[SMM Analysis: Social Inventory of Lead Ingots Rises to Three-Month High, Supply Tightening May Ease Subsequent Inventory Buildup Pressure] SMM News on July 17: According to SMM, as of July 17, the total social inventory of lead ingots across five regions reached 69,000 mt, an increase of 7,900 mt from July 10 and 5,600 mt from July 14.

[SMM Social Inventory of Lead Ingots: Social Inventory of Lead Ingots Rises to Three-Month High, Supply Tightening May Ease Subsequent Inventory Buildup Pressure] This week, the SHFE lead 2507 contract completed delivery. Due to the transfer of lead ingot inventory brought about by transfer to delivery warehouse, the inventory in social warehouses of lead ingots continued to increase, with inventory in all five regions showing varying degrees of increase, primarily in warehouses in the Jiangsu, Zhejiang, Shanghai region.....

[SMM Shanghai and Other #1 Lead Markets: Lead Prices Fall Weakly, Downstream Enterprises Remain Cautious and Observant] SMM News on July 17: In the Shanghai market, Chihong and Honglu lead are priced at 16,780-16,860 yuan/mt, with quotes at a discount of 50-0 yuan/mt against the SHFE lead 2508 contract. In the Jiangsu-Zhejiang market, Yuguang, Jijin, and JCC lead are priced at 16,810-16,850 yuan/mt, with quotes at a discount of 20-10 yuan/mt against the SHFE lead 2508 contract. SHFE lead prices are consolidating weakly, and suppliers are selling goods according to market conditions...

Futures market: Overnight, LME copper opened at $9,610/mt, fluctuating rangebound in early trading before hitting a low of $9,588/mt.

[SMM Lead Morning Meeting Summary: Short-term peak season consumption expectations have not yet been realized, and lead prices continue to be in the doldrums] In terms of supply during the peak season, after the continuous weakening of lead prices, the absolute prices of scrap batteries and lead concentrates have fallen in tandem, slightly lowering the cost support below lead prices. End-use consumption has not yet been realized. Before the implementation of tariffs in August, battery orders exported to the US from various regions may be affected and decline. Domestic battery enterprises are cautious about the price drop and are adopting a wait-and-see attitude, preferring to purchase spot cargo from smelters. After the July delivery, there was still a slight increase in social inventory of domestic lead ingots...

[SMM Analysis: Will Vietnam's ESS Battery Exports Bear the Brunt of the US's New Tariff Announcement?] SMM News on July 16: It is reported that since early July, the US has been sending letters to multiple countries announcing that new tariffs will take effect on August 1 and apply to "all goods". Meanwhile, during the long weekend of "Independence Day", US President Trump stated that countries without trade agreements with the US will face punitive tariffs of up to 70% starting from August.

[US Sends Letters Announcing New Tariffs; Will Vietnam's Lead-Acid Battery Exports Bear the Brunt?] SMM News on July 16: It is reported that since early July, the US has sent letters to multiple countries announcing that new tariffs will take effect on August 1 and apply to "all goods". Meanwhile, US President Trump stated during the long weekend of "Independence Day" that countries without trade agreements with the US will face punitive tariffs as high as 70% starting from August...