SHFE Lead 2605 Hit a Recent Monthly Low and Closed Bearish, Short-Term Weakness Hard to Reverse [SHFE Lead Brief Comment]

SMM April 13 News:

The most-traded SHFE lead 2605 contract opened at 16,586 yuan/mt during the session, oscillating around the 16,545 yuan/mt level throughout the day. It hit a low of 16,510 yuan/mt, refreshing a nearly one-month low. Although it rebounded slightly toward the close, bullish momentum was insufficient, and it ultimately settled at 16,570 yuan/mt, posting a bearish candlestick with no upper shadow, down 115 yuan/mt or 0.69%. Ongoing geopolitical tensions continued to weigh on lead prices. Additionally, sluggish lead consumption in China and the inflow of imported lead further intensified supply pressure. As the SHFE lead delivery week approached this week, suppliers concentrated on transferring and shipping to delivery warehouses, triggering a sharp increase in visible inventory, which became a bearish factor suppressing prices. In the short term, lead prices lacked upward momentum and were expected to remain in the doldrums.

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