Market Bullish and Bearish Factors Intertwined, SHFE Lead Continues in the Doldrums [Lead Futures Brief Review]

SMM October 29 News:

The most-traded SHFE lead 2512 contract opened at 17,370 yuan/mt today, fluctuated rangebound, and finally closed at 17,315 yuan/mt, with a % change of 0% and open interest of 73,518 lots.

Recently, medium and large lead-acid battery enterprises are expected to carry out concentrated production cuts or maintenance from month-end October to early November, weakening lead consumption expectations, which has become the main factor affecting lead prices. Trading activity in the lead spot market this week has weakened significantly WoW, with smelters easing their reluctance to budge on prices and lowering premiums for shipments. At the same time, the spread between futures and spot prices is currently wide, prompting some suppliers to consider shipping to delivery warehouses. Additionally, current social inventory of lead ingots is only 30,000 mt, and spot circulation of delivery brands in north China remains limited. With bullish and bearish factors intertwined, lead prices may continue in the doldrums.

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