Futures: LME copper opened at $9,679.5/mt overnight, fluctuated rangebound at $9,670.5/mt in early trading, then the center of copper prices gradually moved upward to a high of $9,712/mt, and finally closed at $9,721/mt, up 0.38%, with trading volume reaching 14,000 lots and open interest reaching 263,000 lots.

[smm lead morning brief: us fed signals hawkish stance lme lead rebounds after testing lows] SMM August 21 news: overnight, LME lead opened at $1972.5/mt, during the Asian session LME lead was in the doldrums, fluctuating between $1965-1970/mt, with the lowest point reaching $1965/mt...

[SMMS Lead Morning Meeting Summary: Import and Export Data Offsetting Each Other, Short-Term Lead Prices May Stop Falling and Stabilize] China's August LPR Quotations Remain Unchanged: 5-Year-Plus LPR at 3.5%, 1-Year LPR at 3%. Recently, the General Administration of Customs has Gradually Released July Import and Export Data, with Lead-Acid Battery Exports Reaching 21,286,600 Units, Up 13.56% MoM, Boosting Lead Consumption Rebound...

[Analysis: Tariff Policy Changes Lead to an Export Rush, July Lead-Acid Battery Exports Surge MoM] SMM reported on August 20th: According to customs data, China's lead-acid battery exports in July 2025 were 21.2866 million units, up 13.56% MoM and down 3.79% YoY...

The lead ingot market in August is expected to show an increase in both supply and demand. However, due to the limitations of consumption and raw material supply, it may be difficult to create a significant lead ingot shortage, which will have limited support for lead prices and also be unfavorable for lead ingot imports. SMM expects that lead ingot imports in August may remain stable or slightly decrease MoM from July.