SMM Mar 2 Update:
The most-traded SHFE lead 2604 contract opened at 16,805 yuan/mt. In the early session, it slightly declined due to weak demand. However, boosted by geopolitical factors, nonferrous metals generally rose, and lead prices also strengthened in a fluctuating trend, reaching as high as 16,930 yuan/mt. It finally closed at 16,837 yuan/mt, marking a four-day winning streak, up 55 yuan/mt, or 0.33%. High smelter inventories coexist with delayed resumption of production, coupled with slower-than-expected recovery in downstream consumption. Bullish and bearish factors are balancing each other, and lead prices are expected to maintain a sideways movement. Overnight, close attention should be paid to the impact of changes in market sentiment on nonferrous metal prices, given the rising geopolitical risks in the Middle East.
Data Source Statement: Apart from publicly available information, other data is derived from public information, market communication, and SMM's internal database model, processed by SMM for reference only and does not constitute decision-making advice.
