SMM, September 28:
The SHFE lead 2611 contract opened at 16,270 yuan/mt during the day, quickly plunged after the open to a low of 16,145 yuan/mt, then rebounded slightly and consolidated at lows in the 16,180-16,230 yuan/mt range, ultimately closing at 16,210 yuan/mt, down 60 yuan/mt or 0.37% from the previous trading day's closing price. Total volume reached 50,450 lots, open interest stood at 68,716 lots, down 2,371 lots, and the daily candlestick recorded a small bearish candle with no upper shadow and a lower shadow. On the technical side, the futures price briefly dipped below the Bollinger middle band during the session, stabilized in the afternoon and closed above the middle band. The daily KDJ remained downward after a death cross, with the J value pulling back from the overbought zone to around 72, returning to neutral territory. On the spot fundamentals side, market performance diverged after lead prices weakened: suppliers actively sold, downstream battery enterprises became more cautious, and spot transactions were subdued. With only three trading days left this week and the National Day holiday approaching, funds turned cautious, and the SHFE lead 2611 contract is expected to continue consolidating on a subdued note at current lows in the short term.
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