SMM March 18:
Overnight, LME lead opened at $2,083.5/mt, briefly touched a low of $2,078.5/mt during the Asian session, fluctuated upward to a high of $2,095/mt during the European session, and finally closed at $2,091.5/mt, up 0.34%.
Overnight, the most-traded SHFE lead 2504 contract opened at a high of 17,615 yuan/mt, fluctuating around the 17,600 yuan/mt level after the opening, with a low of 17,550 yuan/mt and a high of 17,620 yuan/mt, and finally closed at 17,605 yuan/mt, up 0.09%.
After the smooth delivery of the SHFE lead 2503 contract, social inventory of lead ingots remained high, while the downstream lead-acid battery market showed average performance, and battery producers made just-in-time procurement. In the short term, inventory pressure may weigh on lead prices. Additionally, the supply of scrap batteries remained tight, and the rising procurement prices of smelters provided strong support for lead prices. Secondary lead suppliers narrowed their discounts due to cost pressure. Overall, lead prices may maintain a fluctuating trend in the short term.
