Bears add positions to pressure SHFE lead 2612 contract, in the doldrums amid market tug-of-war [Lead Futures Brief Comment]

Published: Nov 03, 2026 16:31 (GMT+8)

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SMM, November 3:

The SHFE lead 2612 contract opened at 15,945 yuan/mt during the day. After the open, its center consolidated lower, trading in a narrow range around 15,800 yuan/mt throughout the day, and finally settled at 15,765 yuan/mt, down 275 yuan/mt from the previous trading day, a decline of 1.71%. Trading volume reached 93,657 lots on the day, a notable increase, while open interest stood at 64,581 lots, up 1,878 lots, with the daily candlestick closing as a bearish candlestick. Apart from weak macro sentiment, the short-term price action was driven more by the market tug-of-war. Moreover, today's price decline was accompanied by higher trading volume and an increase in open interest, reflecting bears actively adding positions to push prices lower. The SHFE lead 2612 contract is expected to have further downside room in the short term, remaining in the doldrums overall.

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