[SMM Flash News] The most-traded SHFE lead 2507 contract opened at RMB 16,795/mt today. After briefly touching a high of RMB 16,825/mt in the early session, it fluctuated downward. It slightly rebounded towards the end of the session, closing at RMB 16,750/mt, up 0.27%, with open interest at 45,996. According to SMM, as of May 29, the total social inventory of lead ingots across five locations tracked by SMM reached 49,400 mt, an increase of 6,000 mt from May 26. With the Dragon Boat Festival holiday approaching, some lead-acid battery enterprises plan to take a 1-3 day holiday. Downstream enterprises showed weak purchasing enthusiasm before the holiday. Social inventory of lead ingots continued to accumulate, dragging lead prices lower. With no prospect of scrap battery prices falling, losses in secondary lead production widened again, dampening the enthusiasm of smelters for production and shipments. The price of secondary refined lead inverted against primary lead, and the cost support of secondary lead remained effective. Bullish and bearish factors intertwined, and lead prices may continue to consolidate in the short term.