SHFE Lead Maintained Rangebound Fluctuations and Recorded a Small Bullish Candlestick Today [Lead Futures Brief Review]

SMM October 21:

The most-traded SHFE lead 2511 contract opened at 17,175 yuan/mt and held rangebound after opening, hitting a high of 17,210 yuan/mt, and finally closed at 17,160 yuan/mt, up 0.59%, forming a small bullish candlestick, with open interest at 33,556 lots.

Domestic lead ingot supply remains in a tight balance, secondary lead smelters are gradually resuming production, while primary lead smelters have both maintenance and production resumptions; downstream battery producers maintain just-in-time procurement, and some enterprises show good spot order purchasing enthusiasm due to low raw material inventory. Overall, lead prices may hold up well in the short term.

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