SMM August 26 News:
During the day, the SHFE lead 2610 contract opened at 16,095 yuan/mt, briefly consolidated and then rallied to 16,160 yuan/mt, after which it continued to consolidate at highs between 16,120-16,150 yuan/mt, closing at 16,120 yuan/mt, down 10 yuan/mt from the previous trading day's closing price, a decrease of 0.06%; turnover was 59,301 lots, open interest was 72,501 lots, with a reduction of 2,267 lots. The price operated above the middle Bollinger Band, the medium-term bullish trend remained unchanged but new capital inflow willingness was insufficient. On the spot side, with many smelter maintenance and limited circulating supply, suppliers held prices firm with a premium to sell; however, lead prices stayed high, downstream procurement was cautious and mainly based on long-term contracts, resulting in limited overall transactions. It is expected that SHFE lead will continue to consolidate at highs in the short term, and attention should be paid to smelter maintenance, spot transactions, and LME trends.
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