SMM, September 15:
The SHFE lead 2610 contract opened at 15,845 yuan/mt during the day, consolidated on a weak note between 15,770-15,850 yuan/mt throughout the session, and finally closed at 15,775 yuan/mt, down 50 yuan/mt or 0.32% from the previous trading day's closing price. Trading volume was 45,113 lots, and open interest stood at 65,193 lots. The daily candlestick continued to close as a small bearish candlestick. Futures prices ran below the middle Bollinger Band, staying near the lower band without an effective break below it. The KDJ indicator showed an oversold death cross, and the short-term decline showed signs of slowing. In the spot market, SMM #1 lead prices fell by 50 yuan/mt in tandem, but supply tightened. Suppliers and smelters generally held prices firm and held back from selling. Downstream buyers restocked on dips and began building inventory for the upcoming double festival, with transactions improving. In the short term, SHFE lead is expected to consolidate on a subdued note at low levels near the lower Bollinger Band. Firm spot prices will limit downside room, but resistance from the middle Bollinger Band and the 16,000 yuan/mt level remains, capping any rebound. Attention can be paid to support at the lower Bollinger Band and spot transaction conditions.
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.
