Overnight Lead Futures Consolidated, LME Lead Fell First and Then Rose While SHFE Lead Closed Slightly Lower [SMM Lead Morning Brief]

SMM, March 11:

Overnight, LME lead opened at $1,934.5/mt and moved sideways around the daily average during the Asian session. Entering the European session, it briefly rose to test the $1,940/mt level, then weakened again and fell to a low of $1,930/mt. It then rebounded and recovered all losses, touching a high of $1,946/mt before the close and finally closing at $1,945/mt, up $14/mt, or 0.73%.

Overnight, the most-traded SHFE lead contract gapped open at 16,605 yuan/mt. Early in the session, supported by stronger LME lead, it rose to a high of 16,680 yuan/mt, then pulled back and fluctuated above the intraday average. It edged up slightly before the close and ultimately closed at 16,665 yuan/mt, down 25 yuan/mt from the previous day, a decline of 0.15%.