According to Sina Finance, Shanghai lead futures prices edged lower on the 6th. The main Shanghai lead contract 2512 opened at 17,465 RMB, reached a high of 17,555 RMB, hit a low of 17,350 RMB, settled at 17,445 RMB, and closed at 17,430 RMB per tonne, down 70 RMB.
On the 6th, Grade 1 lead spot prices quoted between 17,280-17,380 RMB/ton, with an average of 17,330 RMB/ton, down 50 RMB from the previous day. In Guangdong's spot market, Grade 1 lead traded at 17,285-17,385 RMB/ton, averaging 17,335 RMB/ton, a 75-RMB decline from the prior session.
On the 6th, spot lead market quotes ranged between CNY 17,175-17,380/mt. Compared to the SHFE lead 2512 contract, the discount was CNY 175-175; the SHFE lead 2512 contract traded at a discount of CNY 190-15/mt.
Lead Market Analysis: Macro-wise, overseas factors include mixed U.S. economic data, unresolved government shutdown risks, and fluctuating Fed rate cut expectations, which continue to unsettle risk sentiment. Domestically, despite frequent policy signals of support, manufacturing contraction and sluggish terminal demand recovery still constrain lead price upside, leaving the market caught in a tug-of-war between expectations and reality. Lead prices traded within a narrow range during the session.
Supply Side: Primary lead output remained stable with slight increases, but recycled lead supply remained constrained by tight scrap battery raw materials. Low lead concentrate processing fees limited primary smelters' capacity expansion.
Demand: Winter stockpiling demand recovery and robust energy storage battery orders provide some support. However, persistent weakness in traditional starter battery and electric bicycle consumption, coupled with high lead prices dampening downstream purchasing willingness, has resulted in subdued market activity.
Spot Market Activity: Downstream enterprises primarily purchase based on essential needs, showing limited acceptance of high-priced raw materials. Overall market sentiment remains cautious. Future Trend Forecast: Primarily range-bound fluctuations.
Lead prices are expected to fluctuate with a bullish bias. However, if spot prices fail to follow suit and trading volumes do not increase effectively, upward price momentum will be constrained.
As an integrated internet platform providing benchmark prices, on November 7, the benchmark price of lead on the business information platform was 17,295.00 RMB/ton, an increase of 0.23% compared with the beginning of the month (17,256.00 RMB/ton).
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https://graph.100ppi.com/?w=550&h=332&c=p&id=544&btime=2025-08-01&etime=2025-10-31&state=english
