Shanghai lead has been mainly weak in recent days, and the decline gradually expanded after the midday opening. As of the 25th, the main 2106 contract of Shanghai lead closed down 1.55%.

The spot market was affected by the weakness of the morning futures market today, and most of the morning offers were lowered. The quotation range of lead ingots in the domestic spot lead market was about 15100-15200 yuan / ton, with an average price of 15150 yuan / ton, down 100 yuan / ton compared with the previous trading day. Spot market prices fell for three consecutive days, and the lower reaches of storage enterprises increased their market inquiries, but the actual transaction was limited. At present, the lead ingot inventory continues to be high, reaching a high level in the past six years. The downstream storage enterprises are still in the off-season, and the procurement is mainly on demand. The power rationing policy in Yunnan is mainly aimed at new electricity users, which has no impact on lead smelters for the time being. At present, most of the manufacturers are mainly long-term single shipment.

In the future, the Business Association believes that the current lead ingot inventory is high, and the downstream procurement is limited. It is expected that the lead price may have a certain decline space in the short term.