The Most-Traded SHFE Lead 2604 Contract Bottomed Out Intraday and Closed Lower, Weak Consumption Coupled With Elevated Inventory Weighed on Lead Prices [SHFE Lead Brief Review]

SMM News, Mar 9:

During the day, the most-traded SHFE lead 2604 contract opened at 16,780 yuan/mt. In early trading, the price quickly moved lower and once touched the intraday low of 16,655 yuan/mt. As bears took profits and closed positions, lead prices rebounded somewhat. During the session, SHFE lead prices fluctuated upward, repeatedly moving within the 16,765-16,805 yuan/mt range and once nearing the intraday high of 16,815 yuan/mt. Subsequently, lead prices fluctuated downward, and near the close fluctuated rangebound around 16,730-16,755 yuan/mt. It finally closed at 16,740 yuan/mt, recording a small bearish candlestick, down 0.21%. As downstream consumption recovered weakly, spot sales at smelters remained sluggish, and the high inventory situation did not ease significantly. Lead prices are expected to be under pressure in the short term.

Data source statement: Except for public information, all other data is processed and derived by SMM based on public information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice.