[SMM Social Inventory of Lead Ingots: Social Inventory of Lead Ingots Changes Relatively Small Amidst Weak Supply and Demand] This week, lead prices fluctuated upward and surged past the 17,000 yuan/mt threshold, with the most-traded SHFE lead contract even reaching 17,255 yuan/mt, marking a high not seen in nearly three months. Amidst the rising lead prices, suppliers were mostly active in quoting prices and shipping goods...

Overnight, LME copper opened at $9,692.5/mt, reaching a high of $9,738.0/mt and a low of $9,684/mt, before closing at $9,727.0/mt, up 0.65%. Trading volume reached 14,874 lots, with open interest at 286,436 lots.

[SMM Lead Morning Meeting Summary: Macro Factors Favorable + Fundamentals Improve, Lead Prices Break Through Key Level to Enter Uptrend] The macro sentiment has improved, creating an overall favorable atmosphere for non-ferrous metals to hold up well. Coupled with a shift in the supply-demand dynamics in the lead market due to short-term supply reductions, LME inventory continues destocking, and the sentiment among bulls/longs in the lead futures market is strong. This week, after SHFE lead broke through the key level of 17,000 yuan with increased trading volume, it entered an uptrend.

[SMM Shanghai and Other #1 Lead Markets: SHFE Lead Surpasses 17,000 Yuan/mt Threshold, Divergence in Spot Market Transactions Widens] SMM June 25 Report: In the Shanghai market, Chihong and Honglu lead are priced at 17,070-17,130 yuan/mt, with quotes at a discount of 50-10 yuan/mt against the SHFE lead 2507/2508 contracts. In the Jiangsu and Zhejiang markets, Jijin and JCC lead are priced at 17,090-17,120 yuan/mt, with quotes at a discount of 30-20 yuan/mt against the SHFE lead 2507/2508 contracts. SHFE lead has shown strong upward momentum, surpassing the 17,000 yuan/mt threshold again after nearly three months...

[SMM Lead Morning Meeting Summary: US Dollar Weakens Alongside Reduced Refined Lead Supply, Lead Prices Hold Up Well] The recent trend of tight supply of lead concentrates and scrap battery raw materials remains unchanged. The lead import window is closed. The routine maintenance of primary lead smelters in June and the potential slower-than-expected recovery of secondary refined lead have led to a decline in domestic refined lead supply. Despite the overall stable operation of downstream industries, it is still early for peak-season inventory preparation, and the enthusiasm for purchasing is generally low. The social inventory of refined lead continues to show a destocking trend.

According to customs data, lead concentrate imports in May 2025 were approximately 104,000 mt, down 6.4% MoM but up 3.8% YoY. The cumulative imports for 2025 reached approximately 552,676 mt, marking a 64% increase YoY compared to 2024.

[SMM Analysis: Lead Concentrates Imports Continued to Decline in May 2025, with Lead Concentrate TCs More Likely to Fall Than Rise] According to customs data, imports of lead concentrates in May 2025 were approximately 104,000 mt, down 6.4% MoM but up 3.8% YoY. The cumulative imports for 2025 were approximately 552,676 mt, representing a 64% increase from 2024.