SMM, September 11:
Overnight, the LME lead 3M contract opened at $1,910.0/mt on September 10. During Asian trading hours, it shot up to $1,918.0/mt, touching the upper Bollinger Band again but failing to break through. During the overlapping European and US sessions, it consolidated lower, dipping to $1,898.5/mt in the early morning and narrowly holding the middle Bollinger Band. It finally closed at $1,900.5/mt, down $8.5/mt or 0.45% from the previous trading day's closing price. The full-day trading range was $1,898.5-1,918.0/mt, with volume of 7,105 lots, open interest of 169,509 lots, a decrease of 3,429 lots, and a bearish candlestick on the daily chart.
Overnight, the SHFE lead 2610 contract opened at 16,100 yuan/mt in the night session. It quickly rose after the open, reaching a high of 16,265 yuan/mt, then pulled back in consolidation, dipping to 16,075 yuan/mt in the early morning. It rebounded slightly near the close and finally settled at 16,165 yuan/mt, down 5 yuan/mt or 0.03% from the previous trading day's closing price. Night session volume was 37,560 lots, with open interest of 64,060 lots, an increase of 985 lots.
Overall, the pace of SHFE and LME diverged slightly: LME lead has been blocked at the upper Bollinger Band for several consecutive days, with a bearish KDJ crossover and weakening rebound momentum on the LME. SHFE lead briefly shot up against the trend in the night session but was dragged down by the LME and overhead selling pressure, closing with a long upper shadow.
![Lead Prices Hold High Above 16,000 in Stalemate, Awaiting Directional Choice [SMM Lead Morning Meeting Minutes]](https://imgqn.smm.cn/usercenter/hrxHx20251217171721.jpeg)
![SHFE lead sees synchronized long and short position increases, with prices fluctuating at highs above the 16,000 level [Lead Futures Brief Comment]](https://imgqn.smm.cn/usercenter/LCtEk20251217171721.jpeg)
