SHFE lead pulls back under pressure from high inventory [SMM Lead Morning Report]

Published: Jul 31, 2026 09:01

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[SMM Lead Morning Update: SHFE Lead Pulls Back Under High Inventory Pressure] SMM, July 31: Overnight, LME lead opened at $1,904/mt. Influenced by a weakening US dollar index, the overall center of LME lead has shifted slightly upward recently. However, judging from the overnight trend...

SMM, July 31 news:

Overnight, LME lead opened at $1,904/mt. Affected by the weakening US dollar index, the overall running center of LME lead shifted higher in recent days. However, in overnight trading, LME lead consolidated at highs at the session's start, then its running center gradually shifted lower, eventually closing at $1,893.5/mt, down 0.18%.

Overnight, pressured by lead ingot inventory buildup, the most-traded SHFE lead 2609 contract opened low at 15,680 yuan/mt. Meanwhile, expectations for loss-making production cuts in secondary lead still exist, and in the second half, the tug-of-war between longs and shorts intensified, with prices trading mostly between 15,585 and 15,625 yuan/mt. Eventually, LME lead closed at 15,630 yuan/mt, down 0.67%; open interest was 84,388 lots, an increase of 1,027 lots from the previous trading day.

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