SHFE Lead Moved Sideways Around Moving Average Intraday, Recording a Three-Day Winning Streak [Lead Futures Brief]

SMM, May 22:

The most-traded SHFE lead 2607 contract opened at 16,700 yuan/mt. During the session, SHFE lead prices fluctuated at highs within a narrow range around the daily moving average, touching a high of 16,770 yuan/mt in the later session, recording a three-day winning streak, up 90 yuan/mt, a gain of 0.54%. This week, regional inventory performance diverged. Smelters in east China delayed shipments and retained stock due to weakening lead prices, while finished product inventories in other regions edged down, and overall industry inventory increased slightly. After delivery completion, lead ingot social inventory pulled back slowly, with a weak degree of destocking. As multiple smelters resumed production, secondary lead output edged up, constraining price increases. On the capital front, bears reducing positions drove the market to recover, and lead prices were expected to move sideways in the short term with a fluctuating trend.

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