Fundamental bullish and bearish factors coexist, SHFE lead gives back most of last week's gains [Lead Futures Brief Review]

SMM, July 13:

Today, the most-traded SHFE lead 2608 contract opened at 16,045 yuan/mt. After the open, bears added to their positions, causing SHFE lead to drop quickly to around 15,950 yuan/mt. Subsequently, the tug-of-war between longs and shorts intensified, and SHFE lead displayed a stepwise downtrend, hitting an intraday low of 15,865 yuan/mt, erasing most of last week's gains. During the session, SHFE lead attempted multiple times to reclaim the 15,900 yuan/mt level, before settling at 15,920 yuan/mt at the close, down 0.66%. After lead prices fell, downstream purchasing interest did not recover, and spot market trading was moderate, providing limited support for lead prices. Currently, secondary lead enterprises are cutting production due to losses, while some primary lead producers are gradually resuming production after completing maintenance. Additionally, with the SHFE lead 2607 contract delivery approaching, lead ingot social inventory continues to accumulate, and lead prices are expected to consolidate on a subdued note.

Data Source Statement: All data except for publicly available information are processed by SMM based on public information, market communication, and relying on SMM's internal database models, and are for reference only, not constituting decision-making advice.