Driven by a Broad Rally in Non-Ferrous Metals, SHFE Lead Edged Higher Intraday [Lead Futures Brief]

SMM, April 14:

The most-traded SHFE lead 2605 contract opened at 16,615 yuan/mt today. From the early session to mid-session, SHFE lead prices moved sideways within the range of 16,570-16,625 yuan/mt. Toward the end of the session, driven by a broad rally in non-ferrous metals, lead prices rose and touched a high of 16,690 yuan/mt before pulling back slightly to close at 16,655 yuan/mt, posting a bullish candlestick with a gain of 85 yuan/mt, or 0.51%. Lead prices edged higher today, buoyed by recovering macro sentiment. Fundamentals side, some secondary lead smelters in east China halted production this week due to shrinking scrap battery recycling volumes and tight raw material supply, while imported lead ingots continued to flow into China in April, intensifying the tug-of-war between longs and shorts on the supply side. The consumption side remained weighed down by the off-season, with overall performance staying weak. Amid the tug-of-war between sentiment-driven momentum and weak fundamentals, lead prices are expected to maintain a fluctuating trend in the short term.

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