[SMM Lead Morning Meeting Summary: Overnight Lead Futures Continued to Fluctuate Downward, Spot Market Transactions Shrink as Year-End Approaches]
Macro side, the US dollar index remained range-bound, with traders continuing to price in the possibility of fewer US Fed interest rate cuts in 2025. Fundamentals side, the impact of environmental protection-driven production restrictions has eased, and secondary lead smelting enterprises are gradually planning to resume production. However, environmental protection impacts persist in Hunan, with only a few primary lead smelters expected to resume after New Year's Day, keeping lead ingot supply limited.
![Chumbo secundário: as cotações de pedidos à vista no mercado estão praticamente estáveis em relação a ontem, e as consultas dos compradores mostram atividade moderada [Revisão diária de chumbo da SMM]](https://imgqn.smm.cn/usercenter/ojSqv20251217171720.jpeg)


