16,000 mark lost then regained; SHFE lead bottoms out, closing with a long lower shadow [Lead Futures Brief Comment]

SMM, September 8:

The SHFE lead 2610 contract opened at 16,085 yuan/mt during the day. After the open, it quickly dipped, breaking below the 16,000 mark to touch 15,985 yuan/mt, but the break below was short-lived. It then consolidated and stabilized, rebounding step by step, with the price center lifting in late trading to finally close at 16,135 yuan/mt, down 75 yuan/mt or 0.46% from the previous trading day's closing price. The full-day trading range was 15,985-16,185 yuan/mt, with volume of 62,795 lots and open interest of 63,337 lots. The daily candlestick was a small bearish candle with a long lower shadow, as the 16,000 mark was lost and then regained. Spot lead prices weakened in tandem with the futures. Smelters held back from selling at low prices and reduced their quotes, while traders sold according to market conditions. Downstream buyers showed slightly better interest in purchasing at lower prices, with regional transactions improving. Overall, spot prices remained relatively resilient to declines, providing some support to SHFE lead prices and limiting further downside room. SHFE lead is expected to stabilize and recover above the 16,000 mark in the short term, maintaining a fluctuating trend.

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