SMM November 21:
This week, LME lead opened at $2,060.5/mt, reaching a high of $2,063/mt early in the session. However, as LME lead inventory surged by over 40,000 mt, LME lead fluctuated downward. Coupled with the complexity of the US Fed's interest rate cut decision and the interest rate market still pricing in no rate cut by the US Fed in December, the US dollar index broke through the 100 mark, putting LME lead under pressure and driving it down to a low of $1,980/mt. A bearish KDJ crossover formed. As of 15:00 Beijing time on November 21, 2025, it finally closed at $1,994/mt, down $72/mt, a decrease of 3.48%. A large bearish candlestick was recorded.
This week, the most-traded SHFE lead 2601 contract opened high at 17,520 yuan/mt. Due to limited fundamental support and being dragged down by the decline in LME lead, SHFE lead fluctuated downward this week, touching a low of 17,150 yuan/mt towards the end of the session, breaking below the upper Bollinger Band, and finally closed at 17,165 yuan/mt, down 340 yuan/mt, a decrease of 1.94%. A large bald-head bearish candlestick was recorded this week.
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