SMM September 2 news:
The most-traded SHFE lead 2510 contract opened at 16,930 yuan/mt during the day. After opening, SHFE lead plunged, with subdued spot trading activity. Lead prices lacked upward momentum, briefly dipping to 16,830 yuan/mt before closing at 16,850 yuan/mt, down 0.03% for two consecutive losing sessions, with open interest at 51,504 lots.
Recent production cuts on the supply side intertwined with weak consumption performance have intensified the tug-of-war between longs and shorts. Demand-side factors currently exert greater influence on lead prices, with short-term resistance remaining for SHFE lead.
Source statement: Data other than publicly available information is derived from public sources, market exchanges, and SMM's internal database models, processed by SMM for reference only and not constituting investment advice.
