SMM Shanghai and other No.1 lead markets: Lead prices hold up well, with regional improvement in spot market transactions [SMM Midday Review]

        SMM reported on July 3: In the Shanghai market, Chihong and Honglu lead were quoted at 17,150-17,260 yuan/mt, with quotations at discounts 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 quotations at discounts of 30-20 yuan/mt against the SHFE lead 2508 contract. SHFE lead held up well, and suppliers were mostly active in selling, with quotations at discounts expanding further compared to the previous day. During this period, the discounts for cargoes self-picked up from primary lead smelters in some regions also expanded, with discounts of 100-220 yuan/mt against the SHFE lead 2508 contract. Secondary lead smelters sold according to market conditions, with secondary refined lead quotations at discounts of 50-0 yuan/mt against the SMM 1# lead average price, and a few discounts exceeding 100 yuan/mt. Downstream enterprises showed slightly better enthusiasm for inquiries and were interested in receiving some cargoes with large discounts. Warrant cargoes saw average transactions, while transactions for cargoes self-picked up from production sites improved relatively.

        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 for factory delivery, while traders quoted at discounts of 200-160 yuan/mt against the SHFE lead 2508 contract for factory delivery, with some transactions for cargoes with large discounts. In Hunan, smelters quoted at discounts narrowing to 30-0 yuan/mt against the SMM 1# lead average price for factory delivery, while traders quoted at discounts of 220-200 yuan/mt against the SHFE lead 2508 contract. In Yunnan, suppliers quoted at discounts of 220-200 yuan/mt against the SMM 1# lead average price for factory delivery, with a small volume of transactions. Lead prices held up well, and downstream enterprises were in the transition stage between the off-season and peak season, with some enterprises stocking up based on immediate needs, and spot transactions in the primary lead market were moderate.