SMM Analysis: Lead Prices Decline Post-Christmas; Inventory Buildup Concerns Rise Amid Weak Pre-Holiday Demand

[SMM Analysis: Lead Prices Fluctuate Downward, How Will Inventory Buildup Expectations Change Amid Weakening Pre-Holiday Consumption?]

After Christmas, lead futures entered a downward fluctuation trend. Overnight, the most-traded SHFE lead 2502 contract hit a nearly one-month low of 16,305 yuan/mt before briefly bottoming out. Although primary lead supply decreased in some regions and secondary refined lead production in January recovered slowly, downstream consumption also weakened simultaneously. Some market traders expressed concerns about the expected inventory buildup of refined lead before and after the Chinese New Year holiday.