SMM September 12:
This week, LME lead opened at $1,989.5/mt, fluctuating rangebound around $1,990/mt in the first half. Due to an unexpected drop in US inflation, with August PPI down 0.1% MoM, turning negative for the first time in four months, LME lead fluctuated downward mid-week, hitting a low of $1,972/mt. In the second half of the week, LME lead rebounded, reaching a high of $2,004/mt in late trading. As of 15:00 Beijing time on September 12, 2025, it finally closed at $2,001/mt, up 0.65%.
This week, the most-traded SHFE lead 2510 contract opened at 16,915 yuan/mt, consolidating around 16,900 yuan/mt early in the week, and hitting a low of 16,790 yuan/mt mid-week. Due to an increase in maintenance at domestic lead smelters, regional supply tightness led to a decline in social inventory of lead ingots. In the second half of the week, lead prices rebounded, breaking through the 17,000 yuan resistance level on Friday afternoon, and finally closed at 17,040 yuan/mt, up 0.83%.
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