Market caution rises as long holiday approaches; SHFE lead 2611 contract consolidates [Lead Futures Brief Review]

SMM, September 29:

The SHFE lead 2611 contract opened at 16,215 yuan/mt today. Prices consolidated higher in early trading, with the center rising to around 16,260 yuan/mt by midday. In the afternoon, the contract consolidated at highs before rallying again late in the session to touch an intraday high of 16,295 yuan/mt. It ultimately closed at 16,275 yuan/mt, up 65 yuan/mt or 0.40% from the previous closing price. Total trading volume reached 47,910 lots, while open interest stood at 67,040 lots, down 1,676 lots from the previous day. The daily candlestick recorded a small bullish candle. Following the previous trading day, SHFE lead continued to move sideways in a narrow range above the middle Bollinger Band today. As futures rebounded, spot lead prices edged up today, but trading activity had already weakened noticeably ahead of the holiday. With the National Day holiday approaching, funds turned more cautious. SHFE lead 2611 is expected to continue consolidating in the near term while awaiting directional cues. Attention may turn to overseas macro developments and LME lead trends during the holiday for guidance on the post-holiday opening.

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