Strong Fundamentals VS Weak Macro: LME Lead Pulled Back After Surge [SMM Lead Morning Brief]

Published: Apr 22, 2026 09:01

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[SMM Lead Morning Brief: Strong Fundamentals VS Weak Macro, LME Lead Pulled Back After Surging] SMM, April 21: Overnight, LME lead opened at $1,968/mt. With lead ingot destocking outside China and rising spot premiums in Southeast Asia, LME lead continued to fluctuate upward throughout the day...

SMM, April 21:

Overnight, LME lead opened at $1,968/mt. Supported by lead ingot destocking outside China and rising spot premiums in Southeast Asia, LME lead continued to fluctuate upward throughout the day, reaching an intraday high of $1,985.5/mt, a level not seen in over one and a half months. However, during the night session, renewed tensions in the Middle East triggered a broad sell-off in non-ferrous metals. LME lead also pulled back after hitting highs, giving up all daytime gains, and ultimately closed at $1,957.5/mt, down 0.84%.

Overnight, the most-traded SHFE lead 2606 contract opened at 16,855 yuan/mt. With China's lead ingot inventory in a buildup phase and SHFE warrant inventory reversing its earlier decline, compounded by the drag from LME lead's losses, SHFE lead fell in a step-like pattern, gradually dropping through 16,850, 16,800, and 16,750 yuan/mt. SHFE lead ultimately closed at 16,750 yuan/mt, down 0.53%. Its open interest stood at 62,279 lots, an increase of 2,009 lots from the previous trading day.

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