Overnight, LME copper opened at $9,463.5/mt, dipping to a low of $9,433.5/mt shortly after the opening bell. It then fluctuated upward, reaching a high of $9,519.5/mt near the close, ultimately closing at $9,519.5/mt, up 0.34%.

[SMM Lead Morning Meeting Summary: Cost Support for Lead Prices Weakens, Short-Term Bearish Forces Strong]...After the SHFE lead delivery last week, the supply of primary lead re-entered the market this week. Some downstream enterprises prioritized nearby procurement, leading to a significant reduction in social inventory in the Jiangsu, Zhejiang, and Tianjin regions. Meanwhile, the new capacity and production resumptions of secondary lead are advancing, with an expected increase in supply. However, the off-season trend in the lead-acid battery market remains unchanged...

[SMM Analysis: Downstream Enterprises Receive Delivery Sources, Social Inventory of Lead Ingots Reverses Decline] SMM May 22 News: According to SMM, as of May 22, the total social inventory of lead ingots across five locations tracked by SMM reached 50,300 mt, a decrease of 5,700 mt from May 15 and a decrease of 8,800 mt from May 19.

[SMM Social Inventory of Lead Ingots: Downstream Enterprises Receive Delivery Sources, Social Inventory of Lead Ingots Reverses Trend to Decline] This week, lead prices fluctuated downward. Primary lead smelters generally sold goods at market prices, with quotations against the SMM 1# lead average price ranging from a discount of 50 yuan/mt to a premium of 100 yuan/mt ex-factory. Meanwhile, secondary lead smelters, facing expanding losses, experienced a rise in reluctance to sell at low prices, with some enterprises halting shipments...

[SMM Shanghai and Other 1# Lead Markets: SHFE Lead's Price Center Shifts Downward, Regional Spot Market Transactions Improve Slightly] SMM May 22 Report: In the Shanghai market, Chihong and Honglu lead are priced at 16,745-16,765 yuan/mt, quoted at a discount of 20-0 yuan/mt against the SHFE lead 2506 contract. In the Jiangsu-Zhejiang region, JCC lead is priced at 16,745-16,765 yuan/mt, quoted at a discount of 20-0 yuan/mt against the 2506 contract. The price center of SHFE lead is gradually shifting downward, with some suppliers expanding their discount quotes...