- Prices fluctuate through the week, stocks drop
- MCX lead rises on strong domestic momentum
Lead prices on the London Metal Exchange (LME) moved lower in the week ended 27 March 2026, as mid-week volatility and selling pressure weighed on overall sentiment. Prices witnessed brief recovery phases but failed to sustain upward momentum, reflecting cautious participation and lack of strong directional cues. The three-month contract mirrored similar trends, indicating a broadly range-bound yet slightly weaker market structure.
Price trends
The LME three-month lead contract opened at $1,899/t on 23 March and declined to $1,892.5/t on 24 March. Prices then rose to a weekly high of $1,918/t on 25 March before falling again to $1,888/t on 26 March, highlighting continued volatility and resistance at higher levels.
On a w-o-w basis, prices declined by around 0.6%, compared with $1,899/t on 20 March, indicating mild downward pressure amid inconsistent price movements.
Overall, prices remained confined within a narrow range, with the inability to sustain above the $1,910–1,920/t band signalling persistent resistance and cautious buying interest in the market.
Inventory analysis
LME lead inventories continued their gradual downtrend during the week, declining from 284,100 t on 23 March to 283,100 t by 26 March, marking a total drawdown of 1,000 t.
The steady decline in stocks suggests ongoing consumption, though the pace remains moderate. Despite the drawdown, the absence of any sharp inventory reduction limited stronger price support, keeping the overall market sentiment subdued.
Stable-to-soft inventory trends indicate balanced supply-demand conditions, with no significant disruptions influencing prices.
SHFE lead trends
On the Shanghai Futures Exchange (SHFE), lead prices showed a mixed trend but recovered toward the end of the week. Prices declined from $2,379/t on 23 March to a low of $2,346/t on 24 March, before gradually rising to $2,367/t by 27 March.
The late-week recovery reflects marginal improvement in Chinese market sentiment, although overall movements remained range-bound, indicating cautious downstream demand.
MCX price movements
On the Multi Commodity Exchange (MCX), lead futures witnessed a notable upward trend during the week, supported by improved domestic participation.
The March 2026 contract opened at INR 187,450/t on 23 March and closed at INR 192,650/t on 27 March, registering a strong w-o-w gain of around 2.8%.
Prices traded within a range of INR 187,200/t to INR 198,500/t during the week. Trading activity remained firm, while open interest showed some fluctuations but stayed elevated, indicating continued market participation.
Domestic prices outperformed global trends, reflecting relatively stronger local sentiment and buying interest.
Outlook
Lead prices are expected to remain range-bound between $1,850-$1,950/t in the near term, as gradual inventory drawdowns and mixed price trends across exchanges point to balanced market fundamentals.
While steady stock declines may offer some underlying support, the lack of strong demand signals–particularly from the battery sector–is likely to cap upside potential.
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