Intraday lead prices edged up before fluctuating and pulling back, eventually closing with a doji [Lead Futures Brief]

SMM May 29 News:

During the day, the most-traded SHFE lead 2607 contract opened at 16,570 yuan/mt. At the beginning of the session, SHFE lead prices briefly moved higher, touching a high of 16,645 yuan/mt, before pulling back in a fluctuating manner. In the later part of the session, prices moved sideways within 16,520-16,540 yuan/mt, then rebounded slightly near the close, ultimately settling at 16,560 yuan/mt, down 35 yuan/mt or 0.21%. In June, secondary lead smelters in multiple regions including east China, north China, and south China showed increased intentions to resume production, with regional supply expected to rebound. Meanwhile, some primary lead enterprises in Henan and Hunan remained under maintenance, and combined with reduced arrivals of imported lead, regional lead ingot supply remained tight. Overall, bullish and bearish factors were intertwined on the supply side. Demand side, consumption in June was expected to recover compared to May, but the strength of recovery remained to be observed. In the short term, lead prices were expected to maintain a fluctuating trend.

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