SHFE Lead Moved Sideways and Closed Slightly Higher, 2604 Contract Delivered Smoothly [Lead Futures Brief Review]

SMM, April 15:

The most-traded SHFE lead 2605 contract opened at 16,635 yuan/mt during the session. Driven by macro sentiment at the opening, SHFE lead prices fluctuated upward, touching a high of 16,745 yuan/mt, and then moved sideways within the range of 16,690-16,745 yuan/mt. However, downstream demand remained weak, and fundamentals provided insufficient support for lead prices. SHFE lead pulled back slightly toward the close, ultimately settling at 16,665 yuan/mt, posting a small bullish candlestick with a gain of 10 yuan/mt, or 0.06%. Supply side, some secondary lead smelters reduced or halted production, leading to regionally tight supply. However, as imported lead ingots continued to flow in, China's overall lead supply was in a tug-of-war between longs and shorts. Consumption side, performance was weak, with downstream enterprises only making just-in-time procurement, and spot market transactions were sluggish. Overall, lead prices are expected to remain in the doldrums.

During the session, the SHFE lead current-month 2604 contract closed at 16,705 yuan/mt, with a settlement price of 16,740 yuan/mt, open interest of 1,950 lots, delivery volume of 9,750 mt, and warrant inventory of 57,102 mt. The SHFE lead 2604 contract achieved a smooth delivery.

Data source disclaimer: Data other than public information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.