SMM News on July 8, 2025
The most-traded SHFE lead 2508 contract opened at 17,115 yuan/mt today. After diving to a low of 17,065 yuan/mt in the early session, it rebounded and closed at 17,160 yuan/mt, down 0.29%, with an open interest of 51,617. Recently, lead prices have held up well, trading above 17,000 yuan/mt. The losses of secondary lead have narrowed, and the production enthusiasm of lead smelters has increased. Coupled with the gradual commissioning of new smelting capacity, there has been a phased increase in ingot supply. However, the current improvement in lead consumption is limited, and it cannot fully absorb the increased supply. As a result, social inventory of lead ingots continues to rise, dampening the upward momentum of lead prices. Meanwhile, the suspension period for the US's reciprocal tariff has ended, becoming the largest uncertainty factor currently affecting lead price movements. It is expected that lead prices will pull back and consolidate in the short term.
