Lead price upward momentum is clearly insufficient, focus on lower support strength [Lead Futures Brief Review]

SMM July 10 News:

During the day, the most-traded SHFE lead 2608 contract opened at 16,060 yuan/mt, moved sideways after opening, with a high of 16,095 yuan/mt during the period. In the afternoon, it drifted lower to touch a low of 15,975 yuan/mt, and finally closed at a high of 16,015 yuan/mt, with a decline of 0.77%.

As downstream enterprises' purchase willingness for lead ingots remained subdued, the upward momentum for lead prices was clearly insufficient; meanwhile, secondary lead smelters' concentrated maintenance due to market-induced losses, compounded by firm scrap battery prices, provided support for lead prices. Subsequently, attention turned to the delivery of the SHFE lead 2607 contract and the impact of primary lead smelter production resumptions on lead prices.

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