SMM, April 23:
The most-traded SHFE lead 2605 contract opened at 16,775 yuan/mt during the session. SHFE lead prices fluctuated downward at the beginning of the session, hitting a low of 16,590 yuan/mt. Prices subsequently rebounded slightly, but limited fundamental support constrained the rebound, ultimately closing at 16,660 yuan/mt, recording a small bearish candlestick, down 70 yuan/mt, a decline of 0.42%. On the sentiment front, the US extended the ceasefire, cooling geopolitical risk-aversion sentiment. On the fundamental front, regional secondary lead supply remained tight in China, inventory at some lead smelters pulled back, and some downstream enterprises plan to take holidays, leading to subdued supply and demand. In the short term, lead prices are expected to continue range-bound consolidation.
Data source statement: Data other than publicly available information is derived from publicly available information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.
