SMM Shanghai and Other #1 Lead Markets: SHFE Lead Rebounded with Fluctuations, Spot Market Trading Activity Slightly Improved [SMM Midday Review]

        SMM, January 6: In the Shanghai market, Chihong lead was quoted at 16,800-16,900 yuan/mt, with a premium of 80-100 yuan/mt against the SHFE lead 2502 contract. In Jiangsu and Zhejiang regions, JCC and Jinde lead were quoted at 16,770-16,880 yuan/mt, with a premium of 50-80 yuan/mt against the SHFE lead 2502 contract. SHFE lead fluctuated upward, and suppliers sold goods in line with market trends. During this period, the lifting of the smog ban in Henan allowed vehicle transportation to return to normal, leading to an increase in cargoes self-picked up from production sites compared to last Friday. Meanwhile, secondary lead smelters stood firm on quotes, continuing to ex-factory at a premium of 50-100 yuan/mt against the SMM 1# lead average price. Downstream enterprises gradually purchased as needed, and the spot order market saw slightly improved trading activity.

        Other markets: Today, the SMM 1# lead price remained flat compared to the previous trading day, with downstream just-in-time procurement gradually being released. Affected by reduced supply, primary lead in Hunan, Yunnan, and Guangdong regions remained at high premiums, with limited just-in-time transactions. After lead prices stabilized at the beginning of the week, market transactions slightly improved compared to last week.