SMM Lead Morning Meeting: Declining Lead Prices Amid Tariff Uncertainty and Chinese New Year

[SMM Lead Morning Meeting Summary: Lead Prices See Decline in Both Supply and Demand as Chinese New Year Approaches]

Macro side, the uncertainty surrounding US tariff prospects continues to affect market sentiment. Domestically, six departments, including the Central Financial Office, issued the "Implementation Plan for Promoting Medium and Long-Term Funds to Enter the Market." As the Chinese New Year holiday approaches, refined lead supply and demand both decline, and spot lead market transactions continue to weaken. Further attention is needed on smelters' pre-holiday inventory presales and the expected inventory buildup during the holiday period.