SMM7 March 20:

During the day, the 2009 contract for Shanghai lead opened at 14740 yuan / ton. In early trading, Shanghai lead was entrusted with 14685 yuan / ton, and the daily moving average fluctuated horizontally under pressure. In the afternoon, basic metals rose generally, and Shanghai lead was also boosted. It broke through the intraday moving average on the 20-day moving average, gave up some of the gains after reaching the intraday high of 14835 yuan / ton, fluctuated along the horizontal market of 14785 yuan / ton above the daily moving average, and finally closed at 14775 yuan / ton, down 120 yuan / ton, or 0.81%. The position increased by 1556 to 19085, and the trading volume increased by 5647 to 17093. The main contract changed to 09 contract, the transaction is active, mainly for long positions. Shanghai lead newspaper closed down, supported by the 20-day moving average, but is still trapped in the gap during the Spring Festival this year, the KDJ index is still open downward, the 5-day moving average shows a trend of below the 10-day moving average, and the technical indicators have not yet shown signs of turning more. At the same time, as of last Friday, lead inventories in the previous five places had increased by more than 10,000 tons to more than 40,000 tons compared with the previous period, while the downstream trading was light and the fundamentals were weak, so it was necessary to pay attention to whether the bulls could maintain the 20-day moving average at night. It is expected that in the short term, the lead in Shanghai will still be adjusted at a low level.