SMM, August 4:
The most-traded SHFE lead 2609 contract opened at 15,265 yuan/mt, fluctuated upward after the opening, reached a high of 15,480 yuan/mt in the afternoon, moved sideways in the tail session, and finally closed at 15,445 yuan/mt, up 0.1%, recording a small bullish candlestick.
According to LME data, today's lead inventory fell by 3,575 mt to 434,875 mt. During the day, LME lead saw a strong catch-up rally, hitting a high of $1,888/mt. Lead consumption outside China improved, coupled with expectations of production cuts or shutdowns at some domestic lead smelters, bullish sentiment supported lead prices to briefly stop falling.
Data source statement: Other data apart from publicly available information are based on publicly available information, market communication, and SMM's internal database models, processed by SMM, and are for reference only, not constituting any decision-making advice.
