[SHFE lead morning news] SHFE and LME rise in tandem, SHFE lead night session approaches previous high of 16,380 yuan/mt

SMM, September 18:

Overnight, the LME lead 3M contract opened at $1,881.0/mt on September 17. After a brief dip following the open, it consolidated higher, climbed steadily during the European session, accelerated its gains in the evening, and consolidated at highs in the early morning. It hit an intraday high of $1,913.5/mt and finally settled at $1,911.0/mt, up $29.0/mt, or 1.54%, from the previous trading day's closing price. The full-day trading range was $1,881.0-1,913.5/mt, with volume of 9,887 lots and open interest of 183,043 lots, an increase of 4,827 lots. The daily candlestick recorded a bullish candlestick with no lower shadow.

Overnight, the SHFE lead 2610 contract opened at 16,135 yuan/mt in the night session. It shot up quickly after the open, then maintained a strong consolidation at highs between 16,250 and 16,325 yuan/mt. The intraday high was 16,325 yuan/mt and the low was 16,130 yuan/mt, with a final settlement at 16,320 yuan/mt, up 195 yuan/mt, or 1.21%, from the September 17 daytime session closing price. Night session volume was 45,484 lots, and open interest was 46,300 lots, a decrease of 5,765 lots. The daily candlestick recorded a large bullish candlestick.

In addition, the SHFE lead 2609 contract completed smooth delivery on September 17, with open interest of 4,040 lots and a delivery volume of 20,200 mt. The most-traded contract rollover accelerated, with SHFE lead 2611 open interest at 64,349 lots.

Overall, SHFE and LME continued to rebound in tandem, but the pace and quality diverged: LME lead saw increased open interest and volume, with bulls actively entering and reclaiming moving averages, giving the rebound stronger capital support; SHFE lead rose on declining open interest, driven more by short covering and contract rollover, and has approached previous highs and the upper Bollinger Band, with daily KDJ nearing overbought levels. In the short term, LME lead's pattern is relatively strong, while resistance is gradually emerging for SHFE lead. Attention should be paid to whether SHFE lead can break through previous highs and the upper band with expanding volume, as well as volume-price disturbances during the most-traded contract rollover to the 2611 contract.