Decreased Capital Activity, SHFE Lead Trends Weaker Before the Holiday [Lead Futures Brief Review]

Published: Feb 12, 2026 17:20

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SMM February 12 News:

The most-traded SHFE lead 2603 contract opened at 16,760 yuan/mt during the day, briefly rising to 16,785 yuan/mt. Due to the decline in both supply and demand in the spot market, lead prices lacked support, and SHFE lead fluctuated downward, probing a low of 16,685 yuan/mt, before finally closing at 16,695 yuan/mt, recording a small bearish candlestick with a decline of 0.27%. Trading volume was 29,928, and open interest was 32,162. As the Chinese New Year approaches, most participants in the lead industry chain have entered the holiday period, coupled with a decline in capital activity. SMM expects SHFE lead to be in the doldrums before the holiday.

Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and do not constitute decision-making advice.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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