SMM reported on June 25: In the Shanghai market, Chihong and Honglu lead were quoted at 17,070-17,130 yuan/mt, with quotations at discounts of 50-10 yuan/mt against the SHFE lead 2507/2508 contracts. In the Jiangsu-Zhejiang market, Jijin and JCC lead were quoted at 17,090-17,120 yuan/mt, with quotations at discounts of 30-20 yuan/mt against the SHFE lead 2507/2508 contracts. SHFE lead prices surged strongly, crossing the 17,000 yuan/mt threshold again after nearly three months. Suppliers actively quoted and sold goods, with some quotations' discounts further widening. The discounts for cargoes self-picked up from primary lead smelters also widened, with prices quoted at discounts of 80 yuan/mt to premiums of 100 yuan/mt against the SMM 1# lead average price. The selling enthusiasm of secondary lead smelters increased, with mainstream secondary refined lead quotations at discounts of 50-0 yuan/mt against the SMM 1# lead average price, and a few quotations at discounts of 25-75 yuan/mt in some regions. As lead prices rose, downstream enterprises' pessimistic sentiment about the future market eased, and inquiries relatively increased. Meanwhile, large enterprises were closing their accounts and conducting inventory checks at the end of the year, adopting a wait-and-see attitude and reducing purchases. Spot market transactions were generally average.
Other markets: Today, the SMM 1# lead price increased by 175 yuan/mt compared to the previous trading day. In Henan, smelters quoted prices on par with the SMM 1# lead average price, while traders quoted prices at discounts of 200-150 yuan/mt against the SHFE lead 2507/2508 contracts. In Hunan, smelters quoted prices at discounts of 50-30 yuan/mt against the SMM 1# lead average price, with a few quotations at discounts of 80 yuan/mt against the SMM 1# lead average price. Smelters reported that after the lead price increase, some downstream enterprises' inquiries and purchasing enthusiasm improved. In Guangdong, smelters quoted prices at premiums of 100 yuan/mt against the SMM 1# lead average price, adopting a wait-and-see attitude due to reluctance to sell. Boosted by macroeconomic news such as production cuts on the supply side and the weakening of the US dollar, SHFE lead prices surged significantly during the day and stood above the 17,000 yuan/mt level. Regional spot market transactions slightly improved compared to before.
