Rebound Momentum Insufficient, SHFE Lead Under Pressure, Closes Lower [Lead Brief Review]

SMM July 30 news: Today, the most-traded SHFE lead 2609 contract opened at 15,850 yuan/mt. In early trading, SHFE lead trended stronger and briefly attempted to hold above the 15,800 yuan/mt level but failed. In the afternoon, bears strengthened, and the decline in SHFE lead widened, with the price dropping to 15,650 yuan/mt during the session. Near the end of the session, as some bears reduced positions and left the market, SHFE lead recovered part of its losses, eventually closing at 15,740 yuan/mt, down 0.44%. Open interest for the most-traded SHFE lead contract that day was 83,361 lots, down 1,003 lots from the previous trading day.

        Open interest for the most-traded contract continued to edge down, but the decline narrowed compared to yesterday. Funds maintained a wait-and-see sentiment, and market trading was relatively cautious. Fundamentals-wise, the supply-demand pattern of the lead market showed no significant changes. Downstream enterprises maintained just-in-time procurement, and the off-season characteristics of consumption remained evident, providing limited support for lead prices.

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