SHANGHAI, Aug 29 (SMM) –
The LME was closed yesterday for the summer bank holiday, and resumed today. The most active SHFE 2310 lead contract prices closed at 16,235 yuan/mt overnight, a decrease of 0.82%. The open interest decreased by 2,747 lots to 111,000 lots compared to the previous trading day.
On the macro level, the National Development and Reform Commission (NDRC) stated that in the second half of the year, macro policy control should focus on expanding domestic demand to implement targeted policies and optimize land use structure. The Ministry of Finance also mentioned that efforts will be made to implement proactive fiscal policies effectively and prevent and resolve local government debt risks.
Demand remained strong as the yield rate on two-year Treasury notes topped 5 percent for the first time since 2006, and the yield rate on five-year notes is the highest since 2007. In terms of fundamentals, the supply of primary lead and secondary lead is expected to increase from August to September. The consumption performance of the downstream lead-acid battery market was average. The inventory of lead smelters is also generally rising, which may cause the lead price to fluctuate and fall in the short term.
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