The Most-Traded SHFE Lead 2604 Contract Posted a Small Bullish Candlestick, With the Tug-of-War Between Sellers and Buyers Driving Short-Term Volatility [SHFE Lead Brief Commentary]

Published: Mar 4, 2026 16:13

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SMM News on March 4:

During the day, the most-traded SHFE lead 2604 contract opened at 16,780 yuan/mt. It edged down slightly in early trading, touching an intraday low of 16,740 yuan/mt. After the Lantern Festival, trading activity in the lead spot market increased, providing a slight boost to SHFE lead; it fluctuated upward in the afternoon, and rose to around 16,860 yuan/mt near the close, finally settling at 16,840 yuan/mt, posting a small bullish candlestick, with the % change flat from the previous trading day. After the Lantern Festival holiday, the steady release of smelting capacity and the slow recovery in downstream consumption formed a tug-of-war between sellers and buyers, and lead prices are expected to maintain a fluctuating trend in the short term.

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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