Bears Reduce Positions, SHFE Lead Gradually Recovers Earlier Losses [SMM Lead Morning News]

Published: Jul 28, 2026 09:00

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[SMM Lead Morning Brief: Bears Increase Short Covering, SHFE Lead Gradually Recovers Earlier Losses] SMM, July 28: Overnight, LME lead opened at $1,891.5/mt, then plunged in early trading, hitting a low of $1,880.5/mt, although the decline was later somewhat repaired...

SMM July 28:

Overnight, LME lead opened at $1,891.5/mt, then plunged in early trading to a low of $1,880.5/mt. Although the decline was partially recovered afterward, prices mostly consolidated around $1,885/mt during Asian hours. Entering European trading hours, LME lead gradually recouped earlier losses and approached $1,900/mt, eventually closing at $1,892/mt, up 0.34%.

Overnight, the most-traded SHFE lead 2609 contract opened at 15,635 yuan/mt. After opening, bears reduced their positions gradually, and SHFE lead continued its consolidating rebound from yesterday afternoon, firmly reclaiming the 15,700 yuan/mt mark, finally closing at 15,705 yuan/mt, up 0.51%. Open interest stood at 102,000 lots, down 4,924 lots from the previous trading day.

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