Intraday SHFE Lead Rebounds but Fails, Erasing All Gains [Lead Futures Brief Review]

Published: Nov 24, 2025 15:36

Save

SMM November 24:

The most-traded SHFE lead 2601 contract opened at 17,140 yuan/mt today. After moving sideways around the daily average line in early trading, it rebounded to around 17,200 yuan/mt by midday. However, due to insufficient support from the 60-day moving average, bulls reduced their positions, causing the contract to give up all of today's gains and close at 17,135 yuan/mt, down 30 yuan/mt, or 0.17%. This marked the third consecutive day of decline.

As lead prices continued to fall, some downstream battery plants mainly purchased based on rigid demand, with a strong wait-and-see sentiment. Secondary lead smelters primarily focused on delivering previously signed long-term contracts, while some spot orders were offered at parity or a discount of 50-0 yuan/mt. Due to cold weather, lead-acid batteries entered the off-season, leading to a decrease in recycling volume. Some waste lead-acid battery recycling enterprises in east China lowered their purchase prices by 50-25 yuan/mt, weakening cost support. With no factors driving a rebound in the futures market recently, lead prices are expected to remain in a fluctuating trend in the short term.

Data Source Statement: Except for public information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and do not constitute 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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

9 hours ago

Driven by increased long positions, the most-traded SHFE lead 2605 contract showed a unilateral upward trend today [Brief Review of Lead Futures]

9 hours ago

Tax Authorities See Progress in Tackling Circular and Mutual Invoicing, Wholesale Sector Invoicing Down 2.6% YoY

On April 1, Wang Daoshu, Deputy Commissioner of the State Taxation Administration, said at a press conference held by the administration: the tax authorities had also achieved initial results in rectifying “circular invoicing” and “mutual invoicing.” China's data from the State Taxation Administration showed that from January 1 to March 25, invoicing amounts in the wholesale sector, where such enterprises were relatively concentrated, fell 2.6% YoY. Among them, invoicing amounts in the wholesale subsectors of coal and coal products, and metals and metal ore, declined 8.7% and 5.2% YoY, respectively.

9 hours ago

10 hours ago

Data: SHFE, DCE market movement (Apr 01)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 01 Apr , 2026

10 hours ago