SMM Morning Comment For Lead Market July 24

SHANGHAI, Jul 24 (SMM) – Last Friday night, LME lead opened at $2106.5/mt, and rose slightly during the Asian session, and then went up again after a brief downward correction in the European session. Before the close, it touched a high of $2143/mt, and finally closed at $2134.5/mt, an increase of 0.85%.
SHFE 2308 lead contract opened at 15,935 yuan/mt at last Friday’s night session. It fell to 15,910 yuan/mt, but then rose to 15,965 yuan/mt before closing at 15,930 yuan/mt, up 65 yuan/mt. Open interest fell 854 lots to 70,709 lots.

Today's lead price forecast:
On the macro side, this week will usher in the super week of interest rate discussions in July. The number of unemployed people in the United States will strengthen the prospect of the Fed raising interest rates. At the same time, former Fed Chairman Bernanke said the Fed is expected to raise interest rates in July, which may be the last time in this round. Macro data mainly include PMI data to be released by Europe and the United States, the annualized quarterly rate of actual US GDP in the second quarter and the annualized quarterly rate of the core PCE price index. This week, the impact of the maintenance of primary lead enterprises will be reduced, the profit of secondary lead is improving, and the supply of refined lead is expected to increase month-on-month. It is also worth noting that the current total SHFE lead open interest is as high as 160,000 lots, which is a historical high.