SMM, October 15:
Intraday, the SHFE lead 2611 contract opened at 16,275 yuan/mt, then consolidated lower after the open. The price center moved down in the morning, dipping to a low of 16,170 yuan/mt. In the afternoon, it rebounded slightly from the low and finally closed at 16,215 yuan/mt, down 15 yuan/mt, or 0.09%, from the previous trading day's closing price. Trading volume was 66,899 lots, and open interest was 45,335 lots, down 2,631 lots. The daily candlestick recorded a small bearish candle with a long lower shadow. On the technical side, the daily KDJ J value pulled back to around 65, further digesting the previous overbought condition. The short-term trend shifted to consolidation at highs, with weakening rebound momentum. SHFE lead is expected to continue consolidating at highs in the short term while awaiting directional choice. As the most-traded contract rollover progresses, funds are migrating from the SHFE lead 2611 contract to the 2612 contract. The current SHFE lead 2612 contract price is near the middle Bollinger Band, and attention can be paid to whether it can hold above this level in the follow-up.
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