SMM February 11:
Overnight, LME lead opened at $1,974/mt, touched a high of $1,981.5/mt during the Asian session before fluctuating downward; it then probed a low of $1,960.5/mt during the European session, before rising to close at $1,977.5/mt, marking a three-day winning streak.
Overnight, the most-traded SHFE lead 2603 contract opened at 16,660 yuan/mt, touched a low of 16,635 yuan/mt at the beginning of the session before fluctuating upward to a high of 16,750 yuan/mt, and finally closed at 16,705 yuan/mt, up 0.24%, forming a small bullish candlestick.
Enterprises across the lead industry chain gradually entered the holiday period, with trading activity declining significantly. Most primary lead suppliers cleared inventory last week, resulting in scarce spot order quotations; many secondary lead smelters were on holiday and reluctant to sell at low prices, with the majority suspending quotations. Downstream enterprises generally entered the year-end closing phase, having completed stockpiling targets, and showed low willingness to inquire. Additionally, as the Chinese New Year holiday approached, logistics tightened, and the spot market showed thin trading. Overall, pre-holiday lead price movements were less influenced by fundamentals, with attention turning to the impact of overseas market fluctuations on lead prices.
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, and are for reference only, not constituting decision-making advice.
![Lead Price Movement Before the Holiday Was Less Influenced by Fundamentals, Focus on Overseas Market Disturbances [SMM Lead Morning Meeting Minutes]](https://imgqn.smm.cn/usercenter/TmYox20251217171721.jpeg)
