Supply and Energy Impacts Outside China Continued, and LME Lead Showed an Upward Fluctuating Trend [SMM Lead Morning Brief]

SMM News, March 31:

Overnight, LME lead opened at $1,904.5/mt. Repeated impacts from geopolitical developments outside China intensified the effects of supply and energy factors on base metals. LME lead fluctuated upward throughout the day and gradually held firm above $1,900/mt, hitting an intraday high of $1,914.5/mt before finally closing at $1,912/mt at the end of the session, up 0.47%.

Overnight, the most-traded SHFE lead 2605 contract opened at 16,510 yuan/mt. Bullish and bearish factors coexisted in the fundamentals market, including lead ingot imports, expectations for production cuts in secondary lead, and the consumption off-season. Bulls and bears remained locked in a tug-of-war during the session, and SHFE lead fluctuated between 16,500-16,525 yuan/mt for an extended period, before finally closing at 16,510 yuan/mt, up 0.24%; its open interest stood at 61,199 lots, down 961 lots from the previous trading day.