Lead Price Ran Below Daily Average Line Intraday, Fluctuated Downward and Closed with a Shaven Head Bearish Candlestick [Brief Comment on Lead Futures]

SMM May 28 News:

During the session, the most-traded SHFE lead 2607 contract opened at 16,594 yuan/mt, fluctuated downward throughout the day with the price center continuously shifting lower, dipping to a low of 16,490 yuan/mt in the later part of the session, before moving sideways within the 16,500-16,530 yuan/mt range, and finally closed at 16,505 yuan/mt, posting a bearish candlestick with no lower shadow, down 165 yuan/mt or 0.99%. This week, some smelters in North China and South China ended shutdowns and resumed production, and the operating rate of secondary lead smelters rebounded. Affected by weak downstream purchasing enthusiasm, finished product inventories at secondary lead smelters saw a slight inventory buildup this week, exerting some pressure on lead prices. In June, the pace of production resumptions at secondary lead smelters will accelerate, and it is necessary to continuously track the progress of production resumptions and the impact of production release on lead prices.

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