SMM7 March 17:

During the day, the 2008 contract for Shanghai lead opened at 14950 yuan / ton. In early trading, the long and short positions were evenly matched, and the daily average of lead pressure in Shanghai was adjusted horizontally, reaching an intraday low of 14895 yuan / ton near noon. In the afternoon, A-share low rebounded, basic metals generally followed up, Shanghai lead briefly followed up to an intra-day high of 14965 yuan / ton, and then fell down again until 14890 yuan / ton, and then rebounded slightly in late trading, but it was still held back by the daily moving average, closing at 14925 yuan / ton, down 165yuan / ton, or 1.09%. The position decreased by 1118 to 19060, and the trading volume decreased by 19623 to 21472. Shanghai lead reported to close the spindle line, has not yet reached the 20-day moving average, but considering that A shares are still in a state of adjustment, while the increase of social inventory of lead this week is obvious, downstream consumption has not improved, and the fundamentals are weak, it is expected that Shanghai lead will mainly test the support of the 20-day moving average line in the short term. At night, we need to pay attention to whether Shanghai lead can continue to hold the first line of 14800 yuan / ton. In addition, 09 contract position has reached 17529 hands, close to the main 08 contract, the main contract is expected to change next week, need to pay attention to the changes in the price spread in the near and far months.