SHFE lead consolidates on a strong note, closing up 0.50%, holding above the middle Bollinger Band [Lead Futures Brief Comment]

SMM, September 7:

Intraday, the SHFE lead 2610 contract opened at 16,145 yuan/mt, hitting an intraday high of 1,625 yuan/mt before noon; in the afternoon, it retreated from highs and stabilized with a rebound near the close, ultimately settling at 16,210 yuan/mt, up 80 yuan/mt or 0.50% from the previous trading day's closing price. The full-day trading range was 16,115-16,255 yuan/mt, with volume of 42,752 lots and open interest of 64,633 lots. The daily candlestick closed as a small bullish candlestick, with the center shifting slightly higher. In the spot market, lead prices remained on a strong note, suppliers showed divergent attitudes toward selling, spot premiums narrowed, and downstream purchases were mainly based on demand and long-term contracts, with no significant improvement in transactions, limiting upside room for lead prices. SHFE lead is expected to consolidate on a strong note in the short term, with the center holding above the middle Bollinger Band. Close attention should be paid to the US dollar index, expectations for US Fed interest rate hikes, and the transmission effect from the LME nonferrous metals sector, as well as whether spot transactions and premiums can follow through in tandem.

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