SHFE Lead Fluctuated Upward, Recording a Bullish Candlestick [Lead Futures Brief Review]

SMM November 28 News:

SHFE lead fluctuated upward, forming a bullish candlestick. During the day, the most-traded SHFE lead 2601 contract opened at 16,990 yuan/mt, fluctuated upward throughout the session, touched a high of 17,230 yuan/mt, pulled back slightly in the late session, and finally closed at 17,090 yuan/mt, up 185 yuan/mt, or 1.09%. A small bullish candlestick was recorded. Recently, maintenance at primary lead and secondary lead smelters persists, leading to tight regional supply of lead ingots, and the lead price stopped falling and rebounded. In addition, downstream battery producers in some regions are expected to have improved purchase willingness for lead ingots due to dealers returning and replacing a large number of non-compliant lead-acid batteries. Overall, the lead price may maintain a catch-up rise trend in the short term.

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