Macro Sentiment Bullish & Secondary Lead Production Cuts Boost SHFE Lead, Intraday Performance Sees Initial Decline Followed by Rebound [Lead Futures Brief Review]

SMM April 24, 2025 News

During the day, the most-traded SHFE lead 2506 contract opened at 16,964 yuan/mt. The SHFE lead initially declined and then rebounded, hitting a low of 16,825 yuan/mt. Boosted by positive macro sentiment and news of production cuts or halts in secondary lead, the SHFE lead surged to 17,000 yuan/mt in the late session, finally closing at 16,940 yuan/mt, up 0.18%, with an open interest of 39,654. The scrap battery supply index remained at a historical high, putting pressure on secondary refined lead smelters, who were reluctant to sell and adopted a wait-and-see approach, keeping spot quotes firm. On the primary lead front, smelters in Henan that had undergone maintenance and production cuts resumed operations this week, with the discount for primary lead in Henan slightly widening mid-week. On the consumption side, battery companies showed weak enthusiasm for stockpiling ahead of the Labour Day holiday, and market sentiment remained cautious. In the short term, lead prices may continue to fluctuate and consolidate.

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