Insufficient Upward Momentum, LME Lead Pulled Back After Rising [SMM Lead Morning Brief]

Published: Mar 30, 2026 09:01

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[SMM Lead Morning Comment: Insufficient Upward Momentum, LME Lead Pulled Back After Hitting a High] SMM, March 30: Last Friday, LME lead opened at $1,892/mt. After the opening, LME lead rose rapidly above $1,900/mt during the Asian session, but geopolitical tensions outside China remained prominent......

SMM News, March 30:

Last Friday, LME lead opened at $1,892/mt. After the opening, LME lead quickly rose above $1,900/mt during the Asian session. However, amid prominent geopolitical tensions outside China and a stronger US dollar index, LME lead gave back most of its intraday gains upon entering the European session, and finally closed at $1,903/mt, up 0.69%.

Last Friday, the most-traded SHFE lead 2605 contract opened at 16,535 yuan/mt. After the opening, SHFE lead fell rapidly and nearly dropped below 16,400 yuan/mt. At present, lead ingot destocking and the impact of imported lead coexist in the market, and the tug-of-war between longs and shorts intensified during the session. In the latter half, SHFE lead fluctuated for an extended period between 16,440-16,455 yuan/mt, and finally closed at 16,455 yuan/mt, down 0.12%; its open interest stood at 64,844 lots, down 1,272 lots from the previous trading day.

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