SHFE and LME lead see synchronized position-building rebound, SHFE lead consolidates and rebounds in night session, closing up 0.82% [SMM Lead Morning Brief]

SMM, September 9:

Overnight, the LME lead 3M contract opened lower and drifted higher on September 8, trading in a range of $1,894.5-1,916.5/mt. It opened at $1,900.5/mt and closed at $1,915.0/mt, up $15.5/mt or 0.82% from the previous trading day's closing price, with the daily candlestick forming a solid bullish candle. Trading volume was 5,344 lots, and open interest stood at 172,829 lots.

Overnight, the most-traded SHFE lead 2610 contract rebounded in the night session, following LME lead. It opened at 16,135 yuan/mt, briefly dipped to 16,125 yuan/mt after the open, then drifted higher. In the early morning, it consolidated at highs, reaching a peak of 16,190 yuan/mt, and finally closed at 16,185 yuan/mt, up 50 yuan/mt or 0.31% from the previous trading day's closing price. Night session trading volume was 24,814 lots, and open interest stood at 63,669 lots.