SMM Lead Morning Meeting Highlights: Policy Shift & Inventory Build-Up May Cool Price Growth

**SMM Lead Morning Meeting Minutes: Inventory Accumulation VS Limited Circulating Supply, Lead Price Growth May Slow Down**

Three Chinese departments have issued a new policy on real estate tax incentives: raising the area threshold for enjoying the current 1% low tax rate from 90 square meters to 140 square meters. On the fundamentals front, as the delivery date for the SHFE Lead 2411 contract approaches, the lead warehouse receipt inventory at the Shanghai Futures Exchange has been increasing daily, with visible inventory growth limiting the upside potential for lead prices. Meanwhile, after a significant surge in lead prices, downstream enterprises...