SHFE Lead Held Up Well, Rising 0.54% on Late-Session Gains [Lead Futures Brief Review]

SMM News, April 3:

The most-traded SHFE lead 2605 contract opened at 16,760 yuan/mt intraday. From early trading to mid-session, prices moved sideways within the 16,730-16,780 yuan/mt range. Late in the session, prices fluctuated higher and touched a high of 16,810 yuan/mt, before closing at 16,785 yuan/mt, posting a small bullish candlestick, up 90 yuan/mt, or 0.54. Boosted by market sentiment, lead prices overall fluctuated upward today. Supply side, maintenance and production resumptions at primary lead enterprises proceeded in parallel, while finished product inventories at secondary lead smelters increased slightly WoW this week, and imported lead continued to flow into the Chinese market, leaving overall supply relatively ample. Demand side, with the traditional off-season for lead-acid batteries approaching and the Qingming Festival holiday drawing near, downstream purchase willingness was cautious, and spot market transactions were weak. Overall, resistance to lead prices was evident in the short term.

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