Bears Reduced Positions Overnight, SHFE Lead Rebounded to Catch Up [SMM Lead Morning Brief]

SMM April 14:

Overnight, LME lead opened at $1,919/mt, fluctuated downward to a low of $1,913/mt during the Asian session; it rebounded during the European session, reaching a high of $1,931/mt near the close, and finally settled at $1,928/mt, down 0.13%.

Overnight, the most-traded SHFE lead 2605 contract opened at 16,600 yuan/mt, fluctuated downward to a low of 16,545 yuan/mt after the opening. As bears reduced their positions, SHFE lead rebounded, finally closing at a high of 16,610 yuan/mt, up 0.24%.

In April, the lead-acid battery market entered the traditional consumption off-season. Some medium and large enterprises had production cut plans, weakening procurement demand for lead ingots. Meanwhile, this week entered the delivery week, and lead ingot inventory in social warehouses increased WoW. Combined with imported lead ingots continuing to flow into China in April, market circulating supply was ample, which was bearish for lead prices.

Data Source Disclaimer: Data other than publicly available information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.