Downstream battery producers customarily stock up before the holiday, improving spot transactions and boosting SHFE lead to rebound slightly. [Lead Futures Brief Review]

SMM, January 6, 2025

— During the day, the most-traded SHFE lead 2502 contract opened at 16,715 yuan/mt. It coincided with the customary stockpiling phase by downstream battery producers ahead of the Chinese New Year. During the morning session, spot lead ingot transactions improved, boosting lead prices to an intraday high of 16,820 yuan/mt. Prices pulled back slightly by the close, settling at 16,730 yuan/mt, up 0.03%, with an open interest of 47,338 lots. Social inventories of lead ingots remained at a historically medium-to-low level. Attention should be paid to the impact of downstream enterprises' stockpiling efforts on lead price trends in the near term.

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