LME Rally Boost Combined with Bulls' Push, SHFE Lead Closed with a Small Bullish Candlestick Intraday [Lead Futures Brief]

SMM, May 13:

The most-traded SHFE lead 2026 contract opened at 16,540 yuan/mt. After the opening, SHFE lead prices moved sideways within the 16,530-16,580 yuan/mt range. In the afternoon, boosted by stronger LME lead prices and the entry of bullish funds, the market fluctuated upward, reaching a high of 16,655 yuan/mt. Gains narrowed slightly toward the close, ultimately settling at 16,615 yuan/mt, recording a bullish candlestick with a gain of 35 yuan/mt, or 0.21%. Currently, ongoing environmental protection checks in South China continue to intensify, leading to a phased contraction in regional secondary lead smelting supply, which provides fundamental support for lead prices. On the other hand, primary lead production remained stable with a slight increase. Additionally, as the delivery date approaches, suppliers have accelerated lead ingot warehousing for delivery, and social inventory continued its buildup trend, further suppressing upside room for lead prices. Overall, bullish and bearish factors are currently intertwined in the market, and lead prices are expected to remain in the doldrums in the short term.

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