The 2512 contract was smoothly delivered, and SHFE lead continued to fluctuate at lows during the day. [Lead Futures Brief Review]

SMM December 15:

The SHFE lead 2512 contract settled at 16,960 yuan/mt today, with a settlement price of 16,965 yuan/mt, an open interest of 1,520 lots, a delivery volume of 7,600 mt, and warrant inventory of 15,328 mt. The SHFE lead 2512 contract achieved a smooth delivery.

The most-traded SHFE lead 2601 contract opened lower with a gap at 17,025 yuan/mt today. It fluctuated upward in early trading and consolidated above the 17,035 yuan/mt level. Before noon, due to long position reductions, SHFE lead fluctuated downward, falling to the 17,000 yuan/mt integer mark where it found support. It then fluctuated rangebound toward the close, ending at 17,010 yuan/mt, down 115 yuan/mt or 0.67%, forming a small bearish candlestick.

The SHFE lead 2512 contract achieved a smooth delivery today, with the delivery scale lower than expectations. Social inventory of lead ingots remained near a one-year low. The arrival of raw materials at secondary lead smelters had not improved significantly, with some maintaining production cuts. Downstream battery producers continued just-in-time procurement, showing moderate purchasing enthusiasm. SHFE lead is expected to continue fluctuating at lows in the short term, with fundamental support relatively weakening.

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