Domestic and Overseas Lead Ingots Destocking, Lead Prices Rebound [SMM Lead Morning News]

SMM, January 13:

Last Friday, LME lead opened at $1,935/mt. Against the backdrop of a continuous decline in LME lead inventory, LME lead rebounded after testing lower levels. The overall trading center of LME lead shifted upward, with an intraday high of $1,985/mt, marking a new high in nearly one and a half months. By the close, it settled at $1,981/mt, up 2.3%.

Last Friday, the most-traded SHFE lead 2502 contract opened at 16,665 yuan/mt. Ahead of the Chinese New Year, downstream sectors gradually restocked, and lead ingot inventory decreased as expected. SHFE lead also rebounded, with the price surging to 16,725 yuan/mt during the early session. However, concerns about weakening consumption persisted in the market. During the latter half of the trading session, SHFE lead fluctuated between 16,625-16,700 yuan/mt, eventually closing at 16,660 yuan/mt, up 1.22%. Its open interest reached 38,570 lots, down 277 lots from the previous trading day. Additionally, the SHFE lead 2502 contract has been gradually rolling over to the SHFE lead 2503 contract recently, drawing attention to the contract rollover of the most-traded contract.