SMM August 24 News:
During the day, the SHFE lead 2610 contract continued to consolidate on a strong note, opening at 16,165 yuan/mt. Shortly after the morning session opened, it quickly shot up to 16,240 yuan/mt, once again hitting a new high in nearly one and a half months. Subsequently, it drifted lower and consolidated with wild swings in the 16,190-16,140 yuan/mt range, eventually closing at 16,160 yuan/mt, up 35 yuan/mt from the previous trading day's closing price, a gain of 0.22%. Full-day trading volume was 77,717 lots, and open interest was 77,170 lots. The Bollinger Bands opened upward, confirming a medium-term bullish trend. However, the price retreated after a rapid rise above the upper band, forming a long upper shadow, indicating short-term overbought pressure. Resistance at the upper band of the Bollinger Bands was evident. Overall, the recent SHFE lead trend was mainly driven by LME lead. Today, the SMM No. 1 lead price rose by 100 yuan/mt. The spot market exhibited a "tight supply, high prices, and difficult transactions" characteristic. Downstream players had a strong wait-and-see sentiment, spot order trading was sluggish, and imported lead inflows diverted some demand, limiting the momentum for SHFE lead prices to rise further.
It is expected that SHFE lead will stay high and consolidate on a strong note in the short term. Key areas to monitor include changes in LME lead trends, follow-up spot transaction activity, the pace of imported lead inflows, and the sustainability of suppliers holding prices firm.
Data Source Disclaimer: Except for publicly available information, all other data are processed by SMM based on public information, market communication, and relying on SMM's internal database models. They are for reference only and do not constitute decision-making advice.
