Lead ingot digestion capacity is weak. Bulls reduce positions, SHFE lead closes slightly lower [Brief Comment on Lead Futures]

SMM, May 26, 2025

The most-traded SHFE lead 2507 contract opened at 16,850 yuan/mt during the day, fluctuating rangebound around the 16,830 yuan/mt level. It dipped to a low of 16,785 yuan/mt in the late session before closing at 16,795 yuan/mt, down 0.39%, with open interest at 44,332 lots, recording a small bearish candlestick. Downstream lead-acid battery enterprises had limited procurement demand, preferring primary lead over secondary lead and primary lead (electrolytic lead) after comparison. Social inventory of lead ingots declined slightly. Additionally, smelters faced difficulties in reducing in-plant inventory, with some enterprises still experiencing inventory buildup. Overall, the short-term trend of lead prices is expected to maintain a fluctuating trend.

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