SMM December 10 news:
The most-traded SHFE lead 2601 contract opened at 17,030 yuan/mt during the day, holding above the 17,000 yuan/mt level. It fluctuated upward to 17,085 yuan/mt at the beginning of the session, then fluctuated rangebound before rising again towards the end, finally closing at 17,115 yuan/mt, down 55 yuan/mt, a decrease of 0.32%. A small bearish candlestick was recorded.
Recently, lead prices showed a downward trend, mainly affected by the following factors: On one hand, although some primary lead smelters conducted maintenance and production cuts, the weekly in-factory inventory of normally operating producers still increased, indicating relative supply pressure; On the other hand, the nonferrous metals sector generally weakened recently, further dragging down lead prices. Meanwhile, downstream lead-acid battery producers held bearish expectations for the future market, mostly anticipating a decline, leading to cautious procurement strategies dominated by just-in-time procurement and strong wait-and-see sentiment, expecting to buy at lows. Overall, lead prices are expected to maintain a pattern of fluctuating at lows in the short term, with subsequent focus needed on the support from the raw material side.
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