Bullish and bearish factors intertwine, and the lead futures trend maintains a fluctuating trend [SMM Lead Morning News]

Published: Jul 23, 2026 07:28

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SMM July 23 News:

Overnight, LME lead opened at $1,872.5/mt, drifted lower to a low of $1,863/mt during the Asian session; after entering the European session, bears reduced positions, and LME lead climbed to a high of $1,898.5/mt late in the session, finally closing at $1,893/mt, up 1.34%.

Overnight, the most-traded SHFE lead 2609 contract opened higher with a gap at 15,790 yuan/mt, consolidated around 15,815 yuan/mt, with a high of 15,850 yuan/mt and a low of 15,770 yuan/mt during the session, finally closing at 15,820 yuan/mt, up 0.6%.

Recently, some primary lead smelters have maintenance plans, and new and expanded capacities of secondary lead smelters have been put into operation. Weak consumption in the lead market, combined with supply pressure, led to widening spot discounts; meanwhile, high inventory outside China weighed on the upside of lead prices, keeping prices under pressure in the short term. The market has entered a gaming stage, and lead prices will mainly consolidate on a weak note.

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