LME Lead First Declined Then Rallied During European Session, Closing Slightly Higher Overnight [SMM Lead Morning Brief]

SMM April 15:

Overnight, LME lead opened at $1,927/mt, fluctuated upward to a high of $1,941.5/mt during the Asian session; it dipped before rebounding during the European session, ultimately closing at $1,934.5/mt, up 0.34%.

Overnight, the most-traded SHFE lead 2605 contract opened high at 16,655 yuan/mt. After bulls reduced positions, SHFE lead moved sideways around the 16,620 yuan/mt level, hitting a low of 16,595 yuan/mt during the session, and ultimately closed at 16,640 yuan/mt, down 0.09%.

The SHFE lead 2604 contract underwent delivery today. Suppliers transferred inventory and shipped to delivery warehouses, with some social warehouses seeing notable inventory increases. Overall inventory has once again surpassed the 60,000 mt threshold. Recently, the lead-acid battery market entered the consumption off-season, with weakening procurement demand from downstream enterprises. Meanwhile, secondary lead enterprises, affected by losses, saw some medium-to-large secondary lead enterprises in east China successively undergo planned maintenance. Under expectations of declining supply and demand, upward pressure on lead prices persists in the short term.

Data source disclaimer: Data other than publicly available 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.