Downstream purchase willingness improves, bears reduce positions, SHFE lead catches up with gains. [Brief Comment on Lead Futures]

SMM, June 16, 2025

The most-traded SHFE lead 2507 contract opened at 16,915 yuan/mt today. It fluctuated downward in the early session, dipping to a low of 16,860 yuan/mt. Later, it rebounded due to improved purchasing enthusiasm from downstream battery producers. It hovered around the 16,935 yuan/mt level at midday and edged up slightly towards the end of the session, closing at 16,980 yuan/mt, up 0.21%, with an open interest of 42,057. The prices of raw materials for lead smelting remained firm, and high costs made lead prices resilient to declines. Additionally, routine maintenance at individual primary lead producers with delivery brands in the middle and late June also supported lead prices. Overall, lead prices are likely to hold up well in the near term.

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