Lead prices operated within a narrow range overnight, closing lower on both sessions [SMM Lead Morning News]

SMM August 5:

Overnight, LME lead opened at $1,974/mt, consolidating in a fluctuating trend during the Asian session. Entering the European session, it briefly touched a high of $1,977.5/mt before diving, reaching a low of $1,956/mt in the tail end of the session, and finally closing at $1,963.5/mt, down by 0.53%. Overnight, the most-traded SHFE lead 2509 contract opened at 16,750 yuan/mt, briefly touching a high of 16,760 yuan/mt in the early session before fluctuating downward. It reached a low of 16,650 yuan/mt in the tail end of the session and finally closed at 16,660 yuan/mt, down by 0.72%.

Lead prices fluctuated and rebounded, with losses narrowing for secondary lead producers, prompting some secondary lead enterprises to resume shipments. However, most suppliers held firm on their quotes, and the supply lacked price advantages. Additionally, primary lead enterprises that had undergone maintenance earlier resumed production in recent days. The supply of spot orders had not yet shown significant changes in the short term, and the market was filled with a wait-and-see sentiment. Some downstream enterprises negotiated prices and purchased goods, but transactions remained sluggish. Given the stable macro sentiment, lead prices are expected to maintain a fluctuating trend today.

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