Overseas Lead Inventory Surges, LME Lead Records Six Consecutive Declines [SMM Lead Morning News]

SMM Feb. 4:

Overnight, LME lead opened at $1,969/mt. Market trading was sluggish, and the price consolidated throughout the day. However, compared with the previous day's decline, the downward trend had slowed, with the price fluctuating mostly between $1,960/mt and $1,980/mt. It finally closed at $1,961.5/mt, down 0.46%, marking the sixth consecutive negative session.

Overnight, the most-traded SHFE lead 2603 contract opened at 16,640 yuan/mt. With both secondary lead losses and weak consumption present, long and short positions were in a stalemate during the session, and SHFE lead moved in a narrow range of consolidation. For most of the time, it fluctuated between 16,600 yuan/mt and 16,650 yuan/mt, until it finally closed at 16,615 yuan/mt, down 0.15%. Its open interest reached 57,001 lots, an increase of 2,252 lots from the previous trading day.