Capital linkage between domestic and international markets drives both LME lead and SHFE lead to two-month highs [SMM Lead Morning Brief]

Published: Jan 7, 2026 09:01

Save

[SMM Lead Morning Brief: Domestic and foreign market funds move in tandem, both LME lead and SHFE lead hit two-month highs] SMM Jan 6: Overnight, LME lead opened at $2,008/mt. After opening, LME lead held up well, coupled with a post-holiday decline in LME lead inventory...

SMM Jan. 7:

Overnight, LME lead opened at $2,022/mt and, amid a frenzy of funds flowing into nonferrous metals, showed a stepwise upward trend, successively breaking through $2,040, $2,025, and $2,070/mt, with the intraday high reaching $2,078/mt, marking the highest level in nearly two months. It finally closed at $2,071/mt, up 2.04%.

Overnight, the most-traded SHFE lead 2602 contract opened at 17,530 yuan/mt. Boosted by the rise in LME lead, SHFE lead rose sharply after opening and quickly climbed above 17,700 yuan/mt, with the intraday high reaching 17,760 yuan/mt, also the highest in nearly two months. In subsequent trading sessions, SHFE lead continued to hover at highs and eventually closed at 17,735 yuan/mt, up 1.28%; its open interest reached 51,392 lots, an increase of 392 lots from the previous trading day.

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

17 hours ago

Lead Prices Stagnant, Smelters Maintain Firm Offers Amid Losses

Lead prices were in the doldrums, while secondary lead smelters maintained firm offers due to losses. The mainstream spot order ex-factory prices including tax narrowed the discount to the SMM #1 lead average price by 100 yuan/mt, shifting to a premium of 0–25 yuan/mt, with some smelters halting offers and sales.

17 hours ago

"Domestic Secondary Crude Lead Market Slows as Holidays Approach, Smelters Halt Production"

Pre-holiday stockpiling by downstream enterprises had largely concluded, and a few had already entered the holiday period, completely suspending procurement. Next week, secondary lead smelters will enter a concentrated wave of production halts and holidays, resulting in sluggish trading activity in the spot market. Offers for spot refined lead orders were sparse, with prices moving in line with the market.

17 hours ago

Sluggish Transactions in Domestic Secondary Crude Lead Market, Prices at 15,250-15,400 Yuan/mt

The domestic secondary crude lead market experienced sluggish transactions. As of February 6, 2026, the ex-factory tax-exclusive offers for domestic secondary crude lead stood at 15,250-15,400 yuan/mt. Downstream refined lead and alloy smelters gradually entered the holiday period, showing weak stockpiling willingness. Overseas lead ingot suppliers basically halted transactions with China due to poor consumption in the Chinese market, with only some previously concluded shipments maintaining normal in-transit transportation. The trading atmosphere in the secondary crude lead market will continue to weaken next week.

17 hours ago