SMM, September 24:
The LME lead 3M contract opened at $1,936.5/mt on September 23, moved lower after a higher open in the Asian session, consolidated at lows during European trading hours, dipped again in the evening to a low of $1,915.5/mt, rebounded slightly in the early morning, and finally closed at $1,923.0/mt, down $9.0/mt or 0.47% from the previous trading day's closing price. It traded in a range of $1,915.5–1,939.0/mt throughout the day, with volume of 5,968 lots and open interest of 190,280 lots, forming a bearish candlestick on the daily chart.
The most-traded SHFE lead 2611 contract opened at 16,295 yuan/mt in the night session, briefly shot up to a high of 16,380 yuan/mt after the open, then moved sideways in the 16,285–16,380 yuan/mt range, and finally closed at 16,320 yuan/mt, down 15 yuan/mt or 0.09% from the previous trading day's closing price, with volume of 26,066 lots and open interest of 72,177 lots.
Overall, SHFE and LME lead were repeatedly rejected below previous highs with shrinking volume and falling open interest, reflecting continued profit-taking by bulls at highs while bears did not actively add shorts to push prices down. In nature, this is profit digestion at highs after the rally. In addition, with KDJ turning down from overbought territory, the short-term trend has shifted from rapid gains to consolidation at highs.
![Fundamentals bullish factors exhausted, lead prices pull back from highs [SMM Lead Morning Meeting Summary]](https://imgqn.smm.cn/usercenter/XMxKT20251217171720.jpeg)
![SHFE lead 2611 contract overbought pullback, closing down 0.58% [Lead Futures Brief Comment]](https://imgqn.smm.cn/usercenter/LCtEk20251217171721.jpeg)
