Futures market: Overnight, LME copper opened at $9,606.5/mt, initially touched a low of $9,597/mt, then fluctuated upward rangebound, and finally closed at $9,678/mt, up 0.43%, with trading volume at 11,000 lots and open interest at 268,000 lots.

Overnight, LME lead opened at $1,975.5/mt.

To ensure consistency between the data and its source and respond to customer feedback, we will uniformly adjust the date display of LME inventory data in our non-ferrous metal database.

[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...