SMM September 22:
Last Friday, LME lead opened at $2,015/mt, fluctuated upward during the Asian session, reached a high of $2,017.5/mt upon entering the European session before fluctuating downward, touched a low of $1,991/mt toward the close, and finally settled at $2,003/mt, down 0.79%.
On Friday evening, the most-traded SHFE lead 2510 contract opened at 17,050 yuan/mt, briefly touched a high of 17,170 yuan/mt at the beginning of the session before fluctuating downward to a low of 17,110 yuan/mt, fluctuated rangebound toward the close, and finally settled at 17,125 yuan/mt, up 0.12%.
This week is the week before the National Day holiday, with downstream enterprises still expected to stockpile ahead of the holiday. Meanwhile, primary lead smelters resumed production after maintenance, secondary lead losses narrowed, some enterprises planned to resume production, and a small amount of imported lead is expected to arrive in China around month-end. Overall, bullish and bearish factors are intertwined. Considering the low likelihood of lead ingot inventory buildup before the holiday, lead prices may hover at highs.
Data source statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and not as a decision-making recommendation.
