Tight supply of raw materials still supports lead prices. The upcoming Dragon Boat Festival holiday for downstream industries is unfavorable for consumption [Brief Commentary on Lead Futures]

SMM, May 27, 2025

The most-traded SHFE lead 2507 contract opened at 16,830 yuan/mt today. Due to weak purchase willingness from downstream lead-acid battery enterprises, SHFE lead prices fluctuated downward during the morning session. Prices slightly rebounded towards the end of the session, closing at 16,825 yuan/mt, up 0.18%, with an open interest of 46,064 lots, recording a small bullish candlestick. Recently, the supply side of lead ingots has remained relatively stable, while tight raw material supplies continue to support lead prices. Additionally, as the Dragon Boat Festival holiday approaches, downstream enterprises are gradually announcing their holiday plans. Overall, the short-term trend of lead prices is expected to maintain a fluctuating trend.

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