In June, China's refined lead exports fell by 43% MoM, and imports dropped by approximately 81% MoM. With uncertainties still surrounding tariff events, there is an expectation of an increase in China's lead ingot supply in July. Meanwhile, there has been no significant improvement in domestic consumption. It is anticipated that the lead ingot import and export situation in July will remain unfavorable.

Futures market: LME copper opened at $9,851/mt overnight, fluctuated downward to test the low of $9,841/mt at the beginning of the session, then the center of copper prices moved straight up to probe $9,871/mt, followed by considerable fluctuations before finally closing at $9,867/mt, up 0.74%, with trading volume at 14,000 lots and open interest at 266,000 lots.

Overnight, LME lead opened at $2,010/mt, fluctuating rangebound in the Asian session. Entering the European session, it slightly rose to a high of $2,017.5/mt, with bulls and bears vying for control. LME lead then dipped to a low of $1,994/mt before rallying again in the tail end, closing at $2,015/mt, up 0.17%.

Futures market: LME copper opened at $9,729/mt last Friday night, initially fluctuating rangebound and testing the low of $9,710/mt before gradually moving higher and probing $9,799/mt near the session close, eventually settling at $9,794.5/mt, up 1.2%.

Last Friday, LME lead opened at $1,970.5/mt. During the Asian session, it fluctuated at lows, with a low of $1,967/mt. Entering the European session, boosted by macroeconomic news from the Chinese market, LME lead rallied, reaching a high of $2,014/mt in the late session, and finally closed at $2,011.5/mt, up 1.72%.

On last Friday, LME lead opened at $1,970.5/mt, fluctuating at lows during the Asian session, with a low of $1,967/mt. Entering the European session, boosted by macro news from the Chinese market, LME lead rallied, reaching a high of $2,014/mt in the closing session, and finally closed at $2,011.5/mt, up 1.72%.