SMM, January 22, 2025
The most-traded SHFE lead 2503 contract opened at 16,655 yuan/mt, rebounded after hitting a low, and rose as bulls increased positions, peaking at 16,830 yuan/mt in the afternoon before closing at 16,780 yuan/mt, with no change in price. Open interest stood at 47,165 lots. With the strong Chinese New Year atmosphere, trading in the spot market was sluggish, and some suppliers offered discounts to clear inventory. In the short term, lead prices are expected to fluctuate rangebound before the holiday.
