Lead Prices Edged Up Before Pulling Back Under Pressure, Fluctuating Downward Below the Daily Average Line in the Afternoon Session [Brief Comment on Lead Futures]

SMM May 27 news:

The most-traded SHFE lead 2607 contract opened at 16,745 yuan/mt intraday. Prices fluctuated higher in early trading, touching a high of 16,810 yuan/mt, then moved sideways within the 16,770-16,810 yuan/mt range. During this period, the contract tested the 16,800 yuan/mt resistance level multiple times but failed to break through effectively. In the later session, it turned to fluctuate downward, probing a low of 16,705 yuan/mt. It rebounded slightly near the close, ultimately settling at 16,730 yuan/mt, down 25 yuan/mt or 0.15%. The lead-acid battery industry is currently in the traditional off-season, with weak downstream demand. Combined with the rebound in lead prices, battery manufacturers remained cautious in procurement. Supply side, domestic primary and secondary lead production rebounded slightly; supply and demand outside China diverged, with tight supply of high-grade lead ingots in Southeast Asia, while Australian smelters gradually ramped up production. With bullish and bearish factors intertwined, SHFE lead prices are expected to fluctuate at highs in the short term.

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