SMM Lead Morning Meeting: Pollution Disrupts Supply, SHFE Lead Stabilizes Ahead of Delivery

Published: Mar 11, 2025 09:00

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[SMM Lead Morning Meeting Summary: Heavy Pollution Weather Disrupts Refined Lead Supply, SHFE Lead Stabilizes After Decline] This week marks the week prior to the delivery of the SHFE lead 2503 contract. SHFE lead strengthened, approaching the 17,500 yuan/mt level, while spot market transactions were weaker than futures. The spread between futures and spot prices is not expected to narrow for now. Branded lead continues to be transferred to delivery warehouses, and social inventories of lead ingots have risen as anticipated. On the supply side, primary lead and secondary lead smelters are simultaneously resuming production and limiting output, with significant regional differences in lead ingot supply between the north and south.

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