Open interest continued to pull back, pushing up lead prices, while spot lead performance limited the gains [Lead Futures Brief]

Published: Aug 11, 2026 18:27 (GMT+8)

Save

SMM August 11 news:

During the day, the most-traded SHFE lead 2609 contract continued to hold up well, with LME lead performing strongly, providing some boost to the SHFE. Meanwhile, bears closing positions pushed the price center higher. It hit a high of 15,930 yuan/mt during the session, consolidated at highs around 15,900 yuan/mt, and finally settled at 15,905 yuan/mt, up 35 yuan/mt from the previous trading day's settlement, a gain of 0.22%. Trading volume was 56,628 lots, and open interest decreased by 8,663 lots to 51,523 lots. The daily candlestick closed positive for a third consecutive day, and the futures market remained strong in the short term.

Spot market, today SMM #1 lead average price rose 100 yuan/mt, but as lead prices rose, suppliers actively sold, primary lead smelters lowered their quotes, and secondary refined lead discounts widened to 100-50 yuan/mt against SMM #1 lead average price. Downstream, fear of high prices was strong, with mainly just-in-time procurement, and spot transactions did not see obvious improvement.

In summary, LME lead strength and bear position reduction continued to push the SHFE lead price center higher, but after prices rose, spot supply increased while downstream purchase willingness at high prices was limited. In the short term, SHFE lead may continue to consolidate on a strong note, with attention on the sustainability of the position-reduction trend and downstream purchasing follow-through.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

30 mins ago

DPM's Vareš Mine Targets 850,000-Tonne Annualised Throughput

DPM Metals Inc. released preliminary third-quarter 2026 production results. Its Vareš polymetallic mine in Bosnia and Herzegovina processed approximately 143,000 tonnes of ore, producing concentrates containing approximately 28 million pounds of zinc and 17 million pounds of lead. Payable metal in concentrate sold during the quarter amounted to approximately 16 million pounds of zinc and 12 million pounds of lead. For the first nine months of 2026, Vareš produced concentrates containing approximately 52 million pounds of zinc and 35 million pounds of lead. DPM declared commercial production at Vareš, while the operation continues to ramp up toward an annualized production run-rate of 850,000 tonnes per year by the end of 2026. Construction of the second tailings filter and paste backfill plant is nearing completion, with commissioning expected to begin in November and December, respectively.

30 mins ago

1 hour ago

【SMM Flash News】GoldHaven Begins Drilling at D Zone Silver-Lead-Zinc Target After Completing 1,729 Metres at Kuhn

GoldHaven Resources Corp. announced the completion of its 2026 drilling program at the Kuhn tungsten-skarn target within the Magno Project in British Columbia, Canada. The program comprised eight drill holes totaling 1,729 metres. Drill hole GOH26-08 intersected skarn mineralisation at depth approximately 80 metres along strike from the lower skarn zone previously encountered in GOH26-04. The company noted that further drilling and laboratory assays are required to establish mineralisation continuity and grades. Following completion of the Kuhn program, GoldHaven has mobilised its drill rig to the D Zone silver-lead-zinc target, where drilling is now underway. The D Zone lies within the broader Magno Project and hosts polymetallic mineralisation in Lower Cambrian Atan Group carbonate rocks, including galena, sphalerite and locally massive sulphides. The current program is designed to test the geometry and potential extensions of historically identified silver-lead-zinc mineralisation.

1 hour ago

【SMM Flash News】Metalsource Begins Phase 2 Drilling at Silver Hill, Targeting Ground 1.12 Kilometres North.

Metalsource Mining announced Phase 2 exploration drilling at Silver Hill, North Carolina, targeting IP anomalies approximately 1,120 metres north of the known mineralization. A second rig and night shift have been added to support near-mine expansion and testing farther afield. SH26-34 visually intersected approximately 20 metres of mineralization in core, with assays pending. Gold-silver-lead-zinc mineralization has also been identified in subcrop 240 metres northeast.

1 hour ago