SHFE Lead Holds Up Well, Beware of Retreat After Rapid Rise [SHFE Lead Brief Review]

SMM November 12 News:

The most-traded SHFE lead 2512 contract opened at 17,504 yuan/mt today. It consolidated within the range of 17,504-17,565 yuan/mt in early trading. In the afternoon, technical funds drove prices higher, and bears reduced their positions, pushing SHFE lead to a high of 17,744 yuan/mt. It finally closed at 17,659 yuan/mt, up 170 yuan/mt, an increase of 0.97%, with open interest at 50,539 lots. SHFE lead formed a bullish candlestick today.

Winter in the north has led the new battery consumption and waste lead-acid battery recycling into the off-season. As large secondary lead smelters gradually completed long-term contract deliveries, spot order supply was expected to increase. Against the backdrop of weakening operating rates at downstream battery plants, lead ingot supply was expected to loosen, and downside risks for lead prices remained.

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