Overnight, LME copper opened at $9,500.5/mt. After fluctuating higher in early trading, it pulled back and touched a low of $9,495/mt.

[SMM Morning Lead Meeting Summary: Some Imported Crude Lead Flows into China, Inventory Buildup Pressure of Lead Ingots Suppresses Lead Prices] ... Recently, some imported crude lead has arrived in China, which may, to some extent, make up for the scrap supply gap of secondary lead enterprises. Coupled with the commissioning of new capacity, there will still be inventory buildup pressure on lead ingots in the future ...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 19 May, 2025

[SMM Social Inventory of Lead Ingots: New Capacity of Secondary Lead Put into Operation, Social Inventory of Lead Ingots Continues to Increase] Recently, the off-season trend in the lead-acid battery market remains unchanged, with most downstream enterprises in a state of production cuts, resulting in limited demand for lead ingots. Meanwhile, the production of primary lead enterprises remains stable. Coupled with a slight improvement in the profits of secondary lead enterprises, new capacity of secondary lead enterprises in Hunan and Guizhou provinces has been put into operation, leading to a steady increase in supply...

[SMM Shanghai and Other 1# Lead Markets: Limited Demand from Downstream Enterprises, Spot Lead Generally Traded at a Contango] SMM May 19 report: In the Shanghai market, Chihong lead was quoted at 16,875-16,905 yuan/mt, with a premium of 0-20 yuan/mt against the SHFE lead 2506 contract; Honglu lead was quoted at 16,865-16,885 yuan/mt, with a contango of 10-0 yuan/mt against the 2506 contract; JCC lead in the Jiangsu-Zhejiang region was quoted at 16,855-16,885 yuan/mt, with a contango of 20-0 yuan/mt against the 2506 contract. SHFE lead was in the doldrums, with suppliers adjusting their quotes in line with market conditions. Some premium quotes were lowered, while others remained unchanged from last Friday...

[SMM Lead Midday Review: Poor Trading of Refined Lead with Large Discounts, No Interest in High Premium Quotations] SMM reported on May 19: Today, the SMM 1# lead average price fell by 50 yuan/mt from last Friday to 16,725 yuan/mt, with a price difference between primary metal and scrap of 50 yuan/mt. Following the decline in lead prices, the willingness to sell among secondary lead suppliers continued to decline. During the morning session, the mainstream ex-factory tax-inclusive quotations were offered at a discount to parity against the SMM 1# lead average price, with individual quotations offered at a premium of 75 yuan/mt.

On Friday evening, LME copper opened at $9,519/mt, initially touching a high of $9,541.5/mt before slightly pulling back and then continuing to rise.