LME lead hits a near one-month high, SHFE lead 2611 contract takes over as the most-traded contract [SMM Lead Morning News]

SMM, September 21:

Last Friday, the LME lead 3M contract opened at $1,908.0/mt on September 18, drifted higher during Asian and European trading hours, reached an intraday high of $1,922.0/mt in the evening, and finally closed at $1,921.0/mt, up $10.0/mt or 0.52% from the previous trading day's closing price. The full-day trading range was $1,907.5-1,922.0/mt, with a trading volume of 8,596 lots and open interest of 184,569 lots. The daily candlestick closed bullish for another session, holding above the $1,900/mt level and hitting a new high in nearly a month.

Last Friday, the SHFE lead 2611 contract opened at 16,300 yuan/mt, shot up quickly after the open to an intraday high of 16,450 yuan/mt before pulling back on resistance, then consolidated in the 16,350-16,380 yuan/mt range and finally closed at 16,355 yuan/mt, up 30 yuan/mt or 0.18% from the previous trading day's closing price, with a trading volume of 49,534 lots and open interest of 70,001 lots.

Last Friday evening, the most-traded SHFE lead contract officially rolled over to the SHFE lead 2611 contract, while the SHFE lead 2610 contract saw a trading volume of 28,299 lots and open interest of 34,270 lots during the day. Overall, on Friday, both SHFE and LME remained firm, with LME lead hitting a new rebound high in nearly a month, while SHFE lead's old and new most-traded contracts retreated after rapid rises in succession, with overbought indicators and insufficient volume momentum.