[SMM Shanghai and Other 1# Lead Markets: Rising Lead Prices Dampen Downstream Buying Sentiment, Spot Cargo Transactions Weaken Again] SMM June 4 Report: In the Shanghai market, Chihong and Honglu lead are priced at 16,530-16,550 yuan/mt, quoted at a discount of 20-0 yuan/mt against the SHFE lead 2506/2507 contracts. After the SHFE lead prices surged and then pulled back in the early session, suppliers sold their cargoes at market prices, with some offering at small discounts...

Overnight, LME copper opened at $9,566.5/mt, dipping to a low of $9,557.5/mt shortly after the opening bell.

[SMM Morning Lead Meeting Summary: Overnight lead futures closed slightly higher, with lead prices continuing to be in the doldrums and testing bottom support] After the Dragon Boat Festival holiday, lead prices continued to be in the doldrums and tested bottom support. Suppliers were mostly active in selling, and some downstream enterprises made just-in-time procurement after production resumed. Trading conditions improved slightly in regions such as Hunan and Guangdong. Follow-up attention is still needed on the recovery of secondary refined lead.

SMM, June 3: Dealers in Zhejiang reported that end-use consumption in the e-bike battery market was mediocre, with slow digestion of battery inventory.

[SMM Analysis: Downstream Enterprises Adopt a Wait-and-See Approach and Exercise Caution in Purchasing After the Dragon Boat Festival, Social Inventory of Lead Ingots Increases as Expected] SMM News on June 3: According to SMM, as of June 3, the total social inventory of lead ingots across five regions tracked by SMM reached 49,900 mt, an increase of 6,500 mt from May 26 and over 400 mt from May 29.

[SMM Shanghai and Other 1# Lead Markets: Price Center Moves Lower, Spot Market Transactions Improve Relatively] SMM, June 3: In the Shanghai market, Chihong and Honglu lead were quoted at 16,530-16,550 yuan/mt, with quotations at discounts to parity against the SHFE lead 2506/2507 contracts. The center of SHFE lead prices moved further lower compared to before the holiday, with suppliers quoting in line with market conditions. Among them, quotations for cargoes self-picked up from primary lead smelters in major producing areas were at discounts of 50 yuan/mt to the SMM 1# lead average price to...

[SMM Lead Midday Review: Secondary Refined Lead Prices Still Inverted Relative to Primary Lead, Downstream Players Adopt Wait-and-See Approach, Cautious in Purchasing, with Limited Purchases] SMM reported on June 3: Today, the SMM 1# lead average price dropped by 25 yuan/mt from the level before the holiday to 16,375 yuan/mt. Secondary lead smelters showed low willingness to sell, with fewer quotes that were relatively firm. The price difference between primary metal and scrap was -75 yuan/mt, with secondary refined lead prices still inverted relative to primary lead.

Futures Market: Overnight, LME copper opened at $9,604.5/mt. After fluctuating considerably to reach an intraday low, it surged straight up to a high of $9,636.5/mt, then fluctuated downward. Near the close, it hit a low of $9,578/mt before finally closing at $9,615/mt, marking a 1.24% increase.