- Softer US dollar, positive sentiment spur price rise
- POCL invests in ACE to advance battery circularity
The London Metal Exchange (LME) lead market experienced a week of upward momentum and notable price gains during Week 40 (6-10 October 2025). The market was largely driven by strengthening macroeconomic sentiment, particularly positive signals from the US, as well as continued tightness in the international supply chain.
Price, inventory trends
LME lead cash-settlement prices showed a strong upward trend throughout the week. Prices opened at $1,967/t on 6 October and saw sustained gains, closing at $2,019/t on 9 October and further rising to $2,028/t on 10 October. This marked an increase of approximately 3.1% over the course of the week.
The three-month LME lead contract mirrored this upward movement, starting at $2,000/t on 6 October and closing higher at $2,014/t on 10 October. The price increase was fuelled by positive sentiment and a softer US dollar, which fell to its lowest point since July.
LME lead inventories continued their declining trend during the week, reaching a new low for the period. Stocks on the exchange fell to 237,000 t by 10 October from 237,500 t on 6 October.
MCX lead trends (6-10 October)
MCX lead (31 October 2025 contract) showed moderate volatility during Week 40, recording a slight drop overall. Prices opened at INR 184,200/t on 6 October, dipped to a low of INR 182,550/t on 7 October, and rebounded to close at INR 183,050/t on 10 October. The highest price was INR 184,450/tg (recorded on 6 and 9 October). Trading volumes peaked at 2,180 lots on 9 October, reflecting steady market participation amid global bullish cues.
SHFE lead weekly update (6-10 October 2025)
Due to the National Day and Mid-Autumn Festival holidays, SHFE was closed over 6-8 October. The most-traded 2511 contract opened at RMB 17,000/t, briefly dipping to RMB 16,905/t. Tight domestic supply, post-holiday social inventories near one-year lows, and positive macro sentiment drove a rebound, peaking at RMB 17,165/t and closing at RMB 17,140/t, up 1.18% for the week.
POCL invests in ACE Green Recycling to advance battery circularity
Pondy Oxides and Chemicals Ltd (POCL) invested around $500,000 on 30 September 2025 to acquire a 0.29 % stake (2,680 shares) in ACE Green Recycling Inc, USA. ACE specialises in lead and lithium battery recycling using zero-emission modular plants across the US, Singapore, Taiwan, and India, strengthening POCL’s entry into sustainable battery recycling technologies.
Toyota targets 2027 launch for all-solid-state EV batteries
Toyota is accelerating its efforts to introduce all-solid-state batteries in electric vehicles, aiming for a launch between 2027 and 2028. These batteries promise enhanced driving range, faster charging times, and improved durability. In partnership with Sumitomo Metal Mining Co., Toyota has developed a durable cathode material, moving closer to mass production. Collaborations with Idemitsu Kosan and support from Japan’s METI certification further bolster this initiative.
Outlook
The lead market is likely to stay bullish in the near term, supported by tight LME and SHFE inventories, positive US macro sentiment, and a softer dollar. Domestic volatility may persist, while sustainable recycling initiatives add long-term support.
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