SMM September 30 News:
The most-traded SHFE lead 2511 contract opened at 16,935 yuan/mt. On the last trading day before the holiday, the market was filled with a festive atmosphere, and spot trading activity declined. During the morning session, SHFE lead fluctuated downward, with a slight rebound at the close, finally settling at 16,940 yuan/mt, up 0.5%, forming a small bullish candlestick. Open interest was 42,633 lots.
Downstream enterprises are expected to take holidays, and lead smelters are actively clearing pre-holiday inventory, leading to a slowdown in lead ingot destocking speed. Additionally, the import window for lead ingots has opened, and some downstream or lead smelting enterprises have pre-ordered imported lead ingots arriving in October. Lead prices in October may come under pressure and weaken. Before the concentrated production resumptions of secondary lead enterprises and the arrival of imported lead, lead prices are expected to remain range-bound. However, after the supply increase materializes, lead prices are likely to weaken.
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