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...