Domestic Lead Ingot Inventory Decreases, SHFE Lead Hits a 6-Year High [SMM Lead Morning Comment]

Last Friday, LME lead opened at $2,185.5/mt. Driven by the rise in SHFE lead, LME lead reversed the weakness of the previous two trading days, trending upward and reaching a one-and-a-half-week high of $2,230/mt. It finally closed at $2,221.5/mt, up 1.58%.

Last Friday, domestic raw material supply issues continued to affect ingot production, leading to a decrease in lead ingot inventory. The most-traded SHFE lead contract opened at 19,480 yuan/mt, continuing the recent upward trend, reaching a high of 19,580 yuan/mt, the highest since July 10, 2018. It finally closed at 19,550 yuan/mt, up 1.06%, with open interest increasing by 1,700 lots to 108,000 lots.