SMM Lead Morning Meeting: Weak Price Trend, Cost Support Tested, Inverted Secondary Refined Lead Pricing in Regions

**SMM Lead Morning Meeting Minutes: Lead Prices Trend Weakly, Testing Cost Support; Inverted Pricing for Secondary Refined Lead in Some Regions**

Macro perspective: Currently, the market perceives a 95% likelihood of a 25 basis point interest rate cut by the Federal Reserve next week. The US Dollar Index continues to fluctuate and consolidate, while domestic fiscal stimulus measures consistently boost market sentiment.

Fundamentals: The supply and demand in the refined lead market are in a tight balance. Primary lead and secondary refined lead smelters maintain high prices and are reluctant to sell, resulting in inverted pricing for secondary refined lead in some regions...