US Dollar Index Repeatedly Hits New Highs, Lead Prices in and outside China Both Fall to New Lows [SMM Lead Morning Report]

Published: Jun 25, 2026 09:01

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[SMM Lead Morning Brief: US dollar index repeatedly hits new highs, lead prices both in and outside China break new lows] Overnight, LME lead opened at $1,938/mt. The severe situation in the Middle East eased, and coupled with the US dollar index repeatedly hitting new highs, nonferrous metals fell under pressure. LME lead showed a stepwise downward trend throughout the day...

SMM, June 25:

Overnight, LME lead opened at $1,938/mt. Easing tensions in the Middle East, combined with the US dollar index repeatedly hitting new highs, put nonferrous metals under pressure, dragging them lower. LME lead declined in a stepwise fashion throughout the day, hitting an intraday low of $1,910/mt, the lowest level in nearly three months. Ultimately, LME lead settled at $1,913.5/mt, down 1.59%.

Overnight, the most-traded SHFE lead 2608 contract opened lower with a gap at 16,250 yuan/mt. Early in the session, bulls added positions, attempting to push SHFE lead back above 16,300 yuan/mt. However, the market was dominated by weak macro sentiment, and SHFE lead fell again, touching an intraday low of 16,200 yuan/mt, a near two-week low, before finally closing at 16,205 yuan/mt, down 0.95%. Open interest stood at 84,650 lots, up 3,164 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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