SHFE and LME fell in tandem, SHFE lead closed down 0.80% in the night session [SMM Lead Morning News]

SMM, September 8:

Overnight, the LME lead 3M contract opened at $1,909.5/mt on September 7, consolidated at highs between $1,909-1,916/mt during Asian trading hours and hit an intraday high of $1,916.0/mt. After entering the overlapping European and US session, it quickly plunged into negative territory, dipping to a low of $1,896.5/mt. The full-day trading range was $1,896.5-1,916.0/mt. It rebounded slightly near the close and finally settled at $1,899.5/mt, down $7.0/mt or 0.37% from the previous trading day's closing price, with a volume of 4,282 lots and open interest of 172,291 lots.

Overnight, the SHFE lead 2610 contract moved downwards after a higher opening in the night session and drifted lower. It opened at 16,160 yuan/mt, briefly shot up to 16,185 yuan/mt after the open, then its center continued to move lower, dipping to 16,070 yuan/mt in the early morning, and finally settled at 16,080 yuan/mt, down 130 yuan/mt or 0.80% from the previous trading day's closing price, erasing all gains from the daytime session. Night session volume was 23,472 lots, with open interest of 65,309 lots.