LME lead under pressure pulled back 0.86%, SHFE lead followed lower in night session, holding the Bollinger middle band [SMM Lead Morning News]

SMM, September 3:

Overnight, the LME lead 3M contract drifted lower on September 2, opening at $1,913.0/mt. The center shifted gradually downward from the European session, and after dipping to a low of $1,891.5/mt near the close, it rebounded slightly to settle at $1,898.5/mt, down $16.5/mt or 0.86% from the previous trading day's closing price. The daily candlestick formed a solid bearish candle, giving back most of the prior day's gains, but still held above the middle Bollinger Band. The full-day trading range was $1,891.5-1,917.5/mt, with volume of 8,133 lots and open interest of 171,519 lots.

Overnight, the SHFE lead 2610 contract followed the LME in the doldrums during the night session, opening at 16,100 yuan/mt. The night session range was 16,075-16,155 yuan/mt, and it settled at 16,085 yuan/mt, down 70 yuan/mt or 0.43% from the previous trading day's closing price. Volume was 20,115 lots, and open interest rose by 1,140 lots to 65,818 lots. The daily candlestick formed a small bearish candle, but the closing price remained above the middle Bollinger Band.

Overnight, LME base metals were mixed, with LME lead down 0.86%, relatively weak within the complex. SHFE and LME pulled back in tandem, but neither broke below the middle Bollinger Band effectively.