SHFE Lead Rose First Then Fell During the Day, Short-Term Trend May Maintain Fluctuating Trend [Lead Futures Brief Review]

SMM, January 2, 2025

— During the day, the most-traded SHFE lead 2502 contract opened at 16,870 yuan/mt, briefly touching a high of 16,905 yuan/mt in early trading. However, due to weak purchasing power from downstream battery producers and bearish news of the resumption of production at a major secondary lead smelter, SHFE lead plunged to a low of 16,740 yuan/mt before closing at 16,825 yuan/mt, up 0.36%, with an open interest of 49,567 lots. Recently, the operating rate of downstream battery producers has remained relatively stable, and with weak purchasing momentum and the current lead ingot supply situation, lead prices may maintain a fluctuating trend in the short term.

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