SMM November 26 news:
The most-traded SHFE lead 2601 contract opened higher at 17,070 yuan/mt and moved sideways between 17,030 yuan/mt and 17,100 yuan/mt during the day, supported by the lower Bollinger Bands. SHFE lead stopped falling and stabilized, finally closing at 17,065 yuan/mt, up 20 yuan/mt, or 0.12%. It ended a four-day losing streak and recorded a doji.
Recently, due to the sharp decline in lead prices, some waste lead-acid battery recycling enterprises maintained a "fear of falling and sell-off" sentiment, coupled with year-end selling factors, recycling enterprises showed a strong willingness to sell. The arrival of waste lead-acid battery raw materials at smelters improved. Secondary lead smelters mainly focused on delivering previous long-term contracts, with limited existing inventory. After the lead price fell, spot order sales enthusiasm was low, offers remained firm, and downstream just-in-time procurement tended to favor primary lead. In the short term, lead prices may stop falling and stabilize, but subsequent attention is still needed on the support from smelters' raw material costs.
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