SMM, June 15:
Last Friday, LME lead opened at $1,953/mt, swung wildly during the Asian session, hitting a low of $1,947.5/mt; after entering the European session, LME lead fluctuated upward, touched a high of $1,968.5/mt near the close, and finally settled at $1,967/mt, up 0.49%.
Last Friday evening, the most-traded SHFE lead 2607 contract opened at 16,055 yuan/mt, briefly touched a low of 16,035 yuan/mt at the start of the session, then moved sideways, touched a high of 16,125 yuan/mt near the close, and finally settled at 16,100 yuan/mt, up 0.28%.
Demand side, production at lead-acid battery enterprises was relatively stable; after lead prices fell, downstream enterprises bought the dip on demand; and, considering the potential mid-year book closing and inventory check in late June, some downstream enterprises bought in advance. Supply side, production at primary and secondary lead enterprises saw both increases and decreases, and supply differences are expected to be relatively small. In-factory inventories at both declined, easing smelters' shipment pressure. In particular, secondary lead smelters, suffering severe losses, showed limited willingness to sell. Spot lead is expected to continue selling at a small premium (over SMM #1 lead). If SHFE lead falls again, the possibility of spot lead trading above futures cannot be ruled out.
![Geopolitical Risks Ease, Most-Traded SHFE Lead Contract Closes Higher Amid Fluctuations [Lead Futures Brief]](https://imgqn.smm.cn/usercenter/EhsCj20251217171721.jpeg)
