In March, the most-traded SHFE lead contract showed a "V–shaped” trend. The contract once jumped to 16465 yuan/mt on March 8, creating a new high since August 10, 2020 and then fell rapidly. Looking forward to April, according to the preliminary research of SMM, the supply of primary lead and secondary lead is expected to change little compared with March, which is mainly subject to downstream consumers. It is expected that the operating rates on the consumption side will decline in April.