During the day, SHFE lead fluctuated downward, recording a small bearish candlestick [Futures Lead Brief Commentary]

SMM November 6:

The most-traded SHFE lead 2512 contract opened at 17,495 yuan/mt today. At the beginning of the session, due to bulls reducing positions, SHFE lead fluctuated downward, hitting a low of 17,350 yuan/mt. It rebounded slightly in the afternoon and finally closed at 17,430 yuan/mt, down 70 yuan/mt, a decrease of 0.40%, with an open interest of 62,498 lots. SHFE lead recorded a small bearish candlestick today.

Imports of crude lead in November are expected to gradually materialize, easing the tight supply of raw materials for secondary refined lead. However, the supply of raw materials such as lead concentrates continues to constrain the operation and production increases of primary lead smelters. Although social inventory of refined lead may still accumulate in the short term, moderate downstream consumption combined with strong support below lead prices suggests that, amid a stalemate between bullish and bearish factors, lead prices are expected to continue moving sideways, with directional breakthroughs requiring new driving factors.

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 constituting decision-making advice.