Overseas Geopolitical Risks Escalate LME Lead Overall Center of Operation Shifts Downward [SMM Lead Morning Brief]

Published: Mar 3, 2026 09:01

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[smm lead morning brief: overseas geopolitical risks escalate lme lead's overall center of gravity shifts downward] SMM March 3rd: Overnight, LME lead opened at $1962/mt. Affected by overseas geopolitical risks, the market was entangled with bullish and bearish factors, and LME lead oscillated mostly between $1970-1980/mt...

SMM Mar 3:

Overnight, LME lead opened at $1,962/mt. Affected by overseas geopolitical risks, the market was influenced by bullish and bearish factors, with LME lead fluctuating mostly between $1,970-1,980/mt. However, it declined several times after entering the European session, shifting its center lower, and finally closed at $1,961/mt, up 0.05%.

Overnight, the most-traded SHFE lead 2604 contract opened at 16,945 yuan/mt. Lead ingot inventory began to decrease, and SHFE lead initially surged to 17,020 yuan/mt, reaching a one-month high. Subsequently, a tug-of-war between longs and shorts intensified, causing SHFE lead to give up some of its gains and fluctuate between 16,900-16,950 yuan/mt. It ultimately closed at 16,905 yuan/mt, up 0.42%; open interest stood at 62,305 lots, down 1,657 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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