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.
![The Most-Traded SHFE Lead 2604 Contract Formed a Doji, the Weak Supply-Demand Pattern Remained Unchanged, and It Was Likely to Maintain Sideways Movement in the Short Term [Brief Commentary on SHFE Lead]](https://imgqn.smm.cn/usercenter/qnyHQ20251217171721.jpeg)
![Bullish and Bearish Factors Coexist in Domestic and Overseas Markets; Lead Prices Are Expected to Remain in Consolidation [SMM Lead Morning Meeting Minutes]](https://imgqn.smm.cn/usercenter/yqTpQ20251217171721.jpeg)
