SHFE lead 2611 contract overbought pullback, closing down 0.58% [Lead Futures Brief Comment]

SMM, September 23:

The SHFE lead 2611 contract opened at 16,415 yuan/mt in the intraday session. After a brief shot up at the open, it consolidated lower, dipping to a low of 16,315 yuan/mt. It rebounded slightly near the close and finally settled at 16,335 yuan/mt, down about 95 yuan/mt or 0.58% from the previous trading day's settlement price, forming a bearish candlestick on the daily chart. Trading volume was 58,226 lots and open interest stood at 72,723 lots. KDJ turned downward from the overbought zone, with the J value pulling back rapidly, signaling a clear short-term overbought correction. On the spot side, smelters adjusted prices and sold before the holiday, while downstream enterprises showed moderate purchasing interest, resulting in overall weak spot market transactions. With the Mid-Autumn Festival holiday approaching and no night session on Thursday evening, the SHFE lead 2611 contract is expected to consolidate at highs above the 16,000 level in the short term, with limited room for pullback.

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