SMM November 4:
The most-traded SHFE lead 2512 contract opened at 17,435 yuan/mt during the day, fluctuated upward after opening, touched a high of 17,490 yuan/mt in the afternoon, weakened and fell to 17,400 yuan/mt at the close due to long position reductions, and finally closed at 17,415 yuan/mt, up 0.06%, with open interest at 66,092 lots.
Recently, some domestic smelters have resumed production, but domestic lead ingot inventory remains low. Some medium and large lead-acid battery enterprises are expected to implement concentrated production cuts or maintenance in early November, leading to a decline in lead consumption, inventory accumulation at downstream enterprises, and the lead price may continue its fluctuating trend in the doldrums.
Data source statement: Data other than public information is processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and does not constitute decision-making advice.
