SMM, February 6, 2025:
During the day, the most-traded SHFE lead 2503 contract opened higher with a gap at 16,750 yuan/mt. Bulls increased positions, boosting SHFE lead upward. By the close, it had risen to a high of 17,110 yuan/mt and finally settled at 17,095 yuan/mt, up by 2.33%, with an open interest of 5,933 lots. Downstream battery producers have gradually resumed operations, and the recovery in purchase willingness for lead ingots may continue to support lead prices in the short term. Market trading activity is gradually recovering. However, due to lead prices fluctuating at high levels, downstream battery producers are cautious and purchasing less, while social inventory of lead ingots continues to increase. Attention should be paid to the impact of macro sentiment on lead prices.
