SMM Shanghai and other No.1 lead markets: SHFE lead prices rose strongly, while downstream enterprises were cautious in purchasing at month-end [SMM Midday Review]

        SMM News on June 26: In the Shanghai market, Chihong and Honglu lead were quoted at 17,125-17,215 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 17,145-17,205 yuan/mt, with quotations at discounts of 30-20 yuan/mt against the SHFE lead 2507/2508 contracts. The SHFE lead remained strong, and suppliers maintained discounts for sales. Meanwhile, secondary lead enterprises increased their sales enthusiasm, with secondary refined lead quotations at discounts of 70-0 yuan/mt against the SMM 1# lead average price ex-works. Downstream enterprises, however, were cautious about high prices and made limited purchases, with only partial just-in-time procurement. In particular, large enterprises focused on closing accounts and inventory checks, with long-term contracts dominating procurement, and the spot order market remained sluggish.

        Other markets: Today, the SMM 1# lead price increased by 75 yuan/mt compared to the previous trading day. In Henan, smelters quoted at parity with the SMM 1# lead average price ex-works, while traders quoted at discounts of 180-150 yuan/mt against the SHFE lead 2507/2508 contracts ex-works. In Hunan, smelters quoted at discounts of 50-30 yuan/mt against the SMM 1# lead average price, and traders quoted at discounts of 220-200 yuan/mt against the 2508 contract ex-works. With the rise in lead prices, lead smelting enterprises actively quoted prices for sales, with mainstream producing areas still selling at discounts. Downstream enterprises made only just-in-time purchases, limiting downstream transactions. During this period, some traders accepted large discounts, and due to the significant spread between futures and spot prices, some suppliers intended to transfer to delivery warehouses, with such transactions being moderate.