Intraday SHFE Lead Closed Flat After Choppy Trading; Lead Price Volatility Continued Amid a Tug-of-War Between Longs and Shorts [Futures Lead Brief Commentary]

Published: Mar 6, 2026 15:58

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SMM News on March 6:

During the day, the most-traded SHFE lead 2604 contract opened at around 16,775 yuan/mt. In early trading, activity in the spot market picked up, providing some support to SHFE lead and driving lead prices to fluctuate upward, hitting a high of 16,825 yuan/mt. Thereafter, amid a tug-of-war between bulls and bears, lead prices pulled back in a fluctuating manner and then consolidated, fluctuating rangebound around 16,770-16,795 yuan/mt, and finally closed at 16,775 yuan/mt. A doji was recorded, with a % change of 0. Smelters faced both elevated inventory and delayed production resumptions. Coupled with a downstream consumption recovery falling short of expectations, bullish and bearish factors offset each other. Lead prices are expected to maintain a fluctuating sideways movement trend.

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

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

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