SMM March 13, 2025 News
During the day, the most-traded SHFE lead 2504 contract opened at 17,585 yuan/mt, fluctuated around 17,580 yuan/mt after the opening, and finally closed at 17,570 yuan/mt, up 0.72%, with an open interest of 43,441 lots. As the delivery date of the SHFE lead 2503 contract approaches, suppliers continued transferring to delivery warehouses, and social inventory maintained its upward trend. On March 12, heavy pollution weather alerts in regions such as Hebei and Henan were lifted, and vehicle transportation resumed normal operations. A few lead smelters with production constraints gradually resumed operations. The recovery in transportation may lead to a short-term increase in warehouse transfers, leaving room for further inventory growth before delivery. Meanwhile, the resumption of smelters will increase supply, posing a risk of inventory buildup for lead ingots. In the near term, attention should be paid to the impact of imported crude lead arrivals on lead prices.
