SMM, October 14: As SHFE lead delivery approached, spot supply in Jiangsu, Zhejiang, and Shanghai was scarce. Some suppliers suspended quotations after selling out inventory, resulting in very few offers in the market. Ex-works supply from primary lead smelters was tight, with northern regions experiencing shipment queues. Mainstream production area quotations were at premiums of 0-150 yuan/mt against the SMM #1 lead average price. In the secondary lead sector, smelters maintained firm prices for shipments, with mainstream production area secondary refined lead quoted at a premium of 50 yuan/mt against the SMM #1 lead average price. Downstream enterprises generally turned cautious, with limited inquiries and sluggish spot market transactions; some regions saw prices without actual deals.
Today, the SMM #1 lead price rose by 150 yuan/mt from the last trading day before the holiday. Smelters in Henan continued to queue for shipments, with few supplier quotations. Spot order quotations were at premiums of 30-70 yuan/mt against the SHFE lead 2611 contract. Some smelters in Hunan sold at market levels, with spot order quotations at premiums of 30-50 yuan/mt against the SMM #1 lead average price, while traders quoted at discounts of 20-0 yuan/mt against the SHFE lead 2611 contract. Smelters in Jiangxi and Anhui quoted at premiums of 120-150 yuan/mt against SMM #1 lead, with some being pre-sales. Lead prices rose, but market supply remained limited, and suppliers offered few quotations. Those with spot cargoes actively sold, with premium quotations lowered from yesterday to expedite sales during high-price periods. Downstream enterprises primarily purchased through long-term contracts, and overall market transactions were weak.
Data source statement: All data other than public information are processed by SMM based on public sources, market communication, and SMM's internal database models, and are for reference only, not constituting any decision-making advice.
![SHFE lead 2611 contract nears rollover, moves downwards after a higher opening, giving back part of its gains [Lead Futures Brief Comment]](https://imgqn.smm.cn/usercenter/xVUpr20251217171722.jpg)
