SHFE lead 2607 closed higher during the day, with the 5-day moving average providing short-term support [Lead Futures Brief Review]

SMM June 16 News:

Today, the most-traded SHFE lead 2607 contract opened at 16,215 yuan/mt, moved sideways around the daily average in early trading, trended higher during the session to touch a high of 16,360 yuan/mt, pulled back slightly near the end of the session, and finally closed at 16,310 yuan/mt, recording a two-day winning streak, up 70 yuan/mt or 0.43%. Boosted by a broad rise in the non-ferrous metals sector, SHFE lead continued to move higher today. Supply side, primary and secondary smelters have both production stoppages and resumptions, with bullish and bearish factors tugging at each other; demand side, downstream purchase willingness remained weak, with purchases only for essential restocking, and spot lead transactions were sluggish. SMM lead ingot inventories across five regions edged up slightly yesterday. After the delivery of materials is absorbed, inventory buildup pressure will ease marginally, and lead prices have support for a recovery in the short term.

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