SMM News on March 4:
During the day, the most-traded SHFE lead 2604 contract opened at 16,780 yuan/mt. It edged down slightly in early trading, touching an intraday low of 16,740 yuan/mt. After the Lantern Festival, trading activity in the lead spot market increased, providing a slight boost to SHFE lead; it fluctuated upward in the afternoon, and rose to around 16,860 yuan/mt near the close, finally settling at 16,840 yuan/mt, posting a small bullish candlestick, with the % change flat from the previous trading day. After the Lantern Festival holiday, the steady release of smelting capacity and the slow recovery in downstream consumption formed a tug-of-war between sellers and buyers, and lead prices are expected to maintain a fluctuating trend in the short term.
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