SMM December 3:
Overnight, LME lead opened at $1,990.5/mt, fluctuated upward during the Asian session, touched a high of $2,009.5/mt, then fluctuated considerably during the European session due to increased bear positions, and continued to fall to a low of $1,988/mt toward the close, finally settling at $1,993.5/mt, down $6/mt, a decrease of 0.30%. A small bullish candlestick was recorded.
Overnight, the most-traded SHFE lead 2601 contract opened lower with a gap at 17,170 yuan/mt, fluctuated rangebound around the daily moving average, with a low of 17,140 yuan/mt during the session, and finally settled at 17,165 yuan/mt, down 15 yuan/mt, a decrease of 0.09%. A small bearish candlestick was formed.
Primary lead side, maintenance at delivery brand enterprises persists, regional supply differences widen; secondary lead side, lead prices stopped falling and rebounded, coupled with waste lead-acid battery prices not yet following the rise, lead smelting profits improved somewhat, smelters' willingness to sell showed positive signs, but spot order supply remains tight. On the lead consumption side, lead-acid battery market demand relatively improved, enterprise operating rates were raised, after lead prices stopped falling, downstream enterprises' risk-averse wait-and-see sentiment weakened somewhat, increased purchasing enthusiasm provided support for lead prices.
Data source statement: Data other than public information are processed by SMM based on public information, market communication, and relying on SMM's internal database model, for reference only and do not constitute decision-making advice.
