Overnight, LME copper opened at $9,542.5/mt, rose initially and peaked at $9,567/mt, then fluctuated downward throughout the session, dipping to a low of $9,487/mt near the close, and finally closed at $9,487/mt, down 0.71%.

[SMM Morning Lead Meeting Summary: Spot Order Market Transactions Turn Weak Again, Lead Price Trend May Still Be Trapped in a Range] Smelters are facing tight supply of raw materials, with lead concentrate prices showing an upward trend and scrap battery purchase prices remaining high. Refineries are under significant operational pressure, with some companies significantly lowering their scrap battery purchase quotes yesterday; although some recyclers are selling off their inventory due to fear of price drops, arrivals remain limited. Meanwhile, downstream lead-acid battery orders are poor, and purchase willingness for lead ingots is weak...

According to customs data, the imports of lead concentrates in April 2025 were 111,046 mt, down 4.3% MoM but up 22.1% YoY. As of 2025, the cumulative imports of lead concentrates were approximately 448,700 mt, up 41% YoY. In terms of source countries, Russia, the US, and Peru were the major suppliers of lead concentrates.

[SMM Analysis: Lead Concentrates Imports in April 2025 Remained Stable with a Slight Decline, Domestic Lead Concentrates Market Continued in Tight Balance] According to customs data, imports of lead concentrates in April 2025 reached 111,046 mt, down 4.3% MoM and up 22.1% YoY. The cumulative imports of lead concentrates in 2025 amounted to approximately 448,700 mt, representing a 41% increase YoY compared to 2024. By country, Russia, the US, and Peru were the major sources of lead concentrates imports in April.

[SMM Shanghai and Other #1 Lead Markets: SHFE Lead Maintains Consolidation Trend, Regional Transaction Differences Exist in Spot Market] SMM May 21 report: In the Shanghai market, Chihong and Honglu lead are priced at 16,865-16,905 yuan/mt, quoted at a discount of 10-0 yuan/mt against the SHFE lead 2506 contract; in the Jiangsu-Zhejiang region, JCC lead is priced at 16,855-16,905 yuan/mt, quoted at a discount of 20-0 yuan/mt against the 2506 contract. SHFE lead maintains a consolidation trend, with suppliers quoting prices in line with the market...