SMM Shanghai and Other 1# Lead Markets: SHFE Lead Continues to Fluctuate Upward, Spot Market Transactions Remain Weak [SMM Midday Review]

        SMM, February 6: Quotations in the Shanghai market were scarce; JCC lead in Jiangsu and Zhejiang regions was quoted at 17,140-17,200 yuan/mt, with spot premiums of 0-50 yuan/mt against the SHFE lead 2503 contract. SHFE lead continued to fluctuate upward, with its center moving higher. Suppliers quoted prices accordingly, but due to regional supply differences, the spot price spread between the northern and southern regions was significant. Additionally, downstream enterprises were still gradually resuming production, and those in operation showed weak purchase willingness due to high lead prices, resulting in poor spot order transactions in the market.

        Other markets: Today, SMM #1 lead price rose by 125 yuan/mt compared to the previous trading day. Suppliers in Henan quoted spot premiums of 0-50 yuan/mt, while supply in Hunan had not fully recovered, with many smelters not offering quotations. A small volume of spot cargoes was transacted at premiums of 100-130 yuan/mt. After lead prices strengthened, downstream purchase willingness for spot orders declined significantly, and overall spot transactions remained sluggish.