SMM July 10 News:
Overnight, LME lead opened at $1,889/mt, dipped then rose to a high of $1,904/mt during Asian trading hours. After entering the European session, it plunged and gave back all gains, falling to a low of $1,886.5/mt, and finally settled at $1,894.5/mt, up 0.19%.
Overnight, the most-traded SHFE lead 2608 contract opened lower with a gap at 16,085 yuan/mt, touched a session high of 16,095 yuan/mt in early trading, then dived to a low of 15,975 yuan/mt, before rebounding slightly near the close to finally settle at 16,040 yuan/mt, down 0.62%.
Some primary lead enterprises have gradually completed maintenance, resulting in an increase in lead ingot supply. Moreover, certain secondary lead and primary lead enterprises plan to carry out maintenance in mid-to-late July, so the growth in lead ingot supply is expected to be limited going forward. At the same time, the off-season consumption characteristics remain pronounced, with limited rigid demand from downstream, and the destocking momentum of lead ingot social inventory is insufficient to sustain. Currently, downstream enterprises show a strong wait-and-see sentiment, and purchasing enthusiasm is weakening. SMM expects lead prices to maintain a fluctuating trend in the short term.
