Weekly Lead Futures Review (2026.6.8–2026.6.12) [SMM Lead Weekly Review]

SMM, June 12 –

LME lead opened at $2,004/mt this week. Early in the week, repeated disturbances in the Middle East geopolitical situation, coupled with expectations of weak consumption outside China and LME lead inventories at multi-year highs, kept market sentiment generally cautious. Lead prices were in the doldrums, briefly dipping to $1,942/mt in the mid-to-late week. As of Friday's close, LME lead settled at $1,949/mt, down $55/mt for the week, a decline of 2.7%.

The SHFE lead 2607 contract opened at 16,380 yuan/mt this week. Early in the week, domestic secondary lead enterprises cut production due to losses and primary lead smelters conducted maintenance, creating expectations of supply contraction. This provided temporary support for futures, briefly pushing prices up to 16,455 yuan/mt. Subsequently, downstream battery enterprises entered the off-season for consumption. Under pressure to repatriate funds at the half-year end, purchase willingness remained persistently weak, and coupled with the drag from the weakening LME lead, SHFE lead pulled back in volatile trade, dipping to 16,000 yuan/mt mid-week. As of Friday's close, SHFE lead settled at 16,055 yuan/mt, down roughly 2.13% for the week, or 350 yuan/mt.