Positive factors exhausted, both LME and SHFE lead pull back [SMM Lead Morning Brief]

SMM August 10 news:

Last Friday, LME lead opened at $1,870/mt and continued the consolidation trend of the previous trading day throughout the session. At the open, LME lead attempted but failed to return to $1,900/mt. Entering the European session, LME lead drifted lower, trading around $1,885/mt, and finally closed at $1,885/mt, up 0.03%.

Last Friday, the most-traded SHFE lead 2609 contract opened at 15,690 yuan/mt. After the opening, SHFE lead quickly dipped, trading around 15,650 yuan/mt, and found support at the 5-day and 10-day moving averages. In the second half of the session, SHFE lead consolidated on a weak note, eventually closing at 15,665 yuan/mt, down 0.29%; open interest was 639.91 million lots, down 201 lots from the previous trading day.