Weekly Review of Lead Prices (July 21-25, 2025) [SMM Weekly Lead Review]

SMM News on July 25:

This week, LME lead opened at $2,010/mt. In the first half of the week, the US dollar index fluctuated at highs, putting pressure on LME lead, which dropped to a low of $1,994/mt. In the second half of the week, Trump directly requested Powell to cut interest rates, exacerbating the sentiment of a weakening US dollar index. On Thursday, LME lead surged to a high of $2,042/mt. As of 15:00 Beijing time on July 25, 2025, it closed at $2,033/mt, up 1.07%.

This week, the SHFE lead 2509 contract opened at 16,920 yuan/mt. After briefly touching a high of 17,040 yuan/mt at the beginning of the week, it fluctuated downward. Mid-week, spot lead prices moved sideways amid weak spot market performance, with a low of 16,820 yuan/mt. Due to a decline in smelters' finished product in-plant inventory, downstream procurement demand gradually shifted to warrants. On Friday, bulls increased their positions, leading to a late-session rally and rebound. The contract closed at 16,955 yuan/mt, up 0.65%.

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