SMM Lead Morning Meeting Summary: Refined Lead Supply Pressure Eases, Lead Prices Fluctuate at Highs Before Holiday. The prices of raw materials such as scrap batteries remain firm, and the losses of secondary lead enterprises have expanded. The number of secondary refined lead smelters implementing production cuts has increased in regions such as Anhui, Jiangsu, and Jiangxi, easing the supply pressure in the secondary refined lead market. The bullish factors on the supply side of raw materials and the bearish factors on the consumption side are in a tug-of-war, leading to continued high fluctuations in lead prices. Further attention is needed on downstream inventory preparations before the Labour Day holiday and changes in consumption orders...

【SMM Lead Futures Review】During the day, the most-traded SHFE lead 2506 contract opened at 16,964 yuan/mt. The SHFE lead initially declined and then rebounded, hitting a low of 16,825 yuan/mt. Boosted by positive macro sentiment and news of reduced or halted production of secondary lead, the SHFE lead surged to 17,000 yuan/mt in the late session, finally closing at 16,940 yuan/mt, up 0.18%, with an open interest of 39,654.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 24 Apr, 2025

【SMM Lead Ingot Social Inventory: Expanded Decline in Lead Ingot Social Inventory Due to Secondary Lead Production Cuts and Suppliers Dumping Stock】 Lead prices held up well this week, and with the approaching month-end and Labour Day holiday, suppliers actively offloaded stock and successively lowered spot premiums and discounts. During this period, spot primary lead quotations in the Jiangsu, Zhejiang, and Shanghai markets...