Macro Sentiment Drove Lead Prices Higher, SHFE Lead Posted a Three-Day Winning Streak [Lead Futures Brief]

SMM, April 16:

The most-traded SHFE lead 2605 contract opened at 16,851 yuan/mt. Boosted by macro sentiment at the start of the session, lead prices fluctuated upward, touching a high of 16,930 yuan/mt. Subsequently, weighed down by weak downstream consumption, lead prices lacked upward momentum and pulled back, ultimately closing at 16,775 yuan/mt, marking a three-day winning streak with a gain of 110 yuan/mt, or 0.66%. Persistently sluggish downstream consumption, coupled with visible inventory increases driven by primary lead deliveries, caused lead prices to encounter resistance on the upside. This week, some secondary lead enterprises cut production due to raw material shortages, tightening supply somewhat and providing certain support for lead prices. Overall, lead prices are expected to continue to move sideways in the short term.

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