SMM Lead Morning Meeting Summary: Nonferrous Decline Impacts Lead Futures; Supply, Demand Dynamics Highlight Concerns

[SMM Lead Morning Meeting Summary: Macro Disturbances Weigh on Nonferrous Metals, Lead Futures Weaken; Inventory Accumulation Risk Ahead of Delivery Still Needs Attention]

Under the macro-driven broad decline in nonferrous metals, the bullish sentiment in lead futures has somewhat eased. Going forward, domestic prices are expected to require more policy guidance and the implementation of trade-in policies. Fundamentals side, on one hand, the resumption of production by primary lead and secondary lead enterprises, as well as the commissioning of new secondary refined lead capacity, has brought more refined lead supply. However, at the same time, the supply of raw materials such as scrap batteries and lead concentrates is also tightening.