Market Shift: Bears Trim Positions While Bulls Expand, Driving Lead Prices Higher

On August 6, 2025, market dynamics displayed a notable shift as bearish traders reduced their holdings while bullish investors increased theirs, resulting in a rally in lead prices. During the Asian trading session, the London Metal Exchange (LME) lead futures opened at $1,962.5 per metric ton. The prices moved within a narrow range, dipping to a low of $1,958 and then rebounding. As trading progressed into the European session, prices experienced a slight decline before climbing back, reaching a peak of $1,979.5 and closing at $1,975.5, marking a 0.61% increase. Similarly, the Shanghai Futures Exchange (SHFE) lead contract for September opened at 16,750 yuan per metric ton. The price oscillated around the daily average, touching a low of 16,720 yuan and then rising to a high of 16,775 yuan before settling at 16,755 yuan, up 0.24%. On the supply front, operations at a sizable smelter in Central China have gradually stabilized and seen slight increases, alleviating some of the previous tightness in primary lead supply in the region. However, ongoing sewage inspections and rectification efforts in Anhui Province have impacted secondary lead producers. Some smelters have paused pro...