Funds Concentratedly Withdrawn from Nonferrous Metals, Prices Generally Fell, Lead Price Operation Center Shifted Downward [SMM Lead Morning News]

Published: Feb 2, 2026 09:00

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[SMM Lead Morning Brief: Funds Concentrated Withdrawal Leads to Broad Decline in Nonferrous Metals, Lead Price Center Shifts Lower] SMM February 2: Last Friday, LME lead opened at $2,009.5/mt. Affected by concentrated fund withdrawals, precious and nonferrous metals generally declined, with LME lead fluctuating downward throughout the day...

SMM Feb. 2:

Last Friday, LME lead opened at $2,009.5/mt. Affected by concentrated capital outflows, both precious and nonferrous metals generally declined, with LME lead fluctuating downward throughout the day. The intraday low touched $1,980/mt, marking a new low in over a month. The losses were slightly pared by the close, and it finally ended at $1,995/mt, down 0.8%.

Last Friday, the most-traded SHFE lead 2603 contract opened at 16,915 yuan/mt. An attempt to rebound to the 17,000 yuan/mt mark early in the session failed. Subsequently, influenced by the decline in LME lead, SHFE lead moved in the doldrums during the night session, trading mostly between 16,900-16,950 yuan/mt. It finally closed at 16,940 yuan/mt, down 0.79%. Open interest fell to 54,468 lots, a decrease of 2,012 lots from the previous trading day.

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