LME lead rallied at the end and closed up 0.5%, SHFE lead consolidated on a subdued note during night session and closed down 0.28% [SMM Lead Morning News]

SMM August 25 News:

Overnight, the LME lead 3M contract opened at $1,900.5/mt on August 24. During the Asian session, it drifted higher, then fell sharply in the European session, before accelerating upward in the final minutes to close at $1,910.5/mt. The trading range for the day was $1,893.5-$1,913.5/mt, with a fluctuation of $20/mt. It gained $9.5/mt, or 0.50%, from the previous trading day. The full-day trading volume was 7,563 lots, and open interest stood at 174,207 lots.

Overnight, the SHFE lead 2610 contract opened at 16,140 yuan/mt. After a brief shot up to 16,165 yuan/mt, it fell sharply to a low of 16,025 yuan/mt, then consolidated and rebounded, moving sideways in the range of 16,050-16,085 yuan/mt, and finally closed at 16,085 yuan/mt, down 45 yuan/mt, or 0.28%, from the previous trading day's closing price. The night session saw a trading volume of 30,895 lots and open interest of 76,852 lots. Technically, the upper rail of the Bollinger Bands was under significant pressure, and the MACD red bars shortened, indicating short-term adjustment pressure.