SMM June 3:
Overnight, LME lead opened at $2,009.5/mt. With mixed news on US-Iran negotiations, LME lead movements tracked more closely with fundamentals, particularly the persistent tightness in Southeast Asian spot lead, which supported LME lead's rise. LME lead climbed steadily from around $2,010/mt, and the rally extended after entering the European session, reaching an intraday high of $2,046/mt, again hitting a nearly 4-month high, before finally closing at $2,037/mt, up 1.24%.
Overnight, the most-traded SHFE lead 2607 contract opened at 16,630 yuan/mt. Driven by LME lead's rally, SHFE lead fluctuated upward after the opening and moved back above all moving averages, reaching an intraday high of 16,715 yuan/mt. SHFE lead ultimately closed at 16,690 yuan/mt, up 0.69%. Its open interest stood at 62,400 lots, down 1,594 lots from the previous trading day.
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