Weekly Review of Lead Prices (July 7, 2025 - July 11, 2025) [SMM Weekly Lead Review]

SMM News on July 11:

This week, LME lead opened at $2,058/mt, fluctuating considerably around the $2,050/mt level during the week. Due to several consecutive days of decline in LME lead inventory, LME lead reached a high of $2,071.5/mt on Thursday. On Friday, as the US dollar index fluctuated upward, LME lead came under pressure and was dragged down by the performance of domestic spot cargo, reaching a low of $2,019/mt. As of 15:00 Beijing time on July 11, 2025, it closed at $2,029/mt, down 1.36%.

This week, the SHFE lead 2508 contract opened at a high of 17,315 yuan/mt. Early in the week, US tariff risks resurfaced, and social inventory of lead ingots continued to accumulate. Bears entered the market, causing SHFE lead to fluctuate downward. By mid-week, the impact of tariffs weakened, and traders' focus returned to fundamentals. With expectations of traditional consumption remaining, bulls entered the market again, pushing lead prices back above 17,200 yuan/mt. However, dragged down by the accumulation of lead ingot inventory, SHFE lead fell rapidly on Friday, reaching a low of 17,015 yuan/mt, and closed at 17,075 yuan/mt, down 1.27%.

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