SMM Lead Morning Meeting Summary: Refined Lead Supply Sees Mixed Changes, Lead Prices Fluctuate at Highs. Fundamentals side, lead prices weakened in the early session yesterday, while mainstream quotations for scrap batteries did not follow the decline. The scrap battery supply index remained at a historical high, putting secondary refined lead smelters under significant pressure. Manufacturers held back sales and adopted a wait-and-see approach, keeping spot cargo quotations firm. In terms of primary lead, smelters in Henan that had undergone maintenance and production cuts resumed operations this week, with the discount for primary lead in Henan slightly widening mid-week. On the consumption side...