A brief market commentary briefly boosted SHFE lead, while spot cargo performance suppressed lead prices to fluctuate rangebound. [Brief Commentary on Lead Futures]

SMM, May 7, 2025

The most-traded SHFE lead 2506 contract opened at 16,710 yuan/mt today. After the opening, it fluctuated downward, dipping to a low of 16,650 yuan/mt. Affected by market rumors, SHFE lead briefly surged to catch up with gains, but returned to a consolidation trend in the afternoon. It finally closed at 16,700 yuan/mt, with a 0% decline and an open interest of 36,929 lots. The supply of raw materials in the lead industry chain is tight. Coupled with weak downstream ingot procurement, many secondary lead smelters have reduced or halted production due to loss pressures. Overall, the short-term trend of lead prices is likely to remain rangebound.

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