SMM Nov. 5:
The most-traded SHFE lead 2512 contract opened at 17,455 yuan/mt and fluctuated within a range of 17,430-17,540 yuan/mt after opening, finally closing at 17,475 yuan/mt, up 30 yuan/mt or 0.17%, with an open interest of 65,699 lots. The most-traded SHFE lead contract recorded a small bullish candlestick with a long upper shadow and no lower shadow today.
Affected by smog in northern China, transportation of National V standard vehicles was restricted in some regions, but smelters indicated that no significant impact had been observed in the short term. As the delivery of the SHFE lead 2511 contract approached, some suppliers intended to ship to delivery warehouses for inventory transfer, leading to a rebound in social inventory of lead ingots. Coupled with the onset of the off-season for consumption, some downstream enterprises faced accumulation of finished products or inventories, suggesting that lead prices may remain under pressure in the near term.
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 decision-making advice.
