Lead Prices Edged Up Before Pulling Back Under Pressure, Fluctuating Downward Below the Daily Average Line in the Afternoon Session [Brief Comment on Lead Futures]

SMM May 27 News:

The most-traded SHFE lead 2607 contract opened at 16,670 yuan/mt intraday. Prices fluctuated higher in early trading, reaching a high of 16,745 yuan/mt, then moved sideways in the 16,710-16,740 yuan/mt range, touching the 16,740 yuan/mt resistance level multiple times without an effective breakout. In the later session, prices turned to fluctuate downward, hitting a low of 16,640 yuan/mt, before rebounding slightly near the close, ultimately settling at 16,670 yuan/mt, down 45 yuan/mt or 0.27%. The lead-acid battery industry is currently in its traditional off-season, with weak downstream demand. Combined with the rebound in lead prices, battery manufacturers remained cautious in procurement. Supply side, domestic primary and secondary lead production rebounded slightly; outside China, supply and demand diverged, with tight supply of high-grade lead ingots in Southeast Asia, while Australian smelters gradually ramped up production. With bullish and bearish factors intertwined, SHFE lead prices are expected to fluctuate at highs in the short term.

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