Lead Ingot Social Warehouses Expected to Maintain Growth Trend; Short-Term Lead Prices May Maintain Fluctuating Trend [Lead Futures Brief Review]

SMM February 24, 2025: During the day, the most-traded SHFE lead 2504 contract opened at 17,075 yuan/mt. After opening, it fluctuated upward as bulls increased their positions, peaking at 17,195 yuan/mt in the afternoon and finally closing at 17,160 yuan/mt, with no change in price. The open interest stood at 48,788 lots. The lead spot market continued to see relatively ample supply. During this period, the spread between futures and spot prices in major production areas remained significant. Primary lead quotations against the SHFE lead 2503 contract were generally at discounts of over 240 yuan/mt ex-factory. Suppliers showed increased reluctance to sell heavily discounted cargoes, shifting from selling to transferring to delivery warehouses. Recently, lead ingots have been moving from in-plant inventory to social warehouses, and this "inventory transfer" is expected to persist in the short term, with lead ingot stocks in social warehouses likely to continue rising. Overall, lead prices may maintain a fluctuating trend in the short term. » Subscribe to view SMM historical spot metal prices.