[SMM Lead Morning Meeting Summary: Festive Atmosphere Prevails, Spot Market Trading Remains Muted]
Macro side, the US dollar index consolidates at high levels, with traders continuing to price in the possibility of fewer US Fed interest rate cuts in 2025. Fundamentals side, pre-holiday trading volumes shrink, lead ingot supply remains locally tight, and smelters maintain premiums and are reluctant to sell. After the New Year's holiday, year-end account settlement and inventory checks conclude, and dealers gradually fulfill their pre-Chinese New Year purchasing plans.
