The sentiment in the lead industry chain is relatively weak, and lead prices are under upward pressure, likely to remain in a volatile state in the short term [Brief Commentary on Lead Futures]

SMM, May 15, 2025

During the day, the SHFE lead 2505 contract closed at 16,940 yuan/mt, with a settlement price of 16,915 yuan/mt, an open interest of 5,815 lots, a delivery volume of 29,075 mt, and a warrant inventory of 49,419 mt. The 2505 contract achieved a smooth delivery. During the day, the most-traded SHFE lead 2506 contract opened at 17,015 yuan/mt. During the day, the Asia-Pacific Economic Cooperation (APEC) stated that the uncertainty in trade policies triggered by trade frictions had risen to an unprecedented level, amplifying the growth risks for economies reliant on trade. LME non-ferrous metals generally declined, and the SHFE lead price fell due to sentiment, eventually closing at 16,975 yuan/mt, up 0.24%, with an open interest of 29,283 lots, and recording a doji bearish candlestick. Currently, the sentiment for spot metal consumption in China remains weak. Coupled with the significant loss pressure on the smelting side of secondary lead, the trading sentiment in the lead industry chain is relatively sluggish. The lead price is under pressure in the short term and may continue to fluctuate.

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