SMM August 6 news:
The most-traded SHFE lead 2609 contract opened at 15,640 yuan/mt, then moved sideways in the range of 15,610-15,680 yuan/mt. In the afternoon, it dipped to a low of 15,610 yuan/mt, and towards the close, it moved sideways in a narrow range before finally closing at 15,650 yuan/mt. Compared with the previous closing price of 15,755 yuan/mt, it fell 105 yuan/mt, or 0.67%. Trading volume was 67,827 lots, and open interest decreased by 6,026 lots to 67,542 lots. During the day, SHFE lead opened higher and then pulled back, with reduced open interest and a consolidation pattern. The market's willingness to chase higher prices was insufficient, and resistance above 15,700 yuan/mt remained notable.
On the fundamentals side, today, the SMM #1 lead average price was stable. As SHFE lead remained stable, suppliers held prices firm in selling, but downstream enterprises' purchasing enthusiasm pulled back from yesterday, and market trading activity declined. Primary lead smelters overall maintained price-firm shipments, while secondary smelters sold in line with the market. The discount on secondary lead widened from yesterday, indicating a slight increase in shipment pressure.
Overall, lead prices stabilized and moved steadily, but demand-side follow-through was limited. Market wait-and-see sentiment rebounded, and the spot market performance was subdued.
