LME Lead Consolidates at Highs & SHFE Lead Edges Up in Night Session; SHFE and LME Consolidate at Highs Awaiting Direction [SMM Lead Morning Brief]

SMM, October 15:

Overnight, the LME lead 3M contract opened at $1,900.0/mt, traded within a range of $1,892.5-1,908.0/mt, and finally closed at $1,901.5/mt, down slightly by $1.5/mt, or 0.08%, from the previous trading day's closing price. Trading volume was 8,179 lots, with open interest at 187,000 lots, down 833 lots. The daily candlestick recorded a small bullish candlestick with long upper and lower shadows.

Overnight, the SHFE lead 2611 contract opened at 16,230 yuan/mt, briefly shot up to 16,325 yuan/mt after the open before pulling back, then consolidated between 16,250 and 16,300 yuan/mt. Near the close, the price center rebounded slightly, and it finally closed at 16,285 yuan/mt, up 55 yuan/mt, or 0.34%, from the previous trading day's daytime closing price. Trading volume was 34,004 lots, with open interest at 45,287 lots, down 2,679 lots, recording a small bullish candlestick.

Overall, the daily KDJ J value for LME lead has risen to 102, and the short-term indicator remains in oversold territory. The SHFE lead 2610 contract is approaching delivery, while the 2611 contract is in the window for the most-traded contract rollover, with funds gradually migrating to the 2612 contract.