- Prices ease toward week-end, stocks extend downtrend
- MCX lead trades volatile, closes lower w-o-w
Lead prices on the London Metal Exchange (LME) edged lower in the week ended 10 April 2026, weighed by late-week pressure despite initial gains and continued inventory drawdowns. Following a holiday closure on Monday (6 April) due to Easter, the market resumed on a firmer note but gradually weakened toward the end of the week, reflecting cautious sentiment and limited buying support. The three-month contract followed a similar trajectory, indicating a range-bound but slightly softer market structure.
Price trends
The LME three-month lead contract opened at $1,934/t on 7 April and climbed to a weekly high of $1,954/t on 8 April. However, prices subsequently declined to $1,927/t on 9 April and further to $1,922/t on 10 April, highlighting early strength followed by sustained weakness in later sessions.
On a w-o-w basis, prices declined by around 0.6%, compared with $1,934/t in the previous week, indicating mild downward pressure amid lack of strong follow-through buying.
Overall, prices remained within a narrow band, with resistance observed around the $1,950-1,960/t range, while downside support was seen near the $1,900-1,920/t level.
Inventory analysis
LME lead inventories continued their downward trajectory during the week, falling from 281,425 t on 7 April to 278,225 t by 10 April, marking a net drawdown of 3,200 t.
The steady decline in stocks reflects ongoing consumption trends, although the pace of drawdown remains moderate. Despite persistent inventory reductions, the absence of any sharp decline limited stronger bullish momentum.
Overall, inventory trends continue to indicate broadly balanced fundamentals, with no major supply disruptions driving price direction.
SHFE lead trends
On the Shanghai Futures Exchange (SHFE), lead prices remained largely stable with a slight upward bias through the week. Prices held at $2,398/t on 6-7 April, dipped marginally to $2,395/t on 9 April, before rising to $2,407/t on 10 April.
The gradual uptick toward the end of the week suggests steady sentiment in the Chinese market, supported by mild downstream demand, although overall gains remained limited.
MCX price movements
On the Multi Commodity Exchange (MCX), lead futures exhibited a volatile but weaker trend during the week.
The April 2026 contract opened at INR 196,250/t on 6 April and declined to INR 193,600/t on 10 April, registering a w-o-w drop of around 1.3%.
Prices traded within a range of INR 192,400/t to INR 197,450/t during the week. While initial sessions showed relative stability, selling pressure intensified mid-to-late week. Open interest increased steadily from 324 to 506 lots, indicating rising market participation amid declining prices.
Domestic prices underperformed global trends, reflecting cautious buying interest and continued profit booking at higher levels.
Outlook
Lead prices are expected to remain range-bound between $1,880-1,960/t in the near term, as ongoing inventory drawdowns provide underlying support while subdued demand limits upside potential.
Mixed trends across global exchanges and the absence of strong demand catalysts are likely to keep prices within a narrow band, with market sentiment remaining cautious in the short term.
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