SHFE Lead Moved Sideways Intraday Before Closing Lower, Weak Demand Suppressed Upside Room [Lead Futures Brief Review]

Published: May 14, 2026 17:28

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SMM, May 14:

The most-traded SHFE lead 2026 contract opened at 16,635 yuan/mt during the session. After the opening, SHFE lead prices moved sideways within the range of 16,580-16,625 yuan/mt. In the afternoon, driven by gains on LME, lead prices edged up, touching a high of 16,675 yuan/mt. However, dragged down by continued social inventory buildup in China and weak downstream consumption, prices subsequently pulled back slightly, ultimately closing at 16,590 yuan/mt, posting a bearish candlestick with a decline of 25 yuan/mt, or 0.15%. With lead ingot inventory outside China continuing destocking and spot cargo in Southeast Asia remaining persistently tight, LME lead is expected to hold up well overall. Although spot lead prices in China received some support from the strengthening of LME lead, the upward momentum in prices remained relatively limited due to overall weak end-use demand. SMM expects SHFE lead prices to remain in the doldrums in the short term.

Data source statement: Data other than publicly available information is derived from publicly available information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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