LME lead rises w-o-w on late-week rebound; inventories extend decline

• Prices strengthen toward week-end, stocks continue downtrend
  
  
• MCX lead trades range-bound, closes marginally higher w-o-w
  
  

Lead prices on the London Metal Exchange (LME) edged higher in the week ended 17 April 2026, supported by a strong late-week rebound and continued inventory drawdowns. Prices showed a mixed trend during the initial sessions but gained momentum toward the end of the week, reflecting improved buying interest. The three-month contract followed a similar trajectory, indicating a slightly firmer market structure despite mid-week softness.

Price trends

The LME three-month lead contract opened at $1,923/t on 13 April and moved up steadily to a weekly high of $1,969/t on 17 April. Prices climbed sharply mid-week, reaching $1,952/t on 15 April, before stabilising and extending gains in the final session.

On a w-o-w basis, prices increased by around 1.9%, compared with $1,922/t in the previous week, indicating a modest recovery driven by late-week strength.

Overall, prices traded within a relatively narrow band, with resistance observed around the $1,960-1,980/t range, while downside support was seen near the $1,900-1,920/t level.

Inventory analysis

LME lead inventories continued their downward trend during the week, falling from 277,325 t on 13 April to 274,250 t on 17 April, marking a net drawdown of 3,075 t.

The consistent decline in stocks reflects ongoing consumption patterns and lends underlying support to prices. However, the moderate pace of drawdown suggests no immediate supply tightness, keeping bullish momentum in check.

Overall, inventory trends indicate balanced market fundamentals, with gradual tightening but no major disruptions.

SHFE lead trends

On the Shanghai Futures Exchange (SHFE), lead prices showed a volatile trend with a slight upward bias toward the end of the week. Prices remained stable at $2,501/t on 13-14 April, declined to a weekly low of $2,472/t on 16 April, before rebounding sharply to $2,526/t on 17 April.

The late-week recovery indicates improved sentiment in the Chinese market, supported by steady downstream demand, although fluctuations suggest cautious participation.

MCX price movements

On the Multi Commodity Exchange (MCX), lead futures traded within a narrow range and ended marginally higher during the week.

The April 2026 contract opened at INR 193,300/t on 13 April and closed at INR 195,100/t on 17 April, registering a w-o-w gain of around 0.9%.

Prices traded within a range of INR 193,250/t to INR 196,050/t during the week. Market movement remained largely sideways, with mild upward bias in later sessions.

Open interest remained broadly stable, easing slightly from 506 lots to 496 lots, indicating limited fresh participation and a cautious market stance.

Domestic prices moved largely in line with global trends, reflecting balanced sentiment and absence of aggressive buying.

Outlook

Lead prices are expected to remain range-bound between $1,900-1,980/t in the near term. Continued inventory drawdowns may provide underlying support, while muted demand conditions could limit sharp upside.

Mixed trends across global exchanges and cautious participation are likely to keep prices within a narrow band, with sentiment hinging on demand recovery and broader macro cues in the coming weeks.