SMM November 13 News:
The most-traded SHFE lead 2512 contract opened at 17,715 yuan/mt during the day, with a strong upward trend at the beginning of the session, hitting a nearly nine-month high of 17,815 yuan/mt. In the afternoon, bulls took profits and exited the market, while LME lead gave back some of its gains, eventually closing at 17,650 yuan/mt, up 75 yuan/mt, a gain of 0.43%. Open interest was 43,468 lots, recording a long upper shadow bullish candlestick.
As the delivery week for the SHFE lead 2511 contract approaches, invisible inventory is becoming visible, and supply of secondary lead and imported lead is increasing. However, in the short term, the operating rate of downstream battery plants has fallen below 70%, and procurement remains sluggish, highlighting the lead market's pattern of "increasing supply and weakening demand." Bearish factors are accumulating in the fundamentals, increasing the risk of lead prices falling under pressure.
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