Shanghai Lead Fluctuates Lower as Market Awaits Fed Rate Cut Clues; Spot Market Cautious Amid Falling Inventories

Published: Aug 22, 2024 08:50

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[SMM Lead Morning Meeting Summary: Shanghai Lead Opens High but Closes Low Overnight, Spot Market Remains Highly Cautious] Macroscopically, the US job gains have been revised downwards, and the market is seeking more clues about the possible magnitude of interest rate cuts by the Federal Reserve at its September 17-18 meeting. Fundamentally, although various levels of discount selling of spot lead ingots emerged this week, downstream enterprises were not very enthusiastic about buying at lower prices. After the narrowing of the basis, some enterprises preferred to pick up goods from warehouses. Yesterday's daily report on LME lead warehouse receipts showed that domestic lead social inventory continued its downward trend, falling below the 10,000-ton threshold...

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