SHFE lead rebounded slightly intraday, ending the four-day losing streak [Lead Futures Brief Review]

SMM December 19:

The most-traded SHFE lead 2602 contract opened at 16,795 yuan/mt today, fluctuated upward to a high of 16,980 yuan/mt in early trading, pulled back slightly at the end of the session, and finally closed at 16,880 yuan/mt, up 70 yuan/mt, or 0.42%. It ended a four-day losing streak and recorded a small bullish candlestick.

Lead prices stopped falling and stabilized with a slight rebound today. Supply of primary lead in the spot market decreased as smelters cleared inventories at year-end, while secondary lead was affected by tight raw materials and environmental protection-related controls, with some smelters yet to resume production after cuts. Meanwhile, some downstream battery enterprises showed slightly increased willingness to stockpile at low prices. Against this backdrop, lead prices are expected to maintain a fluctuating trend in the short term, and subsequent attention should focus on the stockpiling intensity of battery enterprises and the production resumptions of lead smelters.

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