Spot cargo performance remains weak, SHFE lead in the doldrums [[Brief Commentary on Lead Futures]]

SMM, May 6, 2025

The most-traded SHFE lead 2506 contract opened at 16,755 yuan/mt today. It briefly touched a high of 16,780 yuan/mt in the early session. During the morning session, downstream battery producers showed moderate enthusiasm for inquiries. Although their willingness to purchase improved compared to before the holiday, the intensity remained relatively small. Smelters generally had a weak sentiment for selling. In the afternoon, SHFE lead fluctuated downward, reaching a low of 16,625 yuan/mt. It slightly rebounded towards the end of the session, closing at 16,700 yuan/mt, down 0.92%, with an open interest of 36,146. Given the continued weakness in spot sentiment and relatively stable macro sentiment, SHFE lead may remain in the doldrums in the short term.

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