Insufficient Upward Momentum, LME Lead Pulled Back After Rising [SMM Lead Morning Brief]

Published: Mar 30, 2026 09:01

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[SMM Lead Morning Comment: Insufficient Upward Momentum, LME Lead Pulled Back After Hitting a High] SMM, March 30: Last Friday, LME lead opened at $1,892/mt. After the opening, LME lead rose rapidly above $1,900/mt during the Asian session, but geopolitical tensions outside China remained prominent......

SMM News, March 30:

Last Friday, LME lead opened at $1,892/mt. After the opening, LME lead quickly rose above $1,900/mt during the Asian session. However, amid prominent geopolitical tensions outside China and a stronger US dollar index, LME lead gave back most of its intraday gains upon entering the European session, and finally closed at $1,903/mt, up 0.69%.

Last Friday, the most-traded SHFE lead 2605 contract opened at 16,535 yuan/mt. After the opening, SHFE lead fell rapidly and nearly dropped below 16,400 yuan/mt. At present, lead ingot destocking and the impact of imported lead coexist in the market, and the tug-of-war between longs and shorts intensified during the session. In the latter half, SHFE lead fluctuated for an extended period between 16,440-16,455 yuan/mt, and finally closed at 16,455 yuan/mt, down 0.12%; its open interest stood at 64,844 lots, down 1,272 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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