Lead futures maintained a fluctuating trend, closing slightly higher overnight. [SMM Lead Morning News]

SMM September 25:

Overnight, LME lead opened at $2,000/mt, fluctuating rangebound during the Asian session; entering the European session, it maintained a fluctuating trend with a slightly widened trading range, hitting a low of $1,997.5/mt and a high of $2,009/mt, eventually closing at $2,002.5/mt, up 0.18%.

Overnight, the most-traded SHFE lead 2511 contract opened lower at 17,085 yuan/mt. Early in the session, bulls increased positions, pushing the contract to a high of 17,145 yuan/mt. After a slight pullback, it consolidated around the 17,120 yuan/mt level, finally settling at 17,125 yuan/mt, up 0.29%.

Imports of lead ingots are expected to rise, coupled with imminent production resumptions at domestic secondary lead smelters, lead supply may gradually loosen. Additionally, based on trading day performance, downstream battery producers' pre-holiday stockpiling efforts are limited and showing signs of weakening. With holiday schedules announced by downstream battery producers, lead ingot consumption during the holiday is expected to be weak, leaving bulls somewhat disappointed. Overall, lead prices have limited upward momentum, and the strength of downside support still requires observation.

Data Source Statement: Except for publicly available information, other data are derived by SMM based on public information, market communication, and SMM's internal database model, for reference only and not intended as decision-making advice.