SHFE lead 2611 contract reclaims the middle Bollinger Band, hitting a new post-holiday rebound high [Lead Futures Brief Comment]

SMM, October 13:

During the day, the SHFE lead 2611 contract opened at 16,145 yuan/mt, rose quickly in early trading, and hit an intraday high of 16,300 yuan/mt, a new high since the post-holiday rebound. In the afternoon, it moved sideways at high levels and finally closed at 16,280 yuan/mt, up 175 yuan/mt or 1.09% from the previous trading day's closing price. Total trading volume reached 67,501 lots, with open interest at 55,807 lots, down 1,467 lots. The daily candlestick recorded a large bullish candlestick. The futures price stood above the middle Bollinger Band, and the daily KDJ formed a golden cross at low levels, strengthening short-term rebound momentum. In the lead spot market, circulating supply tightened, some suppliers suspended quotations, and downstream enterprises showed weakening purchasing enthusiasm. Apart from just-in-time procurement, other enterprises adopted a wait-and-see approach with cautious buying, leading to a decline in market trading activity. SHFE lead is expected to continue consolidating on a strong note in the short term. However, with the delivery period of the SHFE lead 2610 contract approaching and the most-traded contract entering the rollover window, close attention should be paid to capital absorption after the rollover of the most-traded contract, resistance near previous highs, and whether spot transactions can follow through.

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