[SMM Lead Morning Meeting Summary: Overnight Lead Futures Continued to Fluctuate Downward, Spot Market Transactions Shrink as Year-End Approaches]
Macro side, the US dollar index remained range-bound, with traders continuing to price in the possibility of fewer US Fed interest rate cuts in 2025. Fundamentals side, the impact of environmental protection-driven production restrictions has eased, and secondary lead smelting enterprises are gradually planning to resume production. However, environmental protection impacts persist in Hunan, with only a few primary lead smelters expected to resume after New Year's Day, keeping lead ingot supply limited.



