SMM, Jul 31: The most-traded SHFE lead 2609 contract opened at 15,680 yuan/mt today. After the opening, bears added positions, causing SHFE lead to decline rapidly, with its trading center shifting down to the 15,550-15,600 yuan/mt range. In the afternoon, bears continued to exert pressure, further expanding SHFE lead's decline, with the intraday low hitting 15,520 yuan/mt, a new low for the week. SHFE lead finally closed at 15,550 yuan/mt, down 1.21%. Open interest for the most-traded SHFE lead contract stood at 88,167 lots, an increase of 4,806 lots from the previous trading day.
It is noteworthy that open interest in the most-traded contract increased alongside the decline in SHFE lead today, reflecting a clear pattern of bears adding positions to drive prices lower and a pickup in bearish market sentiment. Against the backdrop of the off-season, downstream enterprises maintained just-in-time procurement, with average trading performance in the spot market, while supply-side pressure has yet to ease significantly. It is expected that SHFE lead will remain on a subdued consolidation pattern in the short term.
Data Source Statement: All data, except publicly available information, is processed by SMM based on public information, market communication, and SMM's internal database models. It is for reference only and does not constitute a decision-making recommendation.
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