Weekly Review of Lead Futures Prices (November 3-7, 2025) [SMM Lead Weekly Review]

SMM November 7:

This week, LME lead opened at $2,018.5/mt. In the first half of the week, LME lead moved sideways between $2,016/mt and $2,035/mt. Mid-week, the US dollar fluctuated at highs, coupled with increased expectations for LME shipments to delivery warehouses, bears entered the market to suppress prices. In the second half of the week, LME lead probed lower to $2,015/mt. Subsequently, due to a significant decline in LME lead inventory, LME lead rebounded from the low and rose to a high of $2,039.5/mt by the close. As of 15:00 Beijing time on November 7, 2025, it finally settled at $2,036.5/mt, up $9.5/mt, an increase of 0.47%.

This week, the most-traded SHFE lead 2512 contract opened at 17,390 yuan/mt. At the beginning of the session, SHFE lead briefly touched a low of 17,350 yuan/mt. It then fluctuated upward due to persistently tight supply of spot lead ingots and firm enterprise offers. Mid-week, SHFE lead reached a high of 17,585 yuan/mt. Entering the second half of the week, as expectations for domestic smelters resuming production materialized, combined with the arrival of imported lead supplementing the domestic market, SHFE lead came under pressure and weakened, finally settling at 17,420 yuan/mt, up 30 yuan/mt, an increase of 0.17%.

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