This week’s lead market (8.28-9.4) fluctuated upwards, with the average price in the domestic market at 16175 yuan/ton at the beginning of last week and 16515 yuan/ton at the beginning of this week, up 2.10%.

The K-bar chart of commodity prices uses the concept of a price trend K-line to reflect weekly or monthly price fluctuations in the form of a bar chart. Investors can buy and sell investments based on the changes in the K-bar chart. Red indicates an increase; Green indicates a decline; The height of the K-pillar indicates the range of rise and fall, and the recent market trend is relatively strong, with the lead ingot market rising for 8 consecutive weeks.

In terms of the futures market, the recent macro trend has been good, with the overall domestic and international environment warming, inflation in the United States falling, expectations for interest rate hikes lowered, and the external market showing a good trend. The domestic market continues to release heavyweight positive news, with economic expectations improving and overall macroeconomic performance improving, driving the metal market up. Shanghai lead fluctuated and rose, with Shanghai lead leading the way up 2.3% on Thursday night, hitting a new high of 16810 yuan/ton in about four years. On Friday morning, Shanghai lead continued its overnight rise and opened higher. As of the close of the 1st, the main 2310 contract of Shanghai lead rose 4.47%, leading the domestic metal market to a four-year high.

In terms of supply and demand, domestic and foreign mining supply is still tight, and primary lead manufacturers have recently resumed production, with supply slightly recovering. Under the dual impact of tight supply of recycled lead raw materials and high raw material prices, prices have slightly increased. In terms of demand, the downstream peak season performance did not meet expectations. Recently, lead prices have risen, cost pressure has increased, and the overall operating rate has slightly decreased. Overall, the lead ingot market has been relatively weak in recent times due to fundamental factors, mainly following macro fluctuations. The impact of capital games on the market far exceeds the supply and demand side, and it is expected that the market trend will be weak and volatile in the short term. In the future, the focus will be on the recent macro and fund performance.

On September 3rd, the base metal index stood at 1231 points, unchanged from yesterday, a decrease of 23.82% from the cycle’s highest point of 1616 points (2022-03-09), and an increase of 91.74% from the lowest point of 642 points on November 24th, 2015. (Note: The cycle refers to the period from December 1st, 2011 to the present).

According to the price monitoring of the Business Society, there were 14 commodities in the non-ferrous sector on the list of commodity prices rising and falling in the 35th week of 2023 (8.28-9.1), with aluminum (3.65%), dysprosium metal (2.94%), and lead (2.32%) ranking among the top three commodities. There are two products that have decreased compared to the previous month, with nickel (-1.68%) and cobalt (-1.65%) being the top two products in terms of decline. This week’s average increase or decrease was 0.68%.