SMM, October 14:
Intraday, the SHFE lead 2611 contract opened higher at 16,385 yuan/mt, moved downwards after a higher opening throughout the day, traded in the range of 16,215-16,420 yuan/mt, and finally closed at 16,230 yuan/mt, down 50 yuan/mt or 0.31% from the previous trading day's closing price. Trading volume was 73,367 lots, and open interest was 47,966 lots, down 7,841 lots, with a bearish candlestick on the daily chart. Technically, the previously overbought indicators have been partially corrected, but the closing price remains above the middle Bollinger Band and has not yet broken below it. Short-term bullish momentum has weakened, while the rebound structure has not been significantly damaged. Attention should be paid to the SHFE lead 2610 contract approaching delivery and the 2611 contract approaching contract rollover. During the rollover of the most-traded contract, capital shifts increase disturbances, and SHFE lead is expected to continue to consolidate at highs in the short term, awaiting directional choice.
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