**Lead Prices Surge Amid Supply-Demand Imbalance; Eye on Recycled Lead Profit Recovery**

**SMM Lead Morning Meeting Minutes: Supply-Demand Imbalance Drives Up Lead Prices; Focus on Profit Recovery in Recycled Lead in the Future**

The Federal Reserve: The one-year inflation expectation for October in the US has fallen to a four-year low, and the outlook for the labor market is expected to improve. On the fundamentals front, the staged supply-demand imbalance of lead ingots is prominent. On the one hand, the delivery of Shanghai Lead 2411 contracts is imminent, and the available supply in the spot market is limited. On the other hand, due to haze in Henan Province...