LME Lead Records Four-Day Winning Streak, Macro Factors to Be Watched Later [SMM Lead Morning Brief]

SMM July 13 News:

Last Friday, LME lead opened at $1,896/mt, and during Asian trading hours it consolidated on a subdued note, until entering European trading hours, when LME lead reversed course and rebounded, gradually approaching $1,900/mt, but failed to hold; finally, LME lead closed at $1,898/mt, up 0.18%, recording a four-day winning streak.

Last Friday, the most-traded SHFE lead 2608 contract opened at 16,045 yuan/mt. Early in the session, driven by LME lead's gains, SHFE lead once approached 16,100 yuan/mt. However, with uncertainty over the sustainability of lead ingot destocking, SHFE lead gave back some gains after the rally, and the latter part of the session saw consolidation, until finally SHFE lead closed at 16,030 yuan/mt, up 0.03%; its open interest reached 70,447 lots, down 673 lots from the previous trading day.