SHFE Lead Holds Up Well, Beware of Retreat After Rapid Rise [SHFE Lead Brief Review]

Published: Nov 12, 2025 16:12

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SMM November 12 News:

The most-traded SHFE lead 2512 contract opened at 17,504 yuan/mt today. It consolidated within the range of 17,504-17,565 yuan/mt in early trading. In the afternoon, technical funds drove prices higher, and bears reduced their positions, pushing SHFE lead to a high of 17,744 yuan/mt. It finally closed at 17,659 yuan/mt, up 170 yuan/mt, an increase of 0.97%, with open interest at 50,539 lots. SHFE lead formed a bullish candlestick today.

Winter in the north has led the new battery consumption and waste lead-acid battery recycling into the off-season. As large secondary lead smelters gradually completed long-term contract deliveries, spot order supply was expected to increase. Against the backdrop of weakening operating rates at downstream battery plants, lead ingot supply was expected to loosen, and downside risks for lead prices remained.

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

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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