SMM, September 21:
The SHFE lead 2611 contract opened at 16,345 yuan/mt in the intraday session, extending the firm trend from Friday's night session to drift higher. It hit an intraday high of 16,450 yuan/mt, piercing the upper Bollinger Band and refreshing a one-month rebound high, before consolidating at elevated levels above 16,400 yuan/mt. It ultimately closed at 16,415 yuan/mt, up 90 yuan/mt or 0.55% from the previous trading day's closing price. Total trading volume reached 90,673 lots, with open interest at 70,086 lots, an increase of 5,011 lots on the day, and the daily candlestick recorded a large bullish candle. On the spot fundamentals side, lead prices maintained their upward momentum. With the holiday approaching, lead smelters and traders showed increased willingness to sell. Downstream enterprises mainly focused on digesting inventories or picking up goods gradually, with purchase enthusiasm weakening WoW. Additionally, the upcoming China-US summit may boost market sentiment. The SHFE lead 2611 contract is expected to hold up well in the short term, but fluctuations may persist near the previous high. Attention should be paid to changes in macro sentiment, whether futures prices can break above the upper Bollinger Band on expanding volume to open further upside, and downstream spot transaction conditions.
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