SHFE lead fluctuated considerably during the day, recording a bearish candlestick. [Lead Futures Brief Review]

SMM December 22:

The most-traded SHFE lead 2602 contract opened at 17,005 yuan/mt today, briefly touched a high of 17,030 yuan/mt in early trading, then fluctuated downward to a low of 16,890 yuan/mt before rising again and fluctuating, finally closing at 16,920 yuan/mt, up 70 yuan/mt, or 0.42%. A small bearish candlestick was recorded.

Lead prices showed considerable fluctuations overall today. Primary lead smelters recently resumed production, but social inventory of lead ingots remained low. Raw materials for secondary lead, waste lead-acid batteries, were still in the off-season for recycling, and with significant fluctuations in lead prices, secondary lead smelters had limited room to adjust raw material offers. Suppliers of waste lead-acid batteries maintained a sentiment of holding back goods. In the short term, lead prices may show a fluctuating trend, with upside room influenced by pre-New Year stockpiling demand from downstream battery enterprises.

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