SMM Shanghai and other No.1 lead markets: SHFE lead holds up well, while spot market trading is sluggish [SMM Midday Review]

        SMM, May 13: In the Shanghai market, Chihong lead was quoted at 16,880-16,950 yuan/mt, with a contango of 30-0 yuan/mt against the SHFE lead 2506 contract or quoted on par with the SHFE lead 2505 contract. Honglu lead was quoted at 16,950-16,970 yuan/mt, with a contango of 30-20 yuan/mt against the SHFE lead 2506 contract. In Jiangsu and Zhejiang regions, JCC and Jinde lead were quoted at 16,960-16,980 yuan/mt, with a contango of 30-0 yuan/mt against the 2506 contract. SHFE lead held up well, and suppliers were actively selling, with an increase in contango quotations. Meanwhile, the contango quotations for cargoes self-picked up from primary lead smelters against SHFE lead further widened, with a few quotations approaching a contango of 200 yuan/mt. The availability of secondary refined lead was limited, and quotations were at a contango of 50-0 yuan/mt against the SMM 1# lead average price, with a few premium quotations remaining. Downstream enterprises maintained a strong wait-and-see sentiment, with few inquiries, and the spot order market saw sluggish transactions.

        Other markets: Today, the SMM 1# lead price remained unchanged from the previous trading day. During the day, SHFE lead futures continued to hold up well. In Henan, suppliers offered a contango of 160-140 yuan/mt against the SHFE lead 2506 contract, with a few suppliers selling at a contango of 200-180 yuan/mt against the same contract. In Hunan, smelters offered ex-factory quotations at a contango of 50-30 yuan/mt against the SMM 1# lead average price, with a small volume of transactions. Downstream enterprises still focused on just-in-time procurement, and the overall spot market sentiment was weak.