SHFE lead broke through the previous high and stood firm on the Bollinger upper band, short-term trend was strong, be alert to a pullback at high levels [SHFE lead brief review]

SMM August 31 News:

The SHFE lead 2610 contract opened at 16,230 yuan/mt on the day, shot up quickly to 16,345 yuan/mt after opening, then consolidated at highs in the 16,330-16,360 yuan/mt range, with the center moving up again in the late session. The intraday high reached 16,380 yuan/mt, and it finally closed at 16,370 yuan/mt, up 125 yuan/mt from the previous trading day's closing price, a gain of 0.77%. Total daily turnover was 58,377 lots, with open interest at 70,318 lots. The daily K-line closed as a large bullish candlestick, breaking through the previous high and stabilizing above the upper Bollinger Band. It is expected that SHFE lead will continue to hold up well in the short term, with regional supply tightness and suppliers holding prices firm with shipments supporting lead prices; however, the continuous rise in spot lead prices has dampened downstream purchase enthusiasm, and caution is needed against the pullback pressure from weak turnover at highs.

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