US Dollar Index Approached 100, LME Lead Fell to a 10-Month Low [SMM Lead Morning News]

SMM, March 4:

Overnight, LME lead opened at $1,967.5/mt. During the Asian session, LME lead was relatively steady, consolidating around $1,970/mt for most of the time. As overseas geopolitical risks continued to intensify, the US dollar index rose and approached 100, and base metals generally fell during the European session. The center of LME lead moved down to around $1,950/mt, and it fell further to $1,927/mt in the night session, dropping to a nearly 10-month low. It finally closed at $1,936.5/mt, down 1.25%.

Overnight, affected by the decline in LME lead, the most-traded SHFE lead 2604 contract opened lower at 16,780 yuan/mt. Thereafter, the tug-of-war between longs and shorts intensified, with both post-holiday inventory buildup of domestic lead ingot and expectations for a recovery in lead consumption. In the latter half of the trading session, SHFE lead basically traded between 16,750 and 16,800 yuan/mt, and finally closed at 16,790 yuan/mt, down 0.68%; its open interest was 59,895 lots, down 320 lots from the previous trading day.