Bearish factors converged, and SHFE lead fluctuated downward during the day. [Lead Futures Brief Review]

SMM December 9 news:

The most-traded SHFE lead 2601 contract opened at 17,300 yuan/mt today, and plummeted straight at the beginning of the session due to bulls reducing positions. It fell to a low of 17,145 yuan/mt at the end of the session, then fluctuated rangebound, erasing nearly all gains made in the past week. It finally closed at 17,170 yuan/mt, down 170 yuan/mt or 0.98%, forming a bearish candlestick. The KDJ gap narrowed, and a death cross formation needs to be watched.

Recently, weekly lead ingot finished product inventories of primary lead producers have risen above 10kt. Combined with the overall decline in nonferrous metals today, lead prices were dragged down. Last week, lead-acid battery producers made many purchases, but their willingness to purchase weakened this week, hoping to buy on dips, showing strong wait-and-see sentiment. Bearish factors in the market suppressed the rise in lead prices, and lead prices may maintain a fluctuating trend in the short term, with the risk of the price center further declining.

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