Weekly Review of Lead Futures Prices (October 20-25, 2025) [SMM Lead Weekly Review]

SMM October 24:

This week, LME lead opened at $1,972.5/mt, touched a low of $1,971.5/mt at the beginning of the session, then fluctuated upward. Mid-week, LME lead destocking exceeded 7 kt. Meanwhile, the firm rise in SHFE lead boosted LME lead prices, with the price hitting a high of $2,018/mt towards the end of the session. As of 15:00 Beijing time on October 24, 2025, it finally closed at $2,016.5/mt, an increase of 2.28%.

This week, the most-traded SHFE lead 2512 contract opened at 17,100 yuan/mt, touched a low of 17,085 yuan/mt early in the week, then maintained a consolidation trend. Due to improved lead consumption and increased downstream lead ingot procurement enthusiasm, domestic lead social inventory dropped to a more than one-year low. In the second half of the week, lead prices rallied to a high of 17,660 yuan/mt, finally closing at 17,595 yuan/mt, an increase of 2.95%.

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