Highlights of LME Future price: LME lead traded weaker during the Asian session, with 3M contract slipping to $1954/t, down $9.5 (-0.48%). The market opened at $1964.5/t and briefly tested a high of $1968/t before selling pressure, pushing down to $1945/t. Overall sentiment remained soft. Trading activity was relatively moderate; the market attempted a rebound from the day’s lows.
Highlights of China lead market: Chinese smelters, particularly secondary producers, running below full capacity. Spot refined lead trading at discounts of 50–0 yuan/ton to SMM 1# lead average price. Activity remains focused on long-term contracts, with limited spot liquidity. Following the decline in lead prices, the willingness of some inventory holders to sell has also been very weak as of 23 April.
![SMM Primary Lead Smelter Weekly Operating Rate (June 12, 2026 - June 18, 2026) [SMM Primary Lead Production Weekly Review]](https://imgqn.smm.cn/usercenter/TmYox20251217171721.jpeg)
![Maintenance and Downstream Cargo Pick-Up Deplete Primary Lead Enterprises' Plant Inventory to Low [SMM Primary Lead Inventory Weekly Review]](https://imgqn.smm.cn/usercenter/bAjSC20251217171721.jpg)
