Supply has support, demand has suppression, SHFE lead closed with a long lower shadow bearish candlestick [Lead Futures Brief Review]

SMM August 25 News:

During the session, the SHFE lead 2610 contract daily candlestick formed a bearish candlestick with a long lower shadow, opening at 16090 yuan/mt and consolidating on a subdued note throughout the day within the 16065-16135 yuan/mt range, eventually closing at 16130 yuan/mt, down 35 yuan/mt from the previous trading day's closing price, a decrease of 0.22%, with total trading volume of 60,348 lots and open interest of 74,768 lots. Lead prices reversed and pulled back, with upstream and downstream enterprises exhibiting a strong wait-and-see sentiment; suppliers' willingness to make shipments declined, and some suspended quotations. Downstream enterprises remained primarily focused on just-in-time procurement with a wait-and-see bias, coupled with increased imported lead quotations, resulting in light spot market transactions.

It is expected that SHFE lead will consolidate at highs in the short term, awaiting new market developments.

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