[summary of SMM Morning meeting] lead technology in Shanghai is needed to break down the lower reaches.

Published: Jul 20, 2020 09:26

2020.7.20

Summary of lead Morning meeting:

Futures market:

Last Friday, Lun lead opened at US $1839.5 / tonne. In Asian session, Lunlun lead fluctuated downwards, reaching a low around US $1830 and entering the European session. Lun lead stabilized and recovered its decline, but at the end of the day, Lun lead dived downwards. it was finally reported at $1813.5 / ton. (bullish)

Last Friday, Shanghai lead opened at 14905 yuan / ton. At the beginning of trading, Shanghai lead weakened rapidly, reaching a low of 17,690 / ton, a technical break, and finally closed at 14720 yuan / ton, down 1.37%. (bullish)

Spot fundamentals:

Last week, the mainstream spot operation was 14900 won 15500 yuan / ton. According to SMM, delivery ended last week, the market short delivery position of more than 30,000 tons, soft position market temporarily came to an end, the smelter quotation also began to expand the water shipment, as of Friday market bulk order (delivery brand) to SMM1# lead average price discount 100 yuan / ton to Pingshui factory, non-delivery discount 200 yuan / ton. In the trade market, due to the large price difference of the 0708 contract, traders basically reported to Gao Shengshui after moving their positions, and the market supply was abundant. As of last Friday, domestic lead ordinary brand lead quoted a price of 100m / ton for 2008 contracts. In the recycled lead market, price shocks have fallen, the prices of waste batteries are firm, and the profits of recycled enterprises have narrowed. As of Friday, the mainstream quotations of recycled refined lead have discounted the average price of SMM1# lead at a discount of RMB 250m / t, while quotations of RMB400m / t in a few areas still exist; on the consumer side, prices are still relatively high, downstream enterprises will not do speculative reserves, and more purchases will be based on just needs.

As of last Friday, the total inventory of SMM lead ingots in the five places reached 47700 tons, an increase of 11200 tons over the previous period.

Lead price forecast today:

Lun lead high successive pullback, the upward trend is blocked, short-term focus on the 20-day line support. Shanghai lead high close 5 consecutive overcast, technical breakage, short-term attention to the 40-day line support.

It is expected that the price of lead in SMM1# will drop by 100,000,150 yuan per ton today.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
Lead Prices Stagnant, Smelters Maintain Firm Offers Amid Losses
Feb 6, 2026 19:50
Lead Prices Stagnant, Smelters Maintain Firm Offers Amid Losses
Read More
Lead Prices Stagnant, Smelters Maintain Firm Offers Amid Losses
Lead Prices Stagnant, Smelters Maintain Firm Offers Amid Losses
Lead prices were in the doldrums, while secondary lead smelters maintained firm offers due to losses. The mainstream spot order ex-factory prices including tax narrowed the discount to the SMM #1 lead average price by 100 yuan/mt, shifting to a premium of 0–25 yuan/mt, with some smelters halting offers and sales.
Feb 6, 2026 19:50
"Domestic Secondary Crude Lead Market Slows as Holidays Approach, Smelters Halt Production"
Feb 6, 2026 19:49
"Domestic Secondary Crude Lead Market Slows as Holidays Approach, Smelters Halt Production"
Read More
"Domestic Secondary Crude Lead Market Slows as Holidays Approach, Smelters Halt Production"
"Domestic Secondary Crude Lead Market Slows as Holidays Approach, Smelters Halt Production"
Pre-holiday stockpiling by downstream enterprises had largely concluded, and a few had already entered the holiday period, completely suspending procurement. Next week, secondary lead smelters will enter a concentrated wave of production halts and holidays, resulting in sluggish trading activity in the spot market. Offers for spot refined lead orders were sparse, with prices moving in line with the market.
Feb 6, 2026 19:49
Sluggish Transactions in Domestic Secondary Crude Lead Market, Prices at 15,250-15,400 Yuan/mt
Feb 6, 2026 19:48
Sluggish Transactions in Domestic Secondary Crude Lead Market, Prices at 15,250-15,400 Yuan/mt
Read More
Sluggish Transactions in Domestic Secondary Crude Lead Market, Prices at 15,250-15,400 Yuan/mt
Sluggish Transactions in Domestic Secondary Crude Lead Market, Prices at 15,250-15,400 Yuan/mt
The domestic secondary crude lead market experienced sluggish transactions. As of February 6, 2026, the ex-factory tax-exclusive offers for domestic secondary crude lead stood at 15,250-15,400 yuan/mt. Downstream refined lead and alloy smelters gradually entered the holiday period, showing weak stockpiling willingness. Overseas lead ingot suppliers basically halted transactions with China due to poor consumption in the Chinese market, with only some previously concluded shipments maintaining normal in-transit transportation. The trading atmosphere in the secondary crude lead market will continue to weaken next week.
Feb 6, 2026 19:48
[summary of SMM Morning meeting] lead technology in Shanghai is needed to break down the lower reaches. - Shanghai Metals Market (SMM)