SHFE Lead Fluctuated at Highs Around the Moving Average Today, With the Center Moving Upward [Lead Futures Brief Review]

SMM, April 2:

During the day, the most-traded SHFE lead 2605 contract opened at 16,765 yuan/mt, then moved sideways at the high range of 16,690-16,750 yuan/mt, before dropping back slightly late in the session to a low of 16,675 yuan/mt, and finally closed at 16,695 yuan/mt. It posted a small bullish candlestick, up 40 yuan/mt, or 0.24%. Driven by bullish sentiment, lead prices overall fluctuated upward today. In terms of supply, the resumption of work at primary lead enterprises drove supply growth, while in the secondary lead market, work resumptions and maintenance proceeded in parallel, with some small and medium-sized plants planning to cut production due to insufficient raw material; demand side, elevated lead prices suppressed downstream purchase willingness, and spot transactions were weak. SMM expected lead prices to continue consolidating in the short term.

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