SMM News, March 20:
LME lead opened at $1,905/mt this week and fluctuated lower in early trading under the influence of sentiment. It then climbed to a high of $1,938/mt supported by buying interest. In the latter part of mid-week, bullish momentum weakened, and amid weaker macro conditions and a weaker base metals sector, lead prices fell again and touched a low of $1,872.5/mt. They then rebounded slightly and consolidated toward the end of the week, finally closing at $1,881.5/mt, down $23.5 from the beginning of the week, a decline of 1.23%.
The most-traded SHFE lead contract opened at 16,585 yuan/mt this week. In early trading, bears entered the market, sending prices quickly down to 16,245 yuan/mt, after which it fluctuated at lows. Mid-week, as bears exited the market, SHFE lead prices rebounded to a high of 16,795 yuan/mt, but under pressure from slack spot supply and demand and bearish macro sentiment, it struggled to rebound and its center moved lower. Toward the end of the week, bears continued to exert pressure, and lead futures remained weak, finally closing at 16,290 yuan/mt, down 315 yuan on the week, a decline of 1.9%.
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