Downstream Battery Producers Complete Stockpiling SHFE Lead's Upward Momentum Weakens [Lead Futures Brief]

SMM September 25:

The most-traded SHFE lead 2511 contract opened at 17,110 yuan/mt, and due to subdued spot trading performance and downstream consumption, market participation was lukewarm. SHFE lead fluctuated rangebound around the 17,100 yuan/mt level, eventually closing at 17,090 yuan/mt, up 0.15%. It recorded a small bullish candlestick with a long upper shadow, with open interest at 62,847 lots.

As downstream battery producers gradually complete stockpiling, upward momentum for SHFE lead has weakened. Coupled with expectations of accumulated finished product inventories at smelters during the holiday, lead prices are expected to face pressure after the holiday.

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