Geopolitical Risks Eased, Lead Prices Recovered the Previous Day’s Losses [SMM Lead Morning Brief]

Published: Mar 5, 2026 09:01

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[SMM Lead Morning Brief: Geopolitical Risks Ease, Lead Prices Recover the Previous Day’s Losses] SMM, March 5: Overnight, LME lead opened at $1,937/mt. Geopolitical tensions in the Middle East persisted, but the impact of bearish news weakened...

SMM News on March 5:

Overnight, LME lead opened at $1,937/mt. Geopolitical tensions in the Middle East persisted, but the impact of bearish news weakened. Meanwhile, the US dollar index pulled back after surging, and base metals rebounded relatively, with LME lead also gradually recouping the previous day’s losses, eventually closing at $1,962/mt, up 1.32%.

Overnight, the most-traded SHFE lead 2604 contract opened at 16,775 yuan/mt. Domestic supply and demand tensions continued to play out, and SHFE lead maintained a high-level consolidation, fluctuating between 16,785 and 16,835 yuan/mt for most of the session, until it finally closed at 16,860 yuan/mt, up 0.45%; its open interest rose to 60,191 lots, an increase of 415 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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