The supply of lead ingots is relatively tightened, and lead prices are fluctuating upward [Brief Comment on Lead Futures]

SMM News on June 19, 2025

The most-traded SHFE lead 2507 contract opened at 16,850 yuan/mt during the day. It rose to 16,965 yuan/mt in the morning session, dropped back slightly in the afternoon, and finally closed at 16,925 yuan/mt, up 0.68%, with an open interest of 33,907 lots. This week, the SHFE lead 2506 contract entered delivery. The warehouse transfers by suppliers due to delivery led to an increase in social inventory of lead ingots. However, after delivery in the second half of the week, the supply re-entered the market, and downstream enterprises purchased on demand, causing the social inventory to reverse and decline. Recently, most secondary lead enterprises have been in a state of production reduction or suspension, coupled with an increase in maintenance at primary lead enterprises, leading to a relatively tight supply of lead ingots. As a result, lead prices have fluctuated upward. The rise in lead prices has stimulated some downstream enterprises to purchase on demand, and lead prices may hold up well in the near future.
 

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