SHFE lead market closed for the National Day holiday, and trading resumes today [SMM Lead Morning Update]

Published: Oct 08, 2026 08:10 (GMT+8)

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SMM, October 8:

Overnight, LME lead opened at $1,874.5/mt, drifting lower to $1,866/mt during Asian trading hours. Entering European trading hours, LME lead drifted higher, reaching a high of $1,898.5/mt in late trading before closing at $1,891.5/mt, up 1.07%.

Last Wednesday, the most-traded SHFE lead 2611 contract closed at 16,180 yuan/mt, down 0.58%. The market was then closed for the National Day holiday and resumed trading today.

In the early post-holiday period, downstream enterprises are expected to mainly digest inventories and hold back on purchases. On the supply side, primary lead output is expected to grow, imported lead is gradually arriving, and expectations of lead ingot inventory buildup are rising, with lead prices expected to weaken. However, it is worth noting that smelter inventories and social inventories are at low bases, limiting room for post-holiday lead ingot inventory buildup. Attention should also be paid to the gap between SHFE lead open interest and spot inventories, which has widened the range of lead price fluctuations.

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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