Overseas Geopolitical Risks Escalate LME Lead Overall Center of Operation Shifts Downward [SMM Lead Morning Brief]

SMM Mar 3:

Overnight, LME lead opened at $1,962/mt. Affected by overseas geopolitical risks, the market was influenced by bullish and bearish factors, with LME lead fluctuating mostly between $1,970-1,980/mt. However, it declined several times after entering the European session, shifting its center lower, and finally closed at $1,961/mt, up 0.05%.

Overnight, the most-traded SHFE lead 2604 contract opened at 16,945 yuan/mt. Lead ingot inventory began to decrease, and SHFE lead initially surged to 17,020 yuan/mt, reaching a one-month high. Subsequently, a tug-of-war between longs and shorts intensified, causing SHFE lead to give up some of its gains and fluctuate between 16,900-16,950 yuan/mt. It ultimately closed at 16,905 yuan/mt, up 0.42%; open interest stood at 62,305 lots, down 1,657 lots from the previous trading day.