LME Lead Pulled Back After Hitting a 2-Month High, with Focus on Subsequent Macro Changes [SMM Lead Morning Brief]

Published: May 8, 2026 09:01

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[SMM Lead Morning Brief: LME Lead Pulled Back After Hitting a 2-Month High, with Subsequent Focus on Macro Changes] SMM reported on May 8: Overnight, LME lead opened at $1,977/mt. Throughout the day, LME lead continued the previous day's trend of fluctuating upward, coupled with lead ingot destocking outside China...

SMM, May 8:

Overnight, LME lead opened at $1,977/mt. Throughout the day, LME lead continued the previous day's upward fluctuation, and coupled with lead ingot destocking outside China, LME lead reached a high of $1,990/mt during the European session, again hitting a new high since late February this year. However, Middle East tensions resurfaced during the night session, and non-ferrous metals generally pulled back. LME lead reversed course and gave back some gains, ultimately closing at $1,977.5/mt, up 0.23%.

Overnight, the most-traded SHFE lead 2606 contract opened at 16,825 yuan/mt. Production cuts on the domestic supply side and the consumption off-season counterbalanced each other, with bulls and bears locked in a stalemate during the session. SHFE lead fluctuated between 16,775-16,800 yuan/mt for an extended period before ultimately closing at 16,785 yuan/mt, down 0.36%. Open interest stood at 65,576 lots, a decrease of 300 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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