Overnight Lead Futures Fluctuated Rangebound, with Both LME Lead and SHFE Lead Closing Slightly Lower [SMM Lead Morning Brief]

SMM, March 13:

Overnight, LME lead opened at $1,937.5/mt. During the Asian session, it moved sideways around the intraday moving average. After entering the European session, it rose to a high of $1,945.5/mt, then fluctuated rangebound at high levels before pulling back to a low of $1,932/mt. Before the close, it edged up slightly to recoup part of the losses, and finally closed at $1,935.5/mt, down $3/mt, or 0.15%.

Overnight, the most-traded SHFE lead contract opened at 16,605 yuan/mt. After dipping to a low of 16,550 yuan/mt in early trading, it rebounded and fluctuated around the intraday moving average, eventually closing at 16,595 yuan/mt, down 35 yuan/mt from the previous day, or 0.21%.