Weekly Review of Lead Futures Prices, 2026.3.23-2026.3.27 [SMM Lead Weekly Review]

SMM News, March 27:

This week, the most-traded SHFE lead 2605 contract opened at 16,360 yuan/mt. Dominated by bears in early trading, prices fluctuated downward to a low of 16,320 yuan/mt. Thereafter, the tug-of-war between longs and shorts intensified, and the futures entered a narrow consolidation. Mid-week, supported by smelters holding spot prices firm, cost support from scrap batteries for secondary lead, and broad strength across the non-ferrous metals complex, lead prices fluctuated upward and touched a high of 16,590 yuan/mt. In the latter part of mid-week, bullish momentum gradually weakened, and coupled with sluggish spot trades and weak downstream consumption, the price center of lead slowly moved lower, pulling back to around 16,410-16,440 yuan/mt. Toward the end of the week, macro sentiment eased, lead prices rebounded slightly, and finally closed at 16,555 yuan/mt, up 265 yuan WoW, or 1.63%.

This week, LME lead opened at $1,889/mt. Dominated by bearish sentiment in early trading, it fluctuated downward to a low of $1,873.5/mt. Subsequently, buying interest gradually entered the market to support a price rebound, and after the tug-of-war between longs and shorts intensified, the futures entered a narrow consolidation. Mid-week, driven by broad strength across the non-ferrous sector, lead prices fluctuated upward and touched a high of $1,920/mt. In the latter part of mid-week, bullish momentum gradually weakened, and LME lead fluctuated downward. Toward the end of the week, market sentiment eased, and lead prices rebounded slightly in consolidation, finally closing at $1,906/mt, up $17 from the start of the week, or 0.89%.

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