Lead prices first declined and then rose overnight, with LME lead rising by more than 2% [SMM Lead Morning News]

SMM June 30:

On last Friday, LME lead opened at $1,992.5/mt. During the Asian session, it fluctuated downward. Entering the European session, it touched a low of $1,989.5/mt before rebounding from the low. In the tail end of the session, it surged to $2,049.5/mt and finally closed at $2,041.5/mt, up 2.33%.

On the evening of last Friday, the most-traded SHFE lead 2508 contract opened at 17,105 yuan/mt. After briefly touching a low of 17,095 yuan/mt at the beginning of the session, it fluctuated upward. In the tail end of the session, it surged to 17,195 yuan/mt and finally closed at 17,170 yuan/mt, up 0.37%.

As we enter July this week, the factor of downstream enterprises closing their accounts and conducting inventory checks at the mid-year has been lifted, and the spot market may resume regular trading. With the rise in lead prices, the losses of secondary lead narrowed last week. Coupled with the conclusion of environmental protection inspections in various regions, the willingness of secondary lead enterprises to resume production has increased. The expected increase in supply may pose a risk of lead prices jumping initially and then pulling back.