Geopolitical Boost to Nonferrous Metals SHFE Lead Rises on Fluctuations [Brief Review of Lead Futures]

SMM Mar 2 Update:

The most-traded SHFE lead 2604 contract opened at 16,805 yuan/mt. In the early session, it slightly declined due to weak demand. However, boosted by geopolitical factors, nonferrous metals generally rose, and lead prices also strengthened in a fluctuating trend, reaching as high as 16,930 yuan/mt. It finally closed at 16,837 yuan/mt, marking a four-day winning streak, up 55 yuan/mt, or 0.33%. High smelter inventories coexist with delayed resumption of production, coupled with slower-than-expected recovery in downstream consumption. Bullish and bearish factors are balancing each other, and lead prices are expected to maintain a sideways movement. Overnight, close attention should be paid to the impact of changes in market sentiment on nonferrous metal prices, given the rising geopolitical risks in the Middle East.

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