Secondary Lead: Lead Prices Weaken as Downstream Adopts a Wait-and-See Approach [SMM Lead Midday Review]

SMM News, February 12:

Today, the SMM 1# lead average price dropped by 25 yuan/mt from the previous day to 16,925 yuan/mt. During the morning session, mainstream ex-factory quotations for secondary refined lead were at discounts of 100-0 yuan/mt against the SMM 1# lead price, with some sources quoted on par and deliverable within the park. Mainstream ex-factory quotations for refined lead excluding tax were at 15,900-16,000 yuan/mt. Today, downstream battery producers showed weak purchasing performance. As the SHFE lead 2502 contract delivery date approaches, the market holds bearish expectations for lead prices, leading to strong downstream wait-and-see sentiment and mediocre refined lead transactions.

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