SMM February 10 News:
During the day, the most-traded SHFE lead 2603 contract opened at 16,660 yuan/mt. Approaching the Chinese New Year holiday, both supply and demand in the market declined, and the impact of fundamentals on SHFE lead's movement weakened. Bears, cautious about potential overseas market fluctuations during the domestic holiday affecting the post-holiday Shanghai market, reduced positions to take profits and exited. SHFE lead briefly rose to a high of 16,805 yuan/mt; however, due to weak support, it gave back some gains in the afternoon, finally settling at 16,665 yuan/mt, up 0.48%, with open interest at 42,295 lots. As the holiday approaches, trading activity has declined, and SHFE lead is expected to maintain a fluctuating trend.
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