SMM March 3, 2025:
During the day, the most-traded SHFE lead 2504 contract opened at 17,230 yuan/mt, fluctuated upward after the opening, with bears briefly reducing positions. SHFE lead rose to a high of 17,295 yuan/mt in the afternoon and finally closed at 17,260 yuan/mt, up 0.52%, with an open interest of 47,555 lots.
Recently, secondary lead smelters in regions such as Hunan and Henan resumed production after maintenance, leading to a temporary increase in supply. The resumption of production at secondary lead enterprises and the commissioning of new capacity have resulted in relatively loose overall market supply. Additionally, as March begins, the trend of simultaneous increases in supply and demand for lead ingots remains unchanged, while the delivery of the SHFE lead 2503 contract is approaching, leaving room for further accumulation in social inventory of lead ingots. Lead prices may maintain a fluctuating trend in the short term.
