SMM May 9 report:
Due to the May bank holiday, the LME was closed on May 5. On Tuesday this week, LME lead opened at $1,939/mt, fluctuating rangebound in the early session. Mid-week, it weakened and dipped to a low of $1,915/mt, dragged down by macro sentiment and the performance of spot lead in China. In the second half of the week, as sentiment eased over the US tariff issue, the center of LME lead gradually moved higher, reaching a high of $1,966.5/mt in the closing session. As of 15:00 Beijing time on May 9, 2025, it closed at $1,960/mt, up 1.48%.
Due to the Labor Day holiday, SHFE lead was closed on Monday this week. On Tuesday morning, the SHFE lead 2506 contract opened at a low of 16,755 yuan/mt. Trading activity in the spot market was poor on the first day of trading, with bearish funds taking the upper hand, and SHFE lead dipped to 16,625 yuan/mt. As the scope of production cuts and suspensions in secondary lead expanded, tightening supply supported lead prices to rebound from their lows, reaching a high of 16,875 yuan/mt in the closing session. It finally closed at 16,805 yuan/mt, down 0.21%.
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