[SMM Social Inventory of Lead Ingots: Supply Tightens Alongside Delivery, Social Inventory of Lead Ingots Rises Then Falls] This week, the SHFE lead 2506 contract entered the delivery phase. The transfer of inventory by suppliers due to delivery led to an increase in the social inventory of lead ingots. However, in the second half of the week, after the delivery, the supply re-entered the market, and downstream enterprises purchased on demand, causing the social inventory to reverse and decline.....

Overnight, LME copper opened at $9,668/mt, hitting a high of $9,694.5/mt at the beginning of the session before fluctuating downward throughout the session, touching a low of $9,648/mt near the close, and eventually closing at $9,650.5/mt, down 0.2%.

[SMM Lead Morning News: Intensive Introduction of Macro Policies Leads to Rebound in Domestic and Overseas Lead Prices] SMM June 19 News: Overnight, the most-traded SHFE lead 2507 contract opened at 16,850 yuan/mt. Boosted by the news that SHFE had relaxed restrictions on investor participation in lead futures, SHFE lead fluctuated upward...

[SMM Morning Lead Meeting Summary: SHFE Opens Up Lead Futures to Foreign Participation, May Boost Lead Prices to Hold Up Well in the Short Term] On June 18, the Shanghai Futures Exchange further expanded the range of tradable varieties for qualified foreign institutional investors and RMB qualified foreign institutional investors, adding natural rubber, lead, and tin futures and options contracts. Recently, the global lead supply has gradually shown a surplus trend, with overseas inventories once again approaching the 290,000 mt mark...

[SMM Shanghai and Other 1# Lead Markets: Lead Prices Fall, Downstream Buyers Adopt Wait-and-See Approach, Spot Transactions Weaken] SMM News on June 18: In the Shanghai market, Chihong and Honglu lead were quoted at 16,780-16,860 yuan/mt, with quotations at discounts of 50-0 yuan/mt against the SHFE lead 2507 contract. SHFE lead prices fluctuated and pulled back, with suppliers maintaining discounted quotations. Among them, cargoes self-picked up from primary lead smelters were quoted at discounts of 30 yuan/mt to premiums of 50 yuan/mt against the SMM 1# lead average price...

[SMM Lead Morning Brief: Macro and Inventory Buildup Combine, LME Lead Gives Back All Weekly Gains] SMM June 18 News: Overnight, LME lead opened at $2,006.5/mt. During the Asian session, LME lead consolidated at high levels, oscillating directly between $1,995 and $2,000/mt for most of the period. As the European session began, geopolitical tensions in the Middle East escalated further...

[SMM Morning Lead Meeting Summary: Fundamentals' Resilience Dampens Macro Weakness, Lead Prices May Consolidate] Geopolitical policy contradictions are prominent overseas, and today is the eve of the US Fed's interest rate decision meeting. The market needs to pay attention to the impact of macro policy changes on lead prices. On the fundamental side, domestic secondary lead smelters' production cuts have not yet recovered...