Bears' Covering Drives SHFE Lead to Close Higher, Ending a Streak of Losses [Lead Futures Brief Commentary]

SMM June 11 news:

During the day, the most-traded SHFE lead 2607 contract opened at 16,095 yuan/mt. At the open, concentrated short-covering drove lead prices to fluctuate upward, with the intraday high touching 16,265 yuan/mt. In the afternoon, prices pulled back slightly, and near the close, they moved sideways within the 16,205–16,235 yuan/mt range, finally settling at 16,220 yuan/mt, up 90 yuan/mt, or 0.56%. Today's SHFE lead gains were mainly driven by short-covering. Fundamentals: secondary lead smelters have been slow to resume production, and some enterprises have cut or halted output due to losses and raw material issues, leaving supply-side factors mixed; downstream players mainly made just-in-time procurement, and spot transactions were sluggish. Fundamental support is weak, and lead prices are expected to maintain a fluctuating trend in the short term.

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