LME Outperforms SHFE, Overnight SHFE Lead Closed Down 0.33% [SMM Lead Morning Brief]

Published: May 15, 2026 08:06

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SMM May 15:

Overnight, LME lead opened at $2,004/mt, moved sideways during the Asian session with a low of $2,001.5/mt. After entering the European session, LME lead fluctuated upward to a high of $2,017/mt, ultimately closing at $2,012/mt, up 0.4%.

Overnight, the most-traded SHFE lead 2606 contract opened at 16,590 yuan/mt, briefly touched a high of 16,620 yuan/mt at the start of the session before fluctuating downward, reaching a low of 16,530 yuan/mt toward the end, and ultimately closing at 16,535 yuan/mt, down 0.33%.

Today was the delivery day. Suppliers continued to transfer lead ingots to delivery warehouses, and lead ingot social inventory increased. Notably, lead prices recently showed a pattern where LME outperforms SHFE. The lead ingot import window has already closed this week. Meanwhile, the supply gap for high-grade lead ingots in Southeast Asia remained significant, with spot cargo maintaining high premiums. In H2, the opening of the lead ingot export window is expected to have an impact on domestic lead price trends.

Data source disclaimer: Data other than public information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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