SMM, September 1:
The SHFE lead 2610 contract opened at 16,090 yuan/mt during the day. After the opening, it consolidated and recovered, moving sideways within the 16,130-16,175 yuan/mt range throughout the day, and finally closed at 16,160 yuan/mt, down 210 yuan/mt from the previous trading day's closing price, a decline of 1.28%. Trading volume was 81,596 lots, open interest was 66,735 lots, a decrease of 3,583 lots. The daily candlestick closed as a bearish candlestick with a long lower shadow. The KDJ indicator formed a death cross at a high level, and the price pulled back to between the upper and middle Bollinger Bands. After the lead price pulled back, suppliers became cautious in selling, regional supply tightened, and a few smelters suspended quotations. However, increased supply of secondary lead and imported lead diverted demand. Downstream purchased as needed, and overall transactions were average. In the short term, SHFE lead is expected to consolidate, and attention should be paid to LME lead trends after LME trading resumes and the follow-up of spot transaction progress.
Data source statement: Except for publicly available information, all other data are processed by SMM based on public information, market communication, and SMM's internal database models, and are for reference only and do not constitute decision-making advice.
