SMM Shanghai and Other #1 Lead Markets: SHFE Lead Opens Strong After New Year's Day, While Spot Market Transactions Remain Sluggish [SMM Midday Review]

        SMM reported on January 2: In the Shanghai market, Chihong lead was quoted at 16,825-16,935 yuan/mt, with a premium of 50-100 yuan/mt against the SHFE lead 2502 contract. In the Jiangsu and Zhejiang regions, JCC and Jinde lead were quoted at 16,825-16,935 yuan/mt, also with a premium of 50-100 yuan/mt against the SHFE lead 2502 contract. After the New Year holiday pullback, SHFE lead opened the year on a positive note. However, due to limited circulating cargoes, suppliers offered fewer quotes. Meanwhile, smelters stood firm on quotes for cargoes self-picked up from production sites. Although secondary refined lead smelters increased shipments, some of their prices exceeded those of primary lead. Downstream enterprises showed moderate purchasing interest, and spot order market transactions were sluggish.
        Other markets: Today, the SMM 1# lead average price rose by 50 yuan/mt compared to the previous trading day. The tight supply of primary lead from smelters in certain regions after the holiday has not eased, and spot trades remained sluggish. In Henan, spot prices against the SMM 1# lead maintained a premium of 25-75 yuan/mt or a premium of 50-100 yuan/mt against the SHFE lead 2402 contract. In Hunan, Yunnan, Guangdong, and other regions, smelters suspended quotes after selling out their inventories. Some suppliers quoted a premium of 300 yuan/mt against the SMM 1# lead. Downstream transactions were based on rigid demand. After the holiday, lead prices temporarily stopped declining, and downstream buyers gradually resumed their purchasing pace.