Overnight, LME lead opened at US$2,057.5/mt, touched a low of US$2,057/mt early in the session, and then fluctuated upward to a high of US$2,073/mt. Entering the European session, it oscillated around the intraday average line and finally closed at US$2,063/mt, down 0.02%.

[SMM Analysis: Social Inventory of Lead Ingot Increases Slightly Amid Simultaneous Growth in Supply and Demand] SMM News on July 3: According to SMM, as of July 3, the total social inventory of lead ingot across five regions tracked by SMM reached 56,900 mt, an increase of approximately 900 mt from June 26 and approximately 600 mt from June 30.

[SMM Social Inventory of Lead Ingots: Social Inventory of Lead Ingots Increases Slightly Amidst Simultaneous Growth in Supply and Demand] This week, lead prices held up well, with the overall center of price movement moving upward. Suppliers were mostly active in selling, and spot discounts for lead expanded. The spread between futures and spot prices for lead in major producing areas ranged from 180 to 250 yuan/mt...

[SMM Shanghai and Other 1# Lead Markets: Lead Prices Hold Up Well, Regional Trading in Spot Market Improves] SMM reported on July 3: In the Shanghai market, Chihong and Honglu lead were quoted at 17,150-17,260 yuan/mt, with a discount of 80-0 yuan/mt against the SHFE lead 2508 contract. In the Jiangsu-Zhejiang market, Jijin and JCC lead were quoted at 17,200-17,240 yuan/mt, with a discount of 30-20 yuan/mt against the SHFE lead 2508 contract. SHFE lead prices held up well, with suppliers actively selling spot cargo, and the discount in quotes further widened compared to yesterday...