finally closed at $1,890/mt, up 1.23%.

Overnight, the most-traded SHFE lead 2609 contract opened higher with a gap at yuan 15,520/mt, dipped slightly to a low of yuan 15,490/mt in early trading, then drifted higher, with bears reducing positions, the contract touched a high of yuan 15,630/mt in late trading, and finally closed at yuan 15,605/mt, up 1.04%.

Currently, risks from geopolitical conflicts outside China persist, there are no expectations for a recovery in lead consumption in the Middle East, while lead consumption in Southeast Asia is steadily picking up, with spot premiums rising, which will support the upward shift of the lead price center to some extent. In China's spot market, downstream enterprises' inquiry sentiment improved, and spot order trading volume increased; combined with maintenance and production cut expectations at some smelters, bullish sentiment strengthened, and the lead price briefly stopped falling.

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