SMM June 16 News: In the Shanghai market, Chihong and Honglu lead were quoted at 16,855-16,905 yuan/mt, with quotations against the SHFE lead 2507 contract at a contango of 50-0 yuan/mt. In the morning, SHFE lead prices dipped before rebounding. Additionally, today marked the delivery date for the SHFE lead 2506 contract, and the availability of spot cargoes in the market was limited. Quotations remained largely unchanged from last Friday's contango levels. Furthermore, there were discrepancies in the quotations for cargoes self-picked up from primary lead smelters. Smelters refused to budge on prices, offering cargoes at a premium (against the SMM 1# lead average price), while traders offered quotations at a contango. Downstream enterprises adopted a wait-and-see approach, making limited purchases, with some just-in-time procurement deals concluded.
Other markets: Today, the SMM 1# lead price fell by 25 yuan/mt from the previous trading day. In Henan, smelters offered quotations at a premium of 30-50 yuan/mt ex-factory against the SMM 1# lead average price, while traders offered quotations at a contango of 180-140 yuan/mt ex-factory against the SHFE lead 2507 contract. In Hunan, smelters had limited inventory and offered quotations at a premium of 30-50 yuan/mt ex-factory against the SMM 1# lead average price, with a small volume of transactions concluded. Traders offered quotations at a contango of 30-0 yuan/mt against the SMM 1# lead average price or at a contango of 180 yuan/mt against the SHFE lead 2507 contract ex-factory. In Jiangxi, suppliers offered quotations at a premium of 30-50 yuan/mt ex-factory against the SMM 1# lead average price. During the day, SHFE lead prices came under pressure and pulled back. Downstream enterprises maintained just-in-time procurement. Additionally, due to the availability of secondary lead at a contango in some regions, downstream just-in-time demand was diverted, resulting in relatively sluggish trading activity.
