Lead Ingot Spot Cargo Underperforms, Lead Price Trend In the Doldrums [SMM Lead Morning News]

SMM April 30:

Overnight, LME lead opened at $19,487/mt and fluctuated downward. It hit a low of $19,662/mt in the afternoon. As the US dollar index weakened, LME lead rebounded and reached a high of $1,982.5/mt at the close, eventually closing at $1,975/mt, down 0.1%.

Overnight, the most-traded SHFE lead 2506 contract opened at 16,885 yuan/mt. After briefly touching a high of 16,905 yuan/mt in the early session, it fluctuated downward. Due to the mediocre performance of spot cargo, bulls reduced their positions, and SHFE lead hit a low of 16,850 yuan/mt in the afternoon. It eventually closed at 16,880 yuan/mt, down 0.35%.

As the Labour Day holiday approaches, the trading atmosphere in the upstream and downstream sectors of the lead industry chain is gradually becoming sluggish. Due to tight supply of raw materials, it is common for secondary lead smelters to reduce or halt production, and spot orders are hardly being shipped. Primary lead suppliers, on the other hand, are actively quoting and shipping due to the upcoming Labour Day holiday. Downstream battery producers are mostly expected to halt production for the holiday, with pre-holiday stockpiling mainly through long-term contracts, and most have already completed their stockpiling. On the day before the holiday, market activity is even more mediocre, and lead prices are expected to maintain a fluctuating trend.