SMM, September 10:
The SHFE lead 2610 contract opened at 16,105 yuan/mt in the daytime session. It consolidated higher in early trading, hitting an intraday high of 16,195 yuan/mt, then retreated after a rapid rise and moved repeatedly within the 16,115-16,160 yuan/mt range. In late trading, it stabilized and rebounded, eventually closing at 16,170 yuan/mt, down 15 yuan/mt or 0.09% from the previous trading day's closing price. Trading volume was 60,219 lots, open interest was 63,075 lots, up 728 lots, with both long and short positions increasing. The daily candlestick closed as a small bullish candlestick, with prices holding firmly above the Bollinger middle band and the 16,000 level. On the fundamentals side, spot primary lead suppliers generally held prices firm, providing support below futures prices. Secondary lead smelters sold as market conditions dictated, while downstream buyers still relied mainly on long-term contracts, with only some spot orders shifting to low-priced secondary lead. Overall spot market transactions were mediocre with no improvement yet, which may constrain a rebound in futures prices. Overall, SHFE lead has been moving sideways in a narrow range above the 16,000 level and between the Bollinger middle and upper bands. Support below comes from the middle band, the 16,000 level, and firm primary lead prices, while resistance above comes from previous highs, the Bollinger upper band, and weak spot demand. SHFE lead is expected to continue consolidating at highs in the short term.
Data source statement: All data other than public information 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.
