Geopolitical Tensions Escalate Lead Prices Give Up Previous Gains [SMM Lead Morning Brief]

Published: Mar 2, 2026 09:01

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[smm lead morning brief: escalation of geopolitical tensions lead prices give up earlier gains] smm march 2 report: last friday, lme lead opened at $1,977.5/mt. during the asian session, lme lead fluctuated upward and attempted to approach $2,000. however, as overseas geopolitical tensions escalated...

SMM March 2 News:

On Friday, LME lead opened at $1977.5/mt, and during the Asian trading session, it fluctuated upward, attempting to approach $2000. However, as overseas geopolitical tensions escalated, market risk aversion sentiment increased, causing LME lead to gradually give up its gains from the Asian session, with losses expanding overnight, hitting a low of $1958/mt, and finally closing at $1960/mt, down 0.96%.

On Friday, the most-traded SHFE lead 2604 contract opened at 16805 yuan/mt. At the beginning of the session, supported by positive domestic macro sentiment, SHFE lead surged to 16910 yuan/mt. However, as LME lead's decline intensified, coupled with rising inventory buildup pressure for domestic lead ingots, SHFE lead reversed course and pulled back, eventually closing at 16770 yuan/mt, down 0.12%; open interest reached 64813 lots, an increase of 969 lots from the previous trading day.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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