Overnight, LME lead opened at $2,205/mt. Affected by bauxite supply shortage and high ingots inventory, during the Asian trading session, LME lead prices fell to $2200/mt. After that, the US dollar fell from highs, and LME lead fluctuated upward, eventually closing at $2227.5/mt, up 1.07%.
Overnight, the most-traded SHFE 2406 lead contract opened at 17,290 yuan/ton. At the beginning of the session, amid bullish and bearish factors, SHFE Lead moved rangbound between 17,245 yuan/mt and 17,290 yuan/mt. Later, driven by the rise of LME Lead and the tight supply of domestic ore, SHFE Lead rose sharply to 17,475 yuan/mt. However, domestic lead consumption remained weak, and SHFE lead prices retreated in the second half, eventually closing at 17,375 yuan/mt, up 0.7%; open interest reached 51,219 lots, down 2,095 lots from the previous trading day.
SMM Lead Market Morning Comment (Apr 30)
Overnight, LME lead opened at $2,205/mt. Affected by bauxite supply shortage and high ingots inventory, during the Asian trading session, LME lead prices fell to $2200/mt.
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
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 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
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"
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
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
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
Related News
Lead Prices Stagnant, Smelters Maintain Firm Offers Amid Losses
Feb 06, 2026 19:50
"Domestic Secondary Crude Lead Market Slows as Holidays Approach, Smelters Halt Production"
Feb 06, 2026 19:49
Sluggish Transactions in Domestic Secondary Crude Lead Market, Prices at 15,250-15,400 Yuan/mt
Feb 06, 2026 19:48
Secondary Lead Smelters See 20K MT Inventory Rise; Market Sluggish as Holidays Approach
Feb 06, 2026 19:47