SMM Lead Morning Meeting Summary: Demand Recovery Amid Macro Pressures, Primary Lead Supply Tight in South China

[SMM Lead Morning Meeting Summary: Post-Holiday Downstream Procurement Gradually Recovers, Secondary Refined Lead Prices Inverted]

Macro side, weak global manufacturing activity has heightened demand concerns, and the rise in the US dollar has also pressured the overall non-ferrous metals market. Fundamentals side, the recovery in primary lead smelter supply in December remains limited, with the impact of environmental protection-driven production restrictions in Hunan not yet fully dissipated. Coupled with a decline in smelter supply in Guangdong and Yunnan, the circulation of primary lead in the South China market is limited, and spot orders for primary lead continue to maintain high premiums.