SMM, October 22:
Intraday, the SHFE lead 2612 contract opened at 16,135 yuan/mt, quickly dipped after the open to a low of 16,025 yuan/mt, then moved sideways in the 16,040-16,090 yuan/mt range, and finally closed at 16,065 yuan/mt, down 30 yuan/mt or 0.19% from the previous trading day's closing price. Trading volume was 56,616 lots, continuing to shrink, while open interest was 72,639 lots, down 3,573 lots, with the daily candlestick closing as another small bearish candlestick. The price decline accompanied by falling open interest mainly reflected bulls exiting. The daily KDJ's J value pulled back from 54 to around 35, with K and D turning downward, approaching oversold territory, indicating short-term weakness. However, spot supply in China is regionally tight, limiting further downside for short sellers. The SHFE lead 2612 contract is expected to continue consolidating in the short term, with limited room on both the upside and downside. Going forward, continued attention should be paid to production conditions on China's supply side and downstream lead consumption follow-through.
Data source statement: Except for publicly available information, all other data are processed by SMM based on public information, market communication, and SMM's internal database models, and are for reference only and do not constitute decision-making advice.
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