SHFE Lead Was in the Doldrums During the Day, Closing Slightly Lower by 0.92% with a Small Bearish Candlestick [Brief Comment on SHFE Lead]

SMM, April 22:

The most-traded SHFE lead 2606 contract opened at 16,735 yuan/mt during the session. SHFE lead prices dipped slightly at the beginning of the session, touching a low of 16,675 yuan/mt, before rebounding. From mid-session to the close, prices moved sideways within the range of 16,690-16,755 yuan/mt, ultimately settling at 16,730 yuan/mt, recording a bearish candlestick with a decline of 155 yuan/mt, or 0.92%. Recently, LME lead inventory continued destocking and spot premiums in Southeast Asia remained elevated, with the ex-China lead market fundamentals stronger than those in China. Meanwhile, the refined lead import window was close to shutting, tightening domestic lead ingot supply somewhat. However, downstream consumption was in the traditional off-season, and spot trading was sluggish. Under the pattern of weakness in both supply and demand, lead prices are expected to maintain a fluctuating trend.

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