Spot market cargo supply gradually increased, and SHFE lead's intraday gains were limited. [Lead Futures Review]

SMM November 3 News:

During the day, the most-traded SHFE lead 2512 contract opened at 17,355 yuan/mt. Due to bears reducing positions, SHFE lead fluctuated upward after opening, touched a high of 17,480 yuan/mt in the afternoon, pulled back slightly toward the close, and finally settled at 17,420 yuan/mt, up 0.17%, with open interest at 68,089 lots.

Continued macro tailwinds provided underlying support for lead prices. In the spot lead market, supply of primary lead and secondary refined lead gradually recovered, finished product inventories at primary lead smelters accumulated slightly, and spot market availability gradually improved. However, expectations of supply recovery and import arrivals kept lead prices under pressure. As the peak season for downstream batteries neared its end, some battery enterprises focused on digesting finished product inventories, with purchasing enthusiasm slightly declining. In the short term, the room for a rebound in lead prices may be relatively limited.

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