Fundamental Logic Shifts, Domestic and Overseas Lead Prices Diverge [SMM Lead Morning Briefing]

Published: Oct 28, 2025 09:01

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[SMM Lead Morning Brief: Shift in Fundamental Logic Leads to Divergence in Domestic and Overseas Lead Prices] SMM October 28: Overnight, LME lead opened at $2,017/mt. LME lead inventory continued to decline, coupled with a weakening US dollar index...

SMM October 28:

Overnight, LME lead opened at $2,017/mt. Supported by continued destocking in LME lead inventories and a weaker US dollar index, LME lead extended its previous day's upward fluctuation, reaching an intraday high of $2,026.5/mt, its highest level in over two weeks. It finally closed at $2,023.5/mt, up 0.35%. In recent days, the overall price center of LME lead has shifted upward, marking seven consecutive days of gains.

Overnight, the most-traded SHFE lead 2512 contract opened at 17,520 yuan/mt. Concentrated production cuts by medium and large domestic lead-acid battery enterprises and the anticipated weakening of lead consumption weighed on prices, leading to a step-like decline in SHFE lead. The contract hit an intraday low of 17,405 yuan/mt before closing at 17,440 yuan/mt in the final session, down 0.43%. Open interest decreased by 1,639 lots to 82,756 lots compared to the previous trading day.

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