SMM April 27 News:
The most-traded SHFE lead 2606 contract opened at 16,755 yuan/mt during the session. SHFE lead prices edged up initially, touching a high of 16,805 yuan/mt. Bullish momentum then slowed down, and prices moved sideways around 16,770 yuan/mt. In the afternoon session, futures fluctuated downward, dipping to a low of 16,690 yuan/mt. Prices rebounded slightly near the close, ultimately settling at 16,715 yuan/mt, forming a doji, up 45 yuan/mt or 0.27% from the previous day. Supply side, for secondary lead, smelter maintenance increased, and supply in east China remained tight. For primary lead, SMM lead ingot social inventory saw a slight buildup, with total volumes trending upward. Demand side, some enterprises were approaching the holiday, and coupled with the off-season impact, downstream manufacturers generally maintained a wait-and-see sentiment on procurement, with rigid demand in the market contracting notably. Affected by weakness in both supply and demand, SMM expects lead prices to move sideways in the short term.
Data source statement: Data other than public information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.
