SMM April 18 News:
This week, LME lead opened at $1,924/mt. As the negative impact of US tariff risks dissipated and the US dollar index stabilized, LME lead showed a consolidation trend. On Tuesday, LME lead inventory increased by nearly 10,000 mt in a single day, and the high inventory pressure caused LME lead to give back some of its gains. Mid-week, the US announced additional tariffs on China, and LME lead inventory surged by 17,600 mt, intensifying the decline of LME lead, which fell to a low of $1,888.5/mt. After US Federal Reserve Chairman Powell's speech, the US dollar index weakened, and LME lead also retraced most of its losses, finally closing at $1,927.5/mt, up 0.84%. On Friday, LME was closed due to Good Friday.
This week, SHFE lead 2505 contract opened at 16,920 yuan/mt, briefly touching a high of 16,990 yuan/mt at the beginning of the session. As the front-month contract was delivered, lead warrant inventory accumulated, and SHFE lead weakened, probing a low of 16,630 yuan/mt. Due to the firm price of domestic scrap batteries, the cost support of secondary lead played a role, and SHFE lead rebounded to above 16,700 yuan/mt in the second half of the week, finally closing at 16,895 yuan/mt, up 0.42%.
