SMM Dec. 1:
The most-traded SHFE lead 2601 contract opened at 17,080 yuan/mt, fluctuated downward in early trading due to bulls reducing positions, edged up slightly before noon after hitting 17,010 yuan/mt, and finally closed at 17,075 yuan/mt, down 15 yuan/mt or 0.09%, forming a small bearish candlestick.
Recent environmental protection-related controls risks during the northern heating season, coupled with cold weather leading lead-acid batteries for e-bikes into the off-season for retirement, are expected to reduce the recycling volume of waste lead-acid batteries in the market, warranting vigilance against a decline in secondary lead raw material inventory. Due to uncertainty about future price trends, downstream battery plants overall show a strong wait-and-see attitude, with their purchasing enthusiasm maintaining a fluctuating trend. Currently, lead prices are supported by raw material costs at the lower end but lack demand growth boost at the upper end, likely maintaining a fluctuating trend in the short term.
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