SMM Shanghai and other 1# lead markets: Lead prices continue to rise, with downstream enterprises becoming more cautious due to high prices [SMM midday review]

        SMM reported on July 4: In the Shanghai market, Chihong and Honglu lead were quoted at 17,180-17,260 yuan/mt, with quotations at discounts of 80-0 yuan/mt against the SHFE lead 2508 contract. In the Jiangsu, Zhejiang, Shanghai market, Jijin and JCC lead were quoted at 17,230-17,240 yuan/mt, with quotations at discounts of 30-20 yuan/mt against the SHFE lead 2508 contract. The SHFE lead market remained strong, with suppliers shipping out goods as they received orders, and quotations maintained at discounts. Additionally, the cargoes self-picked up from primary lead smelters were mostly quoted at parity with the SMM 1# lead average price, while secondary refined lead was quoted at discounts of 50-0 yuan/mt against the SMM 1# lead average price, with a few discounts exceeding 100 yuan/mt. Downstream enterprises mainly made just-in-time procurements, with long-term contracts accounting for the majority. Spot order transactions in the Jiangsu, Zhejiang, Shanghai region remained limited.

        Other markets: Today, the SMM 1# lead price increased by 25 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. In Hunan, smelters maintained quotations at discounts of 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 continued to hold up well. As the weekend approached and lead prices rose slightly, some downstream enterprises suspended purchases after completing their inventory preparations, and transactions in the spot lead market slightly weakened.