SMM November 10:
Overnight, LME lead opened at $2,037/mt, touched a low of $2,029.5/mt early in the session, then fluctuated upward; it maintained an upward trend during European hours, reached a high of $2,056/mt toward the close, and finally settled at $2,045/mt, up 0.42%.
Overnight, the most-traded SHFE lead 2511 contract opened higher with a gap at a low of 17,440 yuan/mt. Due to short-covering, SHFE lead rose and fluctuated rangebound around 17,490 yuan/mt during the session, hitting a high of 17,510 yuan/mt, and finally settled at 17,470 yuan/mt, up 0.29%.
Domestically, primary lead and secondary lead smelters gradually resumed operations after maintenance, while downstream enterprises also relatively recovered after production cuts. Lead ingot supply and demand both increased. Combined with the relatively small lead ingot inventory base, lead prices held up well. In addition, this week is the week before the SHFE lead delivery, and invisible inventory will turn into visible inventory. Be alert to the risk of a pullback after a rapid rise in lead prices.
Data source statement: Except for public information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and not constituting decision-making advice.
