SMM, September 9:
The SHFE lead 2610 contract opened at 16,185 yuan/mt during the day, briefly shot up to 16,225 yuan/mt after the open, then retreated from highs and consolidated repeatedly within the 16,140-16,190 yuan/mt range. In the afternoon, it tested the 16,190 yuan/mt level twice, stabilized at highs near the close, and finally settled at 16,185 yuan/mt, up 50 yuan/mt or 0.31% from the previous trading day's closing price. Trading volume was 45,929 lots and open interest was 62,347 lots, with the daily candlestick closing as a small bullish candlestick. On the spot side, downstream enterprises continued to purchase as needed, market transactions were weak, and spot cargo struggled to chase higher prices. In the short term, SHFE lead is expected to consolidate on a strong note with limited upside room, and attention should be paid to SHFE and LME linkage as well as whether spot premiums and actual transactions can follow up again.
Data source statement: Except for public 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.
![Secondary Lead: Regional Price Divergence, Spot Orders in South China Traded at a Discount of 175 yuan/mt [SMM Lead Daily Review]](https://imgqn.smm.cn/usercenter/riosq20251217171722.jpg)
