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.
Data source statement: Data other than public information 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.
