SHFE and LME face resistance at highs, SHFE lead shot up then pulled back in night session, closing slightly up 0.25% [SMM Lead Morning Brief]

SMM, October 13:

Overnight, the LME lead 3M contract opened at $1,882.5/mt, shot up during Asian trading hours to a high of $1,894.0/mt, then consolidated lower to a low of $1,881.5/mt, and finally closed at $1,882.5/mt, down $3.0/mt or 0.16% from the previous trading day's closing price; volume was 5,238 lots, open interest was 189,038 lots, down 5,194 lots, with the daily candlestick forming a gravestone doji with a long upper shadow.

Overnight, the SHFE lead 2611 contract opened at 16,080 yuan/mt, quickly rose after the open to a high of 16,195 yuan/mt, then pulled back and consolidated in the 16,130-16,150 yuan/mt range, finally closing at 16,145 yuan/mt, up 40 yuan/mt or 0.25% from the previous trading day's close; volume was 28,997 lots, open interest was 57,224 lots, forming a small bullish candlestick.

Overall, SHFE and LME lead both shot up to key resistance levels before pulling back, with LME lead forming a gravestone doji and SHFE lead posting a small bullish candlestick, indicating weakening short-term rebound momentum and a shift into consolidation.