SMM, May 29:
Overnight, LME lead opened at $1,985.5/mt. The market trading direction remained unclear, with sluggish trading activity in the futures market. Coupled with high inventory pressure, LME lead remained in the doldrums throughout the day, mostly consolidating between $1,975 and $1,989/mt. In the final trading session, driven by domestic and overseas linkages, LME lead quickly recovered from its losses, eventually closing at $1,989/mt, up 0.03%.
Overnight, the most-traded SHFE lead 2507 contract opened at 16,730 yuan/mt. In the early session, bulls and bears were locked in a stalemate, with SHFE lead consolidating between 16,725 and 16,750 yuan/mt for an extended period. Later, as the session neared its end, bears relatively concentrated on reducing their positions, pushing SHFE lead to touch 16,800 yuan/mt. It eventually closed at 16,780 yuan/mt, up 0.21%, with its open interest reaching 47,918 lots, a decrease of 1,103 lots from the previous trading day.
