Pre-Holiday Trading Atmosphere Sluggish, SHFE Lead Records Doji [Lead Futures Brief Review]

SMM February 13:

The most-traded SHFE lead 2604 contract opened at 16,700 yuan/mt during the day, fluctuating around the daily average line. Due to the dual decline in supply and demand in the spot market, lead prices lacked sufficient support, causing SHFE lead to fluctuate downward and hit a low of 16,640 yuan/mt. It finally closed at 16,700 yuan/mt, forming a doji with a decline of 0.33%. Trading volume was 46,911, and open interest was 69,507. As the Chinese New Year approaches, most participants in the lead industry chain have entered the holiday period, coupled with a decline in capital activity. SMM expects SHFE lead to be in the doldrums before the holiday.

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