SMM, June 4: In the Shanghai market, lead from Chihong and Honglu was quoted at 16,530-16,550 yuan/mt, with quotations against the SHFE lead 2506/2507 contracts at a contango of 20-0 yuan/mt. After the SHFE lead surged and then pulled back in the early session, suppliers shipped goods in line with market conditions, with some offering quotations at small contangos. Among them, the cargoes self-picked up from production sites of primary lead smelters in major producing areas were quoted at a contango of 60 yuan/mt to a premium of 100 yuan/mt against the SMM 1# lead average price ex-works. The contango in South China further widened, while that in North China narrowed, leading to greater regional disparities. Secondary lead smelters showed poor enthusiasm for shipping goods, with spot order quotations at a premium of 0-100 yuan/mt against the SMM 1# lead price ex-works. A few traders offered quotations at a contango of 50-0 yuan/mt ex-works. After the holiday, downstream enterprises had limited immediate demand. After some enterprises bought the dip yesterday, they made fewer inquiries today, and market transactions turned sluggish again.
Other markets: Today, the SMM 1# lead price rose by 50 yuan/mt from the previous trading day. In Henan, suppliers offered quotations at a contango of 180-140 yuan/mt against the SHFE lead 2507 contract ex-works. In Hunan, smelters offered quotations at a contango of 40 yuan/mt against the SMM 1# lead average price ex-works, while traders offered quotations at a contango of 60-50 yuan/mt against the SMM 1# lead average price ex-works. In Jiangxi, suppliers offered quotations at a premium of 80-100 yuan/mt against the SMM 1# lead average price ex-works. During the day, SHFE lead rebounded and rose, and downstream enterprises once again entered a wait-and-see mode, with their enthusiasm for purchasing declining. Only some downstream enterprises purchased as needed, with a small amount of immediate demand transactions, and overall market transactions remained sluggish.
