Futures:
Overnight, LME lead opened at $2,011.5/mt, briefly touched a low of $2,010/mt during the Asian session before fluctuating upward; during the European session, it probed a high of $2,022/mt before pulling back slightly, ultimately closing at $2,015.5/mt, up 0.12%.
Overnight, the most-traded SHFE lead 2607 contract opened at 16,740 yuan/mt, fluctuating around the intraday moving average, with a low of 16,710 yuan/mt and a high of 16,775 yuan/mt, ultimately closing at 16,745 yuan/mt, down 0.06%.
On the macro front:
Uzbekistan fully resumed gold exports in April. Malaysia reportedly imposed a 10% tariff on imports of certain gold bars. According to Yonhap News Agency, a South Korean court rejected an injunction request to suspend negotiations with Samsung's main union. Micron Technology's total market capitalization reached $1 trillion, setting a new all-time high again. Since the beginning of this year, Micron Technology has accumulated a gain of 210%. Data from the China Academy of Information and Communications Technology showed that in April 2026, mobile phone shipments in the Chinese market reached 25.733 million units, up 2.8% YoY, of which 5G phones accounted for 24.736 million units.
:
In the Jiangsu, Zhejiang, Shanghai market, warrant quotations were limited, and suppliers continued to offer cargoes self-picked up from primary lead smelter production sites. Meanwhile, as SHFE lead retreated after rapid rise, suppliers had mixed sentiments on shipments — some eased their stance on holding prices firm while others held firm on prices for shipments. Mainstream origin primary lead was quoted at premiums of 0-50 yuan/mt against the SMM #1 lead average price, with a few regions at premiums of 120-200 yuan/mt. Additionally, secondary lead smelters continued to operate at a loss, and their quotations remained relatively firm, with secondary refined lead quoted at premiums of 0-50 yuan/mt against SMM #1 lead on an ex-factory basis. Downstream enterprises had limited rigid demand, especially with lead prices fluctuating at highs, and downstream enterprises made few inquiries, with spot market transactions turning sluggish.
Inventory: On May 26, LME lead inventory decreased by 775 mt to 285,700 mt; as of May 25, SMM lead ingot social inventory across five locations decreased by 3,200 mt compared with May 18.
Lead Price Forecast for Today:
Consumption side, the lead-acid battery market remained in off-season mode, with downstream enterprises' rigid demand still limited. Combined with lead prices rebounding, downstream enterprises became more cautious in procurement. Supply side, primary lead and secondary lead enterprises maintained stable to slightly rising production, with secondary lead losses beginning to recover and market circulating supply increasing, as spot lead trading gradually shifted to discounts (against SMM #1 lead). Meanwhile, tight supply of high-grade lead ingots in the Southeast Asian market has yet to ease, while Australian lead-zinc smelters are ramping up production. With bullish and bearish factors coexisting, lead prices are expected to continue fluctuating at highs.
Data Source Statement: All data other than public information is SMM processed data based on public information, market communication, and SMM's internal database model, for reference only and does not constitute decision-making advice.
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