SMM November 11: Lead Ingot Supply Eased, SHFE Lead Fluctuated Downward
During the day, the most-traded SHFE lead 2512 contract opened at 17,525 yuan/mt. As the SHFE lead 2511 contract entered a critical period before delivery this week, suppliers actively transferred lead ingots to delivery warehouses, leading to a continuous accumulation of social inventory. At the opening, bulls reduced their positions, and SHFE lead fell, fluctuating downward to 17,435 yuan/mt, finally closing at 17,440 yuan/mt, down 65 yuan/mt, a decrease of 0.37%. A KDJ dead cross formed, with open interest at 55,107 lots.
With the resumption of domestic smelter production and the arrival of imported lead ingots at ports (some directly supplied to downstream consumers), market supply pressure gradually emerged. Considering that in-transit cargoes will continue to be delivered to warehouses, social inventory is expected to maintain an upward trend before delivery. It is advisable to be cautious of the risk of further weakening in lead prices under inventory pressure.
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 constituting decision-making advice.
