SHFE Lead Decline Slows, Recording Three Consecutive Losses [Lead Futures Brief Review]

SMM February 3 News:

The most-traded SHFE lead 2603 contract opened at 16,700 yuan/mt today. At the beginning of the session, affected by bulls reducing positions, SHFE lead fluctuated downward, touched a low of 16,565 yuan/mt, then rebounded in the late session. It finally closed at 16,640 yuan/mt, down 40 yuan/mt, a decrease of 0.24%, marking three consecutive declining sessions.

The spot lead market continued weak today, with significant regional divergence in primary lead: some smelters in south China reported premiums due to production cuts, while north China maintained discounts due to ample supply. Most secondary lead smelters had suspended offers, with a few quotations remaining firm; downstream battery enterprises had basically completed stockpiling, and purchase willingness was sluggish. Overall, lead prices were expected to maintain a fluctuating trend at lows in the short term.

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