LME Lead Inventory Declined, LME Lead Hit a New High for Nearly One and a Half Months Again [SMM Lead Morning Brief]

Published: Apr 21, 2026 09:01

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[SMM Lead Morning Brief: LME Lead Inventory Destocking, LME Lead Hit a New High for Nearly One and a Half Months Again] SMM April 21: Overnight, LME lead opened at $1,958/mt. The US dollar index pulled back after surging higher. Combined with continued destocking of lead ingots outside China, LME lead fluctuated upward throughout the day...

SMM April 21:

Overnight, LME lead opened at $1,958/mt. The US dollar index pulled back after surging higher, and combined with continued destocking of lead ingots outside China, LME lead fluctuated upward throughout the day, gradually moving from $1,950/mt toward $1,970/mt. It reached an intraday high of $1,975/mt, once again hitting a new high for the past month and a half, before finally closing at $1,974/mt, up 0.59%.

Overnight, the most-traded SHFE lead 2605 contract opened at 16,710 yuan/mt. Buoyed by LME lead's rally, SHFE lead also recovered from the previous afternoon's losses after the open and moved above 16,800 yuan/mt, ultimately closing at 16,810 yuan/mt, up 0.27%. Its open interest stood at 39,237 lots, down 1,830 lots from the previous trading day. Recently, the SHFE lead 2605 contract has been gradually rolling over to the 2506 contract; attention should be paid to the change in the most-traded contract.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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