Weekly Review of Lead Futures Prices (Jan 5, 2026–Jan 9, 2026) [SMM Lead Weekly Review]

January 9, 2026:

LME lead opened this week at $2,008/mt. After briefly consolidating at lows around $1,993/mt early in the week, it rose steadily, driven by broad gains in the precious metals sector and buying from bulls, with its price center moving significantly higher, and touched a weekly high of $2,086/mt mid-week. Subsequently, as the KDJ indicator narrowed and formed a death cross, coupled with increased short positions and reduced long positions simultaneously exerting pressure, LME lead pulled back under pressure, erasing most of the week's gains, before rebounding slightly in the late session. As of 15:00 Beijing time on January 9, 2026, it closed at $2,036/mt, up $42/mt WoW, a gain of 2.11%.

The most-traded SHFE lead 2602 contract opened this week at 17,365 yuan/mt. It fluctuated upward early in the week alongside recovering macro sentiment, reaching a near ten-month high of 17,860 yuan/mt mid-week. Subsequently, pressured by a broad pullback in the nonferrous metals sector, SHFE lead moved lower under pressure, once falling to a low of 17,235 yuan/mt, found support at the middle Bollinger Band, and ultimately nearly erased all the week's gains, closing at 17,355 yuan/mt, flat with last week's settlement price, for a weekly gain of 0.00%.

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