SMM Lead Morning Meeting: Stable Prices, US Dollar Rebound, Domestic Policy Insights, and Supply Constraints

[SMM Lead Morning Meeting Summary: Lead Prices Stabilize with Fluctuations, Fewer Quotes in Secondary Refined Lead Market]

Macro side, after the release of US employment and unemployment data for November, traders bet on a slowdown in the pace of interest rate cuts, and the US dollar's rebound trend continued. Domestically, the December Politburo meeting reiterated a moderately loose monetary policy, continued market expansion of domestic demand, and the implementation of more proactive fiscal policies.

Fundamentally, after the smog warning was issued in Anhui on December 8, some highway sections experienced closures, slowing down vehicle transportation and temporarily affecting the supply of refined lead spot cargo and battery scrap raw materials. There is a possibility that the recovery of secondary refined lead production may be lower-than-expected due to environmental protection impacts.