Macro Headwinds Continue to Pressure Nonferrous Metals, SHFE Lead Logs Five Consecutive Negative Sessions [Lead Futures Brief Review]

SMM June 25 report:

In daytime trading, the most-traded SHFE lead 2608 contract opened at 16,224 yuan/mt. Prices moved sideways around the daily average line, trending relatively steady, with an intense tug-of-war between longs and shorts. During the session, it dipped to 16,170 yuan/mt and finally closed at 16,205 yuan/mt, down 125 yuan/mt, a decline of 0.77%. Recently, macro headwinds have weighed on nonferrous metals: expectations of interest rate hikes pushed up the US dollar, and a slump in crude oil reduced smelting and transportation costs, leading to an overall weakening. Despite support from tight raw material supply and smelter production cuts, the impact of fundamentals on lead prices diminished. Bearish sentiment has not been fully released, and in the short term, prices are expected to be in the doldrums.

Data source statement: All data other than publicly available information are based on public information and market communication, processed by SMM using its internal database models, and are for reference only, not constituting any decision-making advice.