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.

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