Previous Bearish Factors Exhausted, LME Lead Ends Six-Day Losing Streak [SMM Lead Morning News]

Published: Feb 5, 2026 09:01

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[SMM Lead Morning Brief: Previous Bearish Factors Exhausted, LME Lead Ends Six-Day Losing Streak] SMM, Feb. 5: Overnight, LME lead opened at $1,965/mt. With no significant changes in fundamentals, the tug-of-war between longs and shorts has entered a relatively stagnant phase......

SMM Feb. 5:

Overnight, LME lead opened at $1,965/mt. With no significant changes in fundamentals, the tug-of-war between longs and shorts reached a relative stalemate. LME lead fluctuated rangebound throughout the day, mostly trading between $1,960-1,970/mt, and finally closed at $1,967/mt, up 0.28%, ending the recent six-day losing streak.

Overnight, the most-traded SHFE lead 2603 contract opened at 16,585 yuan/mt. Trading was sluggish during the session, and as the holiday approached, some participants exited the market, causing SHFE lead's fluctuation range to narrow further. It basically traded between 16,600-16,625 yuan/mt overnight until finally closing at 16,620 yuan/mt, up 0.12%. Open interest fell to 57,133 lots, down 1,143 lots from the previous trading day.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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