SMM April 29:
The most-traded SHFE lead 2606 contract opened at 16,710 yuan/mt. Prices dipped slightly at the opening, touching a low of 16,700 yuan/mt. Subsequently, supported by tightening regional secondary lead supply, futures strengthened in a fluctuating manner, reaching a high of 16,795 yuan/mt. Near the close, gains narrowed and pulled back slightly, ultimately closing at 16,745 yuan/mt, up 50 yuan/mt or 0.3%, recording a small bullish candlestick. Consumption side, with the Labour Day holiday approaching, battery makers had largely completed their periodic restocking last week, and downstream just-in-time procurement follow-through was insufficient, with overall demand remaining weak. Supply side, constrained by tight raw material inventory, some secondary lead smelters cut production or halted operations, and spot cargo continued to tighten. Ex-China lead ingot destocking continued, while China's primary lead social inventory also pulled back slightly. Currently, the weak supply-demand dynamics in the lead market were prominent, and lead prices may maintain a fluctuating trend in the short term.
Data source statement: 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.
