The fundamental factors of lead dragged down the lead price, and SHFE lead closed lower overnight [SMM Lead Morning News]

SMM July 24:

Overnight, LME lead opened at $2,013/mt, fluctuating downward during the Asian session to a low of $2,000.5/mt. It rebounded and gained ground during the European session, reaching a high of $2,036/mt in the closing session, and finally closed at $2,028.5/mt, up 0.69%.

Overnight, the most-traded SHFE lead 2509 contract opened higher with a gap at 16,910 yuan/mt, touching a high of 16,945 yuan/mt in the early session. Dragged down by the lead fundamentals, it fluctuated downward and finally closed at 16,850 yuan/mt, down 0.44%.

With macro tailwinds exhausted, the upward momentum of non-ferrous metals was frustrated, and the lead price trend quickly returned to fundamentals. After the lead price fell, the inquiry enthusiasm of some downstream enterprises improved; however, lead smelters were not enthusiastic about shipping, and quoted firmly due to limited spot order supplies. It is reported that most downstream battery producers currently have raw material inventories exceeding seven days, so their willingness to purchase lead ingots is not urgent, and they are still observing the price trend. Overall, the trading activity in the lead market is moderate, and the lead price may continue to fluctuate in the short term.

Data source statement: Except for publicly available information, other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only, and do not constitute decision-making advice.