SMM Shanghai and other No.1 lead markets: SHFE lead holds up well, with uneven transactions in the spot market [SMM midday review]

        SMM News on July 10: In the Shanghai market, Chihong and Honglu lead were quoted at 17,160-17,220 yuan/mt, with quotations at discounts of 60-20 yuan/mt against the SHFE lead 2508 contract. In the Jiangsu, Zhejiang, and Shanghai markets, Jijin and JCC lead were quoted at 17,180-17,220 yuan/mt, with quotations at discounts of 40-20 yuan/mt against the SHFE lead 2508 contract. SHFE lead prices held up well, and suppliers quoted prices in line with market conditions, with discounts basically stable. Downstream enterprises made just-in-time procurement, with general inquiry enthusiasm. Warehouse supplies in the Jiangsu, Zhejiang, and Shanghai regions were sluggish. Additionally, inventory at some smelters in the main production areas of primary lead declined, or there were considerations for transferring to delivery warehouses. Suppliers' quotations varied widely, with discounts of 50 yuan/mt to premiums of 100 yuan/mt against the SMM 1# lead average price ex-works. Furthermore, secondary lead enterprises quoted prices in line with market conditions. Due to regional supply differences, secondary refined lead was quoted at discounts of 150-0 yuan/mt to premiums of 50 yuan/mt against the SMM 1# lead average price ex-works. Downstream enterprises mostly made purchases under long-term contracts, with a strong wait-and-see sentiment in spot order procurement, and spot cargo transactions were inconsistent.

        Other markets: Today's SMM 1# lead price remained unchanged from the previous trading day. In Henan, smelters quoted prices at premiums of 0-30 yuan/mt against the SMM 1# lead average price ex-works, while traders quoted prices at discounts of 200-160 yuan/mt against the SHFE lead 2508 contract ex-works. In Hunan, smelters' quotations narrowed to around parity with the SMM 1# lead average price, but actual transactions were sparse. Traders quoted prices at discounts of 220-200 yuan/mt against the SHFE lead 2508 contract. In Jiangxi, suppliers faced difficulties in closing deals at premiums of 100-120 yuan/mt against the SMM 1# lead average price ex-works. In Yunnan, suppliers closed just-in-time deals at discounts of 200-220 yuan/mt against the SMM 1# lead average price ex-works. SHFE lead prices rose slightly, with some suppliers holding back sales, waiting and seeing, or intending to transfer to delivery warehouses. Downstream enterprises maintained just-in-time procurement, and market transactions slightly weakened.