SMM Shanghai and Other 1# Lead Markets: SHFE Lead Sees a Good Start on the First Day After Chinese New Year, While the Spot Market Remains in a Wait-and-See Mode with Limited Transactions [SMM Midday Review]

        SMM February 5 News: In the Shanghai market, Honglu lead was quoted at 17,010-17,050 yuan/mt, with a premium of 50 yuan/mt against the SHFE lead 2503 contract. In the Jiangsu and Zhejiang regions, JCC lead was quoted at 16,960-17,050 yuan/mt, with a premium of 0-50 yuan/mt against the SHFE lead 2503 contract. Today marked the first trading day after the Chinese New Year, and SHFE lead opened with a strong performance, directly surpassing the 17,000 yuan threshold. However, downstream enterprises were either just resuming operations or had not yet started, resulting in limited market inquiries. Additionally, due to high lead prices, most downstream enterprises that had resumed operations remained in a wait-and-see mode, leading to sluggish transactions in the spot market.

        Other markets: Today, SMM #1 lead price increased by 225 yuan/mt compared to the previous trading day. Enterprises across the lead industry chain were in the early stages of resuming operations, with logistics in some regions not yet fully restored. Smelters began tentative quoting, while downstream enterprises generally adopted a wait-and-see approach, resulting in minimal market transactions.