Environmental Protection-Related Controls Lifted in Major Secondary Lead Production Areas & Downstream New Year Holiday Expected; Bulls Reduce Positions, SHFE Lead Fluctuates Downward [Lead Futures Brief Review]

SMM, December 30, 2024

— During the day, the most-traded SHFE lead 2502 contract opened at 16,855 yuan/mt, fluctuated downward after the opening, hitting a low of 16,760 yuan/mt, and finally closed at 16,795 yuan/mt, down 1.55%, with an open interest of 53,138 lots. On Saturday (December 28), the heavy pollution weather alert in Anhui was lifted, and local secondary lead smelters gradually resumed production. Coupled with the expectation of downstream battery producers taking New Year’s Day holidays, there were multiple short-term bearish factors for lead prices. Bulls reduced positions, and SHFE lead fluctuated downward.

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