SMM News on July 18:
The most-traded SHFE lead 2508 contract opened at 16,815 yuan/mt today. After briefly touching a high of 16,850 yuan/mt in the early session, it fluctuated downward, breaking below the 16,800 yuan/mt level in the tail end of the session. It finally closed at 16,820 yuan/mt, down 0.15%, with an open interest of 50,581 lots, recording a small doji bearish candlestick.
New battery dealers are holding high inventory levels, and end-use consumption has not shown significant improvement. Battery producers have a general willingness to purchase lead ingots, while smelters' enthusiasm for shipping goods is relatively low. The spot market's performance has dragged lead prices down, resulting in a four-day losing streak. This afternoon, the Ministry of Industry and Information Technology (MIIT) released a plan to promote ten key industries, including steel and non-ferrous metals, leading to a general rise in major LME metals. Attention should be paid to the extent to which SHFE lead prices are boosted by this news tonight.
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