Intraday SHFE Lead Closed Flat After Choppy Trading; Lead Price Volatility Continued Amid a Tug-of-War Between Longs and Shorts [Futures Lead Brief Commentary]

SMM News on March 6:

During the day, the most-traded SHFE lead 2604 contract opened at around 16,775 yuan/mt. In early trading, activity in the spot market picked up, providing some support to SHFE lead and driving lead prices to fluctuate upward, hitting a high of 16,825 yuan/mt. Thereafter, amid a tug-of-war between bulls and bears, lead prices pulled back in a fluctuating manner and then consolidated, fluctuating rangebound around 16,770-16,795 yuan/mt, and finally closed at 16,775 yuan/mt. A doji was recorded, with a % change of 0. Smelters faced both elevated inventory and delayed production resumptions. Coupled with a downstream consumption recovery falling short of expectations, bullish and bearish factors offset each other. Lead prices are expected to maintain a fluctuating sideways movement trend.

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