[SMM Analysis: Macro bullish trend nearing end, will lead prices return to fundamentals?]

Since March, the macro bullish trend has been continuously brewing, with the anticipation of a rate cut by the Federal Reserve and favorable domestic consumption policies. The general uptrend in non-ferrous metals has boosted lead prices, with domestic spot lead prices showing a continuous upward trend and stabilizing around 16,100 yuan/ton. According to SMM production survey data, compared to the same period last year, the basic supply pressure has significantly eased, and the expectation of accumulated inventory is also very limited in late March. In the short term...