【SMM Lead Futures Review】During the day, the most-traded SHFE lead 2505 contract opened at 17,405 yuan/mt, rose slightly after opening, and pulled back slightly at the close, finally closing at 17,410 yuan/mt, with a % change of 0 and an open interest of 49,569.

【SMM Shanghai and Other #1 Lead Markets: Lead Smelters Actively Ship Goods Before Qingming Festival, While Downstream Purchases Are Uneven】 SMM, April 1: In the Shanghai market, Chihong lead was quoted at 17,395-17,435 yuan/mt, with a premium of 20-30 yuan/mt against the SHFE lead 2505 contract. In the Jiangsu-Zhejiang region, JCC and Jinde lead were quoted at 17,375-17,405 yuan/mt, at parity with the SHFE lead 2505 contract. SHFE lead showed a consolidation trend, and due to limited circulating supply, suppliers stood firm on quotes, with some small premium sources able to achieve limited transactions...

SMM Lead Midday Review: Spot Order Quotations for Refined Lead Decreased, Downstream Enterprises Adopted a Wait-and-See Approach for Restocking. SMM, April 1: The SMM 1# lead average price remained unchanged from yesterday at 17,150 yuan/mt. Spot order quotations for secondary refined lead decreased, with most enterprises mainly shipping through long-term contracts. Today, the mainstream supply in the market was at a discount of 50-0 yuan/mt against the SMM 1# lead average price ex-factory. The ex-factory prices for refined lead excluding tax were mainly at 16,150-16,200 yuan/mt, with remote areas quoting 15,950 yuan/mt.

SMM Lead Morning Meeting Summary: Supply and Demand in the Refined Lead Market Both Decline, Some Downstream Companies Enter Qingming Festival Holiday Early. Recently, the lead market has shown weak supply and demand. On the supply side, constrained by routine maintenance and difficulties in scrap recycling, the operating rates of both primary lead and secondary lead enterprises have declined. On the demand side, as the lead-acid battery industry enters the traditional off-season, downstream companies generally adopt cautious production strategies, with some companies implementing production cuts or entering the Qingming Festival holiday early.