During the day, SHFE lead fluctuated upward, recording a small bullish candlestick with no lower shadow [Futures Lead Brief Commentary].

SMM Nov. 10:

The most-traded SHFE lead 2512 contract opened at 17,495 yuan/mt, edged down in the morning session, then fluctuated upward as bears cut their positions, touched a high of 17,535 yuan/mt in the afternoon, and ended at 17,505 yuan/mt, up 85 yuan/mt or 0.49%, with an open interest of 58,725 lots. The contract formed a small bullish candlestick with no lower shadow today.

Recently, domestic secondary lead smelters resumed production one after another, and some downstream enterprises also completed maintenance and resumed production. Both supply and demand sides are recovering, but the market may shift to oversupply in the short term. Lead prices are expected to be under pressure or in the doldrums.

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