SMM, April 24:
Overnight, LME lead opened at $1,964.5/mt. During the Asian session, LME lead continued the previous day's doldrums, with the overall price center shifting lower and breaking below the 60-day moving average to a low of $1,945/mt. Entering the European session, lead inventories outside China continued to decline, and LME lead gradually recovered part of its losses. However, with limited bullish factors, LME lead ultimately closed at $1,947.5/mt, down 0.81%.
Overnight, the most-traded SHFE lead 2606 contract opened at 16,675 yuan/mt. Lead ingot inventories in China saw a buildup, while expectations for production cuts emerged on the supply side, intensifying the tug-of-war between bulls and bears on SHFE lead. SHFE lead moved sideways between 16,630-16,660 yuan/mt for most of the session, ultimately closing at 16,665 yuan/mt, down 0.09%. Its open interest stood at 70,493 lots, a decrease of 566 lots from the previous trading day.
![High Costs Provide Support, Spot Secondary Crude Lead Moves Sideways [SMM Scrap Battery & Secondary Crude Lead Weekly Review]](https://imgqn.smm.cn/usercenter/guTSZ20251217171722.jpg)
![SHFE Lead Under Pressure and in the Doldrums, Posting Three Consecutive Declines Within the Week [Brief Comment on SHFE Lead]](https://imgqn.smm.cn/usercenter/xVgcv20251217171721.jpg)
![Supply Expansion Pace Slowed Down, Secondary Lead Inventory Declined This Week [SMM Secondary Lead Inventory Weekly Review]](https://imgqn.smm.cn/usercenter/mfCMp20251217171721.jpeg)
