LME inventory surge weighed on LME, domestic market outperformed overseas, lead prices consolidated at highs [SMM Lead Morning Brief]

SMM, August 20:

Overnight, the LME lead 3M contract drifted lower throughout the day on August 19, opening near $1,888/mt. It moved sideways in a narrow range of $1,880-1,890/mt in early trading, then gradually declined, hitting an intraday low of $1,871.0/mt. It rebounded somewhat towards the close, ultimately settling at $1,886.0/mt, down $2.0/mt or 0.11% from the previous trading day. The contract traded in a range of $1,871.0-1,891.5/mt during the day, with a swing of $20.5/mt, on a trading volume of 6,780 lots.

Overnight, the SHFE lead 2610 contract in the night session initially dipped before rebounding. After opening, it quickly fell to 15,870 yuan/mt, then consolidated and recovered, reaching an intraday high of 15,975 yuan/mt, ultimately trading near 15,970 yuan/mt, up 30 yuan/mt or 0.19% from the previous trading day's settlement price. The night session saw a trading volume of 23,831 lots, with open interest at 81,480 lots, an increase of 1,506 lots from the previous trading day.