Weekly Review of Lead Futures Prices (October 6–10, 2025) [SMM Lead Weekly Review]

SMM October 10:

This week, LME lead opened at $2,018/mt. Due to increasing LME lead inventory and a stronger US dollar index, LME lead fluctuated downward, hitting a low of $1,996.5/mt, and fluctuated rangebound mid-week. On October 8, the State Council Information Office held a press conference where the National Development and Reform Commission (NDRC) introduced the systematic implementation of a package of incremental policies to solidly promote economic improvement, structural optimization, and a sustained positive development trend. In the latter half of the week, LME lead rebounded, boosted by the rise in SHFE lead, touching a high of $2,034/mt in the final session. As of 15:00 Beijing time on October 10, 2025, it finally closed at $2,026/mt, a gain of 0.5%.

Due to the National Day & Mid-Autumn Festival holidays, SHFE lead was closed from October 6 to 8. This week, the most-traded SHFE lead 2511 contract opened at 17,000 yuan/mt, briefly touching a low of 16,905 yuan/mt early in the session. Due to tight supply of spot lead ingots domestically, post-holiday social inventory of lead ingots refreshing a nearly one-year low, and positive macro sentiment, SHFE lead rebounded and rose, reaching a high of 17,165 yuan/mt before consolidating at high levels, finally closing at 17,140 yuan/mt, a gain of 1.18%.

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