SHFE Lead Edged Lower Intraday, with Short-Term Trading Still Dominated by Range-Bound Fluctuations [Lead Futures Brief Review]

SMM News, Mar 12:

The most-traded SHFE lead 2604 contract opened at around 16,605 yuan/mt during the day. In early trading, SHFE lead prices fluctuated rangebound within the 16,570-16,610 yuan/mt range. Bears then turned aggressive, dragging lead prices down to 16,550 yuan/mt. During the session, lead prices fluctuated and rebounded, touching a high of 16,630 yuan/mt. As downstream enterprises only made bargain-hunting purchases at low prices, mainly for rigid demand, and lacked momentum for concentrated restocking, support from the consumption side was insufficient. Lead prices pulled back again toward the close and finally settled at 16,555 yuan/mt. A full-bodied bearish candlestick was recorded, down 60 yuan/mt, or 0.36. As China's refined lead supply gradually recovered and more imported lead arrivals reached ports, spot cargo available in circulation remained ample, weakening sellers' bargaining power. Ahead of SHFE lead delivery, inventory was transferred to warehouses, while social inventory continued to accumulate, further capping room for a price rebound. SMM expects lead prices to maintain a fluctuating trend in the short term.

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