**Lead Market Shifts Focus Back to Fundamentals as Macroeconomic Impacts Diminish**

**SMM Lead Morning Meeting Minutes: Macroeconomic Impacts Fade, Lead Market Trading Logic Returns to Fundamentals**

The National People's Congress Standing Committee has approved an increase in the local government debt limit by RMB 6 trillion to replace existing implicit debts. On the fundamentals front, recent social inventory of lead ingots has risen, while lead smelter inventories have declined, resulting in a reduction of market supply. Primary lead and secondary lead are mostly traded at a premium...