Lead Market Dynamics: Easing Primary Supply Tensions and Anhui's Secondary Production Outlook

The regional scarcity of primary lead has shown signs of easing, but market watchers should monitor how Anhui's secondary lead manufacturing trends influence overall lead pricing. On August 6, 2025, the LME lead futures opened at $1,962.5 per metric ton. Throughout the Asian trading hours, prices remained within a narrow range, dipping to a low of $1,958/mt. As European trading commenced, prices experienced a slight decline before rebounding, reaching a peak of $1,979.5/mt towards the end of the session, and ultimately settled at $1,975.5/mt, reflecting a 0.61% increase. The most-active SHFE lead contract opened at 16,750 yuan/mt, oscillating around the average price with brief dips to 16,720 yuan/mt and highs of 16,775 yuan/mt before closing at 16,755 yuan/mt, up by 0.24%. On the macroeconomic front, U.S. trade policies are set to impose tariffs on pharmaceuticals and semiconductors, with drug tariffs potentially reaching 250%. India plans to significantly hike tariffs within 24 hours, and the EU faces potential 35% tariffs if investment commitments are unmet. The U.S. June trade deficit narrowed to $60.2 billion—the smallest since September 2023. However, July's non-manufacturing...