SMM Oct. 20:
The most-traded SHFE lead 2511 contract opened at 17,100 yuan/mt today, moved sideways after opening, and weakened slightly towards the close, ending at 17,060 yuan/mt, down 0.09%, marking a third consecutive decline, with open interest at 38,195 lots.
Last week, bearish macro news coupled with an increase in LME lead inventory, which rose by over 10,000 mt weekly, led LME lead to fall below the 2,000 mark, with its overall trading center moving lower, slightly dragging down SHFE lead. Currently, China's downstream e-bike and automotive lead-acid battery markets have entered the traditional peak consumption season, and lead-acid battery enterprises are showing improved production enthusiasm, supporting SHFE lead to hold up well.
Data source statement: Except for public information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and not as decision-making advice.
