SMM Lead Morning Meeting: Lead Futures Decline, Primary Lead Favored Amid Supply Constraints

[SMM Lead Morning Meeting Summary: Overnight Lead Futures Fluctuated Downward, Downstream Demand Prefers Primary Lead]

Macro side, the US dollar index fluctuated at a high level, and the US Fed remained slow and cautious on the path of interest rate cuts. Fundamentals side, since mid-October, atmospheric pollution has continuously disrupted refined lead supply after heating started gradually in north China. Secondary refined lead smelters' production was once again affected by the third round of warnings issued in regions such as Hebei, Henan, and Anhui. Production restrictions led to a limited circulation of secondary refined lead in the market, and smelters' selling prices remained firm...