Fact: Rzzro's price feed shows LME lead at n/a and SHFE lead at n/a.
The market signal is battery demand and recycling supply. This is not a clean demand breakout; it is a balance between price pressure and supply discipline.
Rzzro view: buyers should separate spot price action from the upstream constraint that will matter most over the next 3-6 months.
What this means for buyers
Use $1,950-$2,000/mt as the hedge band for 1-3 months. Watch battery demand and recycling flows; lead can stay range-bound until one side breaks.